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POSTED ON November 16, 2020  - POSTED IN Key Gold Headlines

If you thought maybe the federal government would try to rein in the spending after running a recorded budget deficit of $3.13 trillion in fiscal 2020, you were sorely disappointed. Uncle Sam has not kicked his spending habit.

October was the first month of FY 2021 and the federal government kicked off the year with a $284.1 billion budget deficit, according to the latest Monthly Treasury Statement. It was the largest October budget shortfall in American history.

POSTED ON October 25, 2020  - POSTED IN Guest Commentaries

The FY2020 budget deficit came in at $3.13 trillion. At some point, the US government will have to reckon with the debt and spending. But according to recent analysis from the nonpartisan Committee for a Responsible Budget, neither Trump nor Biden appear prepared to do so. In fact, its analysis shows Trump would only be slightly better than Biden when it comes to spending and debt.

POSTED ON October 6, 2020  - POSTED IN Key Gold Headlines

The national debt has pushed above $27 trillion.

The US government has added over $3 trillion to the national debt this year alone and there is no sign that the borrowing and spending will stop.

In fact, most people don’t even seem to care.

POSTED ON September 15, 2020  - POSTED IN Key Gold Headlines

The federal government added another $200 billion-plus to the budget deficit in August, pushing the fiscal 2020 budget shortfall to over $3 trillion with one month still left in the fiscal year.

Uncle Sam continues to rack up enormous monthly budget deficits. The August shortfall came in at $200.1 billion, according to the Treasury Department’s Monthly Treasury Statement, pushing the fiscal 2020 budget shortfall to $3.01 trillion. That’s more than double the previous record deficit of 1.413 trillion set in FY 2009 at the height of the financial crisis.

POSTED ON August 13, 2020  - POSTED IN Key Gold Headlines

The federal budget deficit for July was only $63 billion, according to the latest Monthly Treasury Statement issued by the Treasury Department.

Of course, $63 billion is a huge budget shortfall. I say “only $63 billion” simply because it pales in comparison to the $864.1 billion deficit in June. In reality, the July deficit continues the trend of unprecedented borrowing and spending we’ve seen throughout the year.

POSTED ON July 15, 2020  - POSTED IN Key Gold Headlines

The Federal Reserve serves as the great enabler. As I put it in a recent article, it is the engine that drives the most powerful government in the history of the world. The Fed’s ability to print money out of thin air backstops borrowing spending and removes any meaningful limits on the US government’s actions. It also creates the illusion that there are no consequences to the government’s actions.

We’re seeing that in spades in the central bank and federal government’s response to the coronavirus pandemic. The government is borrowing trillions of dollars and the Fed is monetizing that debt. On top of that, the central bank is propping up the stock market through its easy-money policy and corporate bond-buying programs.

POSTED ON July 14, 2020  - POSTED IN Key Gold Headlines

The federal budget deficit in June totaled nearly the entire 2019 fiscal year shortfall and was bigger than the 2018 deficit.

The June deficit came in at $864.1 billion dollars, according to the latest Treasury Department report. To put that into perspective, the budget shortfall for fiscal 2019 was $984 billion and in 2018, the deficit was a “mere” $779 billion.

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