According to David Stockman’s Article The “Deficits Don’t Matter” Folly, (for non-Contra Corner subscribers, the article is also republished on LewRockwell and ZeroHedge), The US Treasury just posted a record $207 billion deficit for May and record monthly spending of $440 billion.
That means Washington is now spending nearly half a trillion dollars each and every month—and nearly half of THAT is deficit spending!
And worse yet: on March 11, 2019, President Trump released a massively increased budget request for fiscal year 2020 of a record $4.746 trillion. Estimated revenue will only be $3.645 trillion, meaning an additional $1.101 trillion deficit for October 1, 2019, through September 30, 2020.
As far as I’m concerned, this is by far the biggest problem the American people are facing today—yet seems few people are talking much about it.
But eventually, this unsustainable insanity will end, one way or another. You may be able to fool the people indefinitely, but you can’t fool math for very long.
Aside from mass adoption of cryptocurrencies (which is coming, BTW), thus quietly rendering Washington and the Fed obsolete and irrelevant, I can’t see how this insanity will end in any way short of total economic/monetary collapse and/or bloody revolution.
But you don’t have to take my word for it. In the following video, published Oct 2018, Peter Schiff of Euro-Pacific Capital lays out the harsh reality:
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