The monthly budget deficit in March of this year was $660 billion, which was the annual budget deficit in 2017. It takes a PhD in economics to believe a government can perpetually borrow and never go broke. From MN Gordon at economicprism.com:
Weeping and gnashing of teeth shall come…
We don’t know when, exactly. But we do know a certain catastrophe’s approaching. In fact, we can see it on the horizon.
Does anyone in Washington give a rip the nation’s beyond broke? Does anyone in Congress care that outright money printing is what’s financing their stimulus bills? Does House Financial Services Committee Chair Maxine Waters think it’s all a real hoot?
Surely, someone in the legislature is aghast at federal spending that’s gone completely out of control.
Are you aghast?
We are. But there’s nothing we can do to stop it. Nearly all remnants of fiscal conservatism have been quarantined from federal government.
The majority of the electorate have voted for generous gifts from the public treasury. They want free education, free food, free phones, free transportation, and free drugs. They want debt forgiveness. Most of all, they want free money.
Many representatives are pushing the President to give the voters what they want…and what the politicians have promised. Specifically, more stimmy checks. According to MoneyWise:
“More than 75 members of Congress say that until the pandemic is over, there should be regular stimulus checks. President Joe Biden is being urged to wrap them into the $2.3 trillion infrastructure spending plan he’s now promoting.”
Stimmy checks, as far as we can tell, have nothing to do with infrastructure. Yet that’s the beauty of perpetual stimmy checks in the interminable pandemic era. The legislature can “wrap them into” just about anything. All it takes is a simple stimmy check earmark.