Twenty days.
That’s how long it took the Biden administration to add another half-trillion dollars to the national debt.
Bidenomics certainly requires a lot of borrowing and spending.
The national debt recently blew past $33 trillion. And yet with the exception of a few intransigent Republicans, there is virtually no discussion about reining in spending.
Congress managed to avoid a government shutdown by passing a continuing resolution that did very little to address spending. But as Ron Paul points out, there was a small victory in the CR that could bode well for the future.
Do you hear that? It’s a ticking time bomb.
Last Friday, the national debt quietly blew above $33 trillion.
As of September 15, the outstanding federal debt stood at a cool $33,044,858,730,468.04.
The economy is in a slow burn. You can’t even see the flames. But you can smell whiffs of smoke every now and then if you’re paying attention. In this episode of the Friday Gold Wrap, host Mike Maharrey calls attention to that smoke with a breakdown of August’s CPI and some other data that came out this week. He also busts a myth about silver.
The federal government charted a surprising budget surplus in August.
But don’t be fooled. The feds didn’t miraculously fix their deficit problem.
The Biden administration continued to spend money at an unsustainable pace last month. The surplus was merely a function of the reversal of student loan forgiveness.
The Federal Reserve is losing money.
That means the American taxpayer is losing money.
In most instances, a business bleeding red ink has a big problem and could ultimately go under. Not so for the Fed. In fact, losing money isn’t a problem for the central bank at all. But it is a big problem for the US government.
The federal government has added $1.3 trillion to the national debt in just three months.
When the fake debt ceiling fight ended and Congress suspended the federal government’s borrowing limit for two years in June, the national debt stood at $31.46 trillion. As of Aug. 26, the debt had surged to $32.81 trillion.
And with the Biden administration running massive deficits month after month, there’s no reason to think the borrowing is going to slow down anytime soon.
Federal Reserve Chairman Jerome Powell delivered his annual speech at Jackson Hole on Friday. Peter Schiff broke the speech down in his podcast and said the speech itself was full of holes.
It wasn’t so much what he said, but what he left out.
The national debt has climbed to a staggering $32.7 trillion. In just the first two months after Congress reached a deal and suspended the debt ceiling for two years, the national debt surged by $1.2 trillion.
And there is no end in sight.
To hear President Joe Biden tell it, the US economy is booming. Meanwhile, the Biden administration is running monthly budget deficits that you would normally see during a deep recession.
With two months left to go, the deficit for fiscal 2023 now stands at $1.61 trillion, after the federal government charted another massive shortfall in July.
And Biden wants to spend even more.
