How many times did you hear either presidential candidate say the word “debt”? The most crucial issue of all was the great unmentionable. From Egon von Greyerz at goldswitzerland.com:
The US election has finally taken place. During the campaign, both candidates have totally avoided the critical issue that will bring the US down in the next four years. The election campaign has been ugly but totally avoided the monumental problem facing the American people.
Clearly neither of them wanted to tell the voters that he will take over the running of a totally bankrupt country that is likely to collapse economically, financially and morally in the next four years.
At the end of this article I have set out what would have been the winning election manifesto.
A PRESIDENTIAL CANDIDATE NEVER TELLS THE TRUTH
Neither Trump, nor Biden has been telling the American people that the US is a totally bankrupt country that has been running deficits for 90 years. (Four small exceptions in the 1940s and 50s. The Clinton surpluses were fake.)
What an unenviable task to preside over an insolvent nation and be hated by everyone as the country falls into perdition.
How can anyone be willing to run a nation that needs to borrow half of its budget expenditure. The clear facts are on the table. You cannot erase 90 years of mismanagement.
The figures tell us the truth. In fiscal 2020 spending was $6.6 trillion and tax revenue $3.4t. So the deficit was a staggering $3.2t. And as history shows us, it can only get worse. The state of the financial system, exacerbated by Covid, guarantees galloping deficits from hereon in.