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Tag Archives: government spending

Budget Deficit Shoots Past $1 Trillion for Fiscal 2019

The federal government continues to spend money at an insane rate and is running up budget deficits reminiscent of the Great Recession era.With one month left to go, the federal budget deficit for fiscal year 2019 eclipsed $1 trillion in August, according to Treasury Department data released last Thursday.The budget shortfall for the month of August came in at $200.3 billion. Last month, Uncle Sam spent $428.3 billion and took in $228 billion in revenue.The pundits in the mainstream media...

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Me on Andrew Yang on PBS Website

Yang’s plan for a VAT “takes us right away to European levels of government spending,” David R. Henderson, an economics professor at the Naval Postgraduate School and a research fellow at the conservative Hoover Institution, told the NewsHour. “A VAT to fund UBI (universal basic income) then gets rid of our degrees of freedom to deal with the deficit.” This is from Dan Cooney, “How would Andrew Yang give Americans $1,000 per month? With this tax,” PBS Newshour,...

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Peter Schiff: The Fed Makes Life Easier for Politicians

The Federal Reserve makes life easier for politicians by pursuing monetary policies that shield them from the consequences of bad economic decision-making. By keeping interest rates low and printing money, the Fed hides the nefarious impact of government spending, trade wars and other bad policies.Peter Schiff talked about this in a recent podcast.In an op-ed by former Fed member Bill Dudley said that the Fed should not be enabling Trump’s bad trade policy by cutting rates. Dudley said the...

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Trump’s Strange Economic Tightrope: ShiffGold Fridat Gold Wrap Aug. 23, 2019

This week has been relatively quiet in the markets. Gold has drifted up and down as traders wait to see what kind of message Fed Chair Jerome Powell will deliver during his Jackson Hole speech. In this episode of the Friday Gold Wrap, host Mike Maharrey covers some tidbits of news and speculates about what Powell will say. Then he pivots and talks a little bit about President Trump and the strange economic tightrope that he’s trying to walk.The SchiffGold Friday Gold Wrap podcast combines...

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The New Tory Zeitgeist: Security over Freedom?

Onward is a new center-right think tank in Britain. I never heard of them before, but I ran into this poll they commissioned and published. It is based over some 5,000 interviews and it looks like a serious thing. The gist of it is basically that Tory voters tend to care more about “security” than about “freedom”. Here are some points of interest: In total, 65% of respondents favored security, compared to 35% who chose society based on freedom.… 71% of people think...

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It’s Bipartisan Fiscal Suicide!

Trump’s bipartisan spending deal took a step closer to reality last week when the US House passed a budget bill by a 284-149 vote.The bill increases discretionary spending from $1.32 trillion in the current fiscal year to $1.37 trillion in fiscal 2020 and then raises it again to $1.375 trillion the year after that. The deal will allow for an increase in both domestic and military spending.In other words, no spending cuts.The deal includes $320 billion in additional spending over existing...

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Peter Schiff: Trump Kills the Tea Party

After claiming to be the greatest at just about everything, Donald Trump has finally found an area where he can stake a credible claim. By negotiating a disastrous budget deal with Democrats, the President could become the greatest creator of government debt in the history of the country.While Trump is selling the two-year deal as a major victory because it increases military spending and removes the possibility of a government shutdown for two years, in reality, the agreement to suspend...

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Peter Schiff: All This Talk About a Booming Economy Is Fake News

We got the first Q2 GDP estimate on Friday. Economic growth slowed to 2.1%, but the number came in slightly better than economists had projected.In his most recent podcast, Peter Schiff broke down the GDP report. As he put it, when you actually look beneath the numbers, the quarter was a disaster.This was a horrible quarter for GDP.”The most important part of GDP – gross private domestic investment – was actually down 5.5%. That represents the weakest quarter since Q4...

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Peter Schiff: If You Understood What This Means, You Would Be Buying Gold as Fast as You Can

Gold has risen to six-year highs in recent weeks as the Federal Reserve has pivoted back toward an easy-money monetary policy. Markets widely anticipate a Federal Reserve interest rate cut this week and the economy appears to be slowing.Peter Schiff recently appeared on RT Boom Bust to explain why he believes this is the beginning of a much bigger long-term rise in the price of gold. And it’s not just because the Fed is cutting rates.In fact, they are going to cut rates...

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US Government About to Bump Up Against Debt Ceiling Again as Spending Continues Unabated

US Treasury Secretary Steve Mnuchin said the Trump administration and congressional leaders are getting closer to a deal to raise the debt ceiling.Meanwhile, the US budget deficit is has increased by 23.1% year-on-year through the first nine months of fiscal 2019.Mnuchin wants Congress to go ahead and raise the debt ceiling before the August recess because analysts now think the government will hit its borrowing limit earlier than expected.According to a report by , a study by the...

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