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Tag Archives: Budget Deficit

Who Will Fix The National Debt? It Looks Like Nobody

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.During the 2016 presidential campaign, Trump promised to deal with the skyrocketing national debt. In fact, he...

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2020 Budget Deficit Comes In at a Cool $3.13 Trillion

The fiscal 2020 budget shortfall totaled $3.13 trillion as Uncle Sam added another $124.6 billion to the deficit in September, according to the latest Monthly Treasury Statement.That more than doubles the previous record deficit of $1.4 trillion set in 2009 at the height of the Great Recession. The fiscal year ended on Sept. 30. Revenues were basically flat on the year, falling slightly from $3.46 trillion in FY2019 to $3.42 trillion. But total spending soared, coming in at $6.55 trillion....

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What Is the Retail Mess Telling Us? SchiffGold Friday Gold Wrap Oct. 9, 2020

Regal Cinemas shut down all of its US theaters this week. The company said the closure is temporary, but it reveals the deeper strain in the retail sector. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs deeper into the retail mess and talks about what it is telling us about the broader economy. He also discusses the ongoing stimulus debate and the national debt news that nobody is talking about.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of...

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National Debt Surges Past $27 Trillion

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.The debt surged above $27 trillion on Oct. 1. It barely even got a mention in the mainstream media.Most people blame the coronavirus pandemic for the surging debt. But the Trump administration was running up massive deficits before COVID-19 reared its ugly...

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Thirty-Nine States Don’t Have Enough Money to Pay Their Bills

It’s not just the federal government running massive deficits and piling up enormous levels of debt. Thirty-nine US states don’t have enough money to pay all of their bills.That was the grim conclusion of Truth in Accounting’s annual Financial State of the States report.The report summarizes a comprehensive analysis surveying the fiscal health of the 50 states prior to the coronavirus pandemic.Total debt for all states combined totaled $1.4 trillion at the end of fiscal 2019. This does not...

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The Fed Is Backstopping the Enormous Government Debt

The 2020 budget deficit surged passed $3 trillion in August even as the US government continues to borrow and spend at a torrid pace. Since March, the federal government has added $3.3 trillion to the national debt. That is on top of the $1.4 trillion in debt Uncle Sam piled on in the 12 months through February 2020.So, who is buying all of this government debt?There are a lot of buyers out there, but when you boil it all down, the US government wouldn’t be able to maintain this level of...

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Peter Schiff: When Exactly Are They Going to Deal With the Debt?

Even as the fiscal 2020 budget deficit surged past $3 trillion, more than double the previous record deficit, US Treasury Secretary Steve Mnuchin called for more federal spending, saying   “now is not the time to worry about shrinking the deficit.” Of course, he wasn’t worried about shrinking the deficit before the pandemic either. Peter Schiff talked about the looming debt crisis during his podcast.Mnuchin isn’t alone in saying the deficit doesn’t matter – at least right...

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Federal Deficit Blows Past $3 Trillion

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...

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It’s Not About the Rona: SchiffGold Friday Gold Wrap Sept. 4, 2020

After rising early in the week on the Fed’s promise of more inflation, gold and silver dipped a bit late in the week with some positive economic data bolstering hopes of a quick economic recovery. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey reiterates that what’s going on isn’t fundamentally about the coronavirus. He takes a deep dive into the Fed’s new inflation policy and makes the case that this was all in play long before the pandemic.The SchiffGold Friday Gold...

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Coronavirus Masks Underlying Government Spending Problem

According to CBO projections, the federal budget deficit will come in at $3.3 trillion for fiscal 2020. That’s more than triple the budget shortfall last year and more than double the previous deficit record set at the onset of the Great Recession.The media has pretty much ignored the ballooning deficits since the beginning of the pandemic, but the fact that the federal debt held by the public is projected to reach or exceed 100 percent of U.S. GDP for the first time since World War II in...

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