Tag: U.S. national debt
$3.5 Trillion Does Not Equal $0
President Joe Biden is a lot like President Donald Trump. He likes to use Twitter to gaslight his critics. How else can you explain President Biden’s September 25, 2021 tweet, in which he claims his Build Back Better Agenda will not cost anything? My Build Back Better Agenda costs zero dollars. Instead of wasting...
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Conflicts of Interest at the Fed and Congress
The Federal Reserve is trying very hard to get ahead of a potential conflict-of-interest scandal. Several high-ranking Fed officials have investments in securities the U.S. central bank has been buying to stimulate the economy. Consequently, these officials have conflicts of interest in considering policies that might materially affect the value of their investments. Reuters...
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How Excessive Government Spending Leads to Financial Repression
The U.S. Senate passed a $1.1 trillion “bipartisan” infrastructure spending bill last week. Shortly afterward, just 50 senators passed an extremely partisan $3.5 trillion budget blueprint. A good question to ask is where is the U.S. government going to come up with the money to pay for all that spending. The simple answer is...
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An Ocean of Red Ink as Far as the Eye Can See
Visual Capitalist has created an interactive visualization of the publicly-held portion of the U.S. government’s public debt. It covers 150 years, combining historic data from 1900 through 2020 with CBO projections for the next 30 years. You’ll need to follow the link above to take advantage of the interactivity, but here’s the big picture...
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Fed Chief Says U.S. on Unsustainable Fiscal Path
Do the U.S. national debt and the government’s budget deficits matter? If you listen to the economists shaping the Biden administration’s policy agenda, they say they do not. Their basic argument is that with interest rates so low, the government can borrow as much as politicians want to spend. They think they never have...
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The $1.9 Trillion “Rescue” Plan May Cause Small Uptick in the Short Term, but Will Only Add to Future Economic Growth Woes
The Congressional Budget Office has issued its 2021 Long-Term Budget Outlook months ahead of its usual schedule. The CBO forecasts that the publicly held portion of the national debt will grow to more than double the size of the U.S. economy during the next 30 years.
Is the Presidential Election Winner Ready to Face a Mammoth Debt Crisis?
Writing in Foreign Policy, economist Dambisa Moyo paints a nightmare scenario of what is waiting for the next U.S. President:
As the Pandemic Demonstrates, Leviathan Feeds on National Crises
Crisis and Leviathan is Robert Higgs’ great work of history exploring how politicians exploit crisis situations to grow their power. As their power grows, so too does the size of government. Leviathan, of course, refers to the old bible stories of a multi-headed sea serpent with an insatiable appetite—much like today’s U.S. government, which...
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Red Flags Raised Over National Debt’s Rapid Rise
After running up the national debt by more than three trillion dollars in the past four months, some U.S. senators are starting to have second thoughts about whether that borrowing might have some negative effects for the nation’s economy. It is a good concern to have, especially since the U.S. Congress is currently negotiating...
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Torrent of New Federal Spending Leaves Ominous Clouds of National Tax Hikes
The total public debt outstanding of the U.S. government has been exploding at a nearly unprecedented rate. Starting from March 15, 2020, just before the coronavirus pandemic gave politicians a reason to open the federal government’s spending floodgates, the national debt stood at a nearly even $23.5 trillion. Three months later, on June 15,...
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