Between Christmas 2017 and Christmas 2018, the US government added a staggering $1,370,760,684,441.54 to the national debt, according to Treasury Department figures.
If you split that up between all American, your share of Uncle Sam’s 2018 spending spree comes to about $4,178.10.
Merry Christmas!
You’re welcome.
China and Japan dumped more US Treasuries in October, even as the federal government continued to run up its debt.
Chinese holdings of US Treasuries dropped for the fifth straight month, sinking to the lowest level since May 2017, according to data recently released by the Treasury Department. The total amount of US debt held by China fell from $1.15 trillion to 1.14 trillion. Over the past year, the Chinese have shed $50 billion in US debt.
Stocks continued to get pummeled and pundits continue to claim there’s nothing to worry about. They say the economy is fundamentally strong. But is it? Really?
Peter Schiff doesn’t think so.
Washington D.C. just keeps right on spending.
The U.S. federal government ran a $204.9 billion deficit in November, according to the most recent Treasury Department report. That set a record for the month of November.
As we head into the month of October, it’s interesting to note that two of the worst stock market crashes in history during this month. Of course, we had the 1929 Wall Street crash that kicked off the Great Depression, and there was also the Black Monday stock market crash in 1987.
As Peter Schiff noted in his latest podcast, given that stock market valuations are higher today then they were at those prior peaks, you would think there would be more concern about the possibility of another October surprise. But there seems to be very little worry out there. Nevertheless, Peter raised an interesting question, could the twin deficits in trade and the federal budget portend another October crash?
As Peter Schiff put it in a Facebook post, Trump promised to drain the swamp, but today, “The swamp is now bigger and more expensive than ever!”
The US government spent a record $433.3 billion last month, running up a monthly deficit of $214 billion, according to data released by the US Treasury Department.
That’s $433 BILLION spent in a single month.
