Tuesday , October 27 2020
Home / Tag Archives: National Debt

Tag Archives: National Debt

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...

Read More »

Where Are the Gold Bulls? SchiffGold Friday Gold Wrap Oct. 23, 2020

Gold has been trading sideways for several weeks. But there are all kinds of reasons to be bullish on the yellow metal. So why isn’t the price of gold rising faster? Where are the gold bulls? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey tries to answer that question and discusses some of the reasons people should be buying gold.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You...

Read More »

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....

Read More »

So, Is The Stimulus On, Or Off?

A Pfennig For Your Thoughts October 8, 2020 * Currencies & metals rally on Friday…  * With Friday being an up day, today must be a down day, eh?  Good day… And a Marvelous Monday to you! What a weekend! First, my beloved Missouri Tigers beat LSU on Saturday! And then on Sunday, it was my darling granddaughter, Evie’s, first birthday… I told you about 10 days ago how she was finally taking her first steps, well, now she’s a real pro at walking and even rounded the corner inside out...

Read More »

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...

Read More »

Peter Schiff: Trump Tweets the Stimulus Rug Out from Under the Markets

As Peter Schiff put it in his podcast, President Donald Trump tweeted the fiscal stimulus rug out from under the markets when he abruptly announced he was ordering his representatives “to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”The Dow tumbled just over 375 points and the NASDAQ fell 1.6%. Gold also dropped, falling back below $1,900 an ounce.Peter noted that the...

Read More »

What Are The Bond Boys Telling Us?

A Pfennig For Your Thoughts October 6, 2020 * Currencies & metals both rally on Monday * Big Ben Bernanke & Paul Krugman explain GDP…  Good Day… And a Tom Terrific Tuesday to you! I had a reader last week request that I include Tom Terrific’s dog, Mighty Manfred the wonder dog, on Tuesdays… Well, I don’t know If I’ll remember to do it each week, but there it is! How many of you recall Tom Terrific cartoons? I loved the name of his foe: Crabby Appleton, whose saying was, “I’m...

Read More »

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...

Read More »

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...

Read More »

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...

Read More »