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The Federal Government ran a deficit of $88B in October which is down significantly from the deficit last month that was a record for September due to the student loan forgiveness program. The deficit is also down compared to last October which was -$165B.
The US government ran a $1.38 trillion budget deficit in fiscal 2022 despite government receipts at near-record levels. This further highlights the federal government’s out-of-control spending problem. It’s also a big problem for the Fed as it tries to fight inflation.
The US government is rolling in dough! US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That […]
“I can scarcely contemplate a greater calamity that could befall this country than to be loaded with a debt exceeding their ability to ever discharge.” – Brutus Well, here we are. On Monday, the US national debt eclipsed $31 trillion for the first time in history.
Federal Reserve rate hikes will add trillions to the national debt, according to an analysis by the Committee for a Responsible Federal Budget.
We got the August CPI data this week and it came in hotter than expected. Stocks suffered a big selloff. Everybody is betting on the Fed to get even more aggressive in its inflation fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the data and exposes a dirty […]
Some things never change — such as the federal government spending more money than it has month after month after month. August was no different. The US government ran a massive $219.6 billion budget deficit last month, according to the latest Monthly Treasury Statement. That nudged out July as the second-largest monthly deficit in fiscal […]
What happens if the Federal Reserve loses money? The Fed typically earns interest income from all of the bonds it holds on its balance sheet. It also collects fees for services that it provides. Most of any Fed operating profit is remitted to the US Treasury under federal law. That money becomes part of the […]
The Kansas City Federal Reserve Bank published a rather surprising paper that swerves into the truth – the Fed can’t win this inflation fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the paper. He also discusses the possibility of a dollar decline and gives his first impression of […]
President Biden is expected to announce student loan forgiveness on Wednesday (Aug. 24). The plan will reportedly cancel $10,000 in student loan debt for anybody making less than $125,000 per year. A lot of people think this is like waving a magic wand — poof — the debt is gone. But somebody has to pay […]
