The net worth of the US comes in at negative $21.5 trillion.
This according to the Financial Report of the United States Government recently released by the Treasury Department.
The US federal government ran an all-time record deficit of $234 billion in February, according to a Treasury Department report released on Friday.
According to Business Insider, the February 2019 deficit topped the previous high of 231.7 billion set in February 2012.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Peter Schiff recently appeared on InfoWars with Alex Jones to talk about Alexandria Ocasio-Cortez and the Green New Deal. He said the real problem isn’t the climate deniers, it’s the economy deniers.
On Friday. Pres. Trump declared a national emergency. Based on that declaration, the president will reallocate $6.5 billion from other government programs to fund a border wall.
In his podcast on Friday, Peter Schiff said there is indeed a national emergency, but it has nothing to do with the border.
Of course, the real national emergency is not the lack of a wall, the failure to build a wall, but building up the national debt.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
The national debt has pushed beyond the $22 trillion mark.
According to Treasury Department data released Tuesday, the national debt now stands at $22.01 trillion. When President Trump took office in January 2017, the debt was at $19.95 trillion. That’s a $2.06 trillion increase in the debt in just over two years.
As we pointed out in an article last week, the US federal government has added $1.5 trillion to the national debt over the last 12 months. As a result, the US Treasury Department is flooding the market with bonds. Meanwhile, the biggest buyers of US debt – China, Japan and the Federal Reserve – are shrinking their Treasury holdings. For the past several months, we’ve been saying this is a big problem for the US government that most people are overlooking. And we aren’t the only ones sounding warning bells.
Last week, the chair of the Treasury Borrowing Advisory Committee (TBAC) sent a letter to Steven Mnuchin containing what the Financial Times called “a bombshell.”
Over the past 12 months, the US federal government has added $1.5 trillion to the national debt.
As of Jan 30, the debt stood just under the $22 trillion mark at $21.97 trillion, according to the latest Treasury Department data. As WolfStreet put it, we’re seeing these rapidly increasing levels of debt during “good times when the economy is hopping. At the next recession, this is going to get cute.”
But even as the US added to its debt load, foreign holders of US Treasurys are gradually selling them off. So, who’s buying up all of this debt? And is it sustainable?
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
