A money manager has sent along
a link to this chart.
The charts shows that the amount of money the government is borrowing is increasing faster than the deficit. This suggests the possibility of some type of off balance sheet goings on that are requiring Treasury borrowing. I had very little clue as to what might be causing it.
But, it pays to have a strong network. I put out an email to five people who I thought might be able to answer the question. Within 30 minutes San Jose State University's Jeffrey Rogers Hummel pointed me to
this article, which is his solid explanation of the expanding cumulative differential..
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