Saturday, October 3, 2020

Federal Debt Tops $27 Trillion for First Time

 The debt of the federal government topped $27 trillion for the first time on Thursday, October 1, when it climbed from an opening balance of $26,945,391,194,615.15 to a closing balance of $27,026,921,935,432.41, according to data published by the U.S. Treasury Department.

Roughly $4 trillion of that debt was taken on by the government this year as a result of COVID-19 lockdown "stimulus" packages. The debt was largely financed by the Federal Reserve Bank printing money out of thin air.

This will not end well. Expect accelerating price inflation of goods consumers are buying--as opposed to discounts on goods they are not buying.

Hug your gold coins.


1 comment:

  1. Good thing that EPJ Contributing Columnist Larry Kudlow is Trump's Dir. of the U.S. National Economic Council! His Supply Side (Crony Capitalism) has only added $5 Trillion in new debt & still going strong.