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The US’ federal budget deficit is on track to reach an enormous $2.3 trillion in the fiscal year 2021 – the second-highest deficit since World War II – according to a forecast by the Congressional Budget Office.
The projected deficit, which is 25 percent larger than expected, doesn’t account for the 1.9 trillion stimulus bill. Larry Summers, a lead player in Democrat financial policies since the 1990s, said the debt levels, coupled with stimulus spending, could cause an overheated economy with severe inflation.
RT’s Boom Bust was joined by Rick Sanchez, host of the News with Rick Sanchez, to debate the deficit issue and try to figure out if a reversal of the long-standing trend is likely to be on the cards in the foreseeable future.
“Unlike some other governments in the world, we here in our great United States of America, are constantly trying to outdo each other,” said the anchor.
Sanchez reminded Boom Bust’s hosts how the 44th US president, Barack Obama, had increased the deficit and the debt, comparing the subsequent coming of Donald Trump to the behavior of a drunken sailor, as he’d been increasing both even further before the Covid-19 crisis hit.
“He [Trump] was making money supercheap to borrow by lowering interest rates,” he said.
“And now [Joe] Biden comes into office and seems to be doing the same thing. If, Heaven forbid, Biden passed away tomorrow, and President Harris took over, she would say, ‘OK, now I need to put my stamp on another 1.9 trillion,’ or whatever the future number might be,” Sanchez added.
The US’ federal budget deficit is on track to reach an enormous $2.3 trillion in the fiscal year 2021 – the second-highest deficit since World War II – according to a forecast by the Congressional Budget Office. Read Full Article at RT.com Read More
On December 20, the Second Baghdad Conference was held in Amman, Jordan, attended by Iraqi Prime Minister Mohammed Shia al-Sudani, foreign ministers from Jordan, Saudi Arabia, Iran, Egypt, Qatar, Kuwait, UAE, Turkey, Bahrain and Oman. As for other regions, French President Emmanuel Macron and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell were […]
This is censored-out information, but is here documented to its primary evidences online via its links, which are sources each one of which you can thereby see and evaluate for yourself as regards its credibility: Thanks for reading Eric’s Substack! Subscribe for free to receive new posts and support my work. Not by mere coincidence […]
“Governing As Looting” In Washington & Beyond Authored by James Bovard via The American Institute for Economic Research, At what point does a democracy become a kleptocracy? That type of degeneration routinely happens in Third World regimes but the same blight can occur in the United States. Few things epitomize “governing as looting” like the […]
