$30 Trillion, Here We Come!

12 Mar

$30 Trillion, Here We Come!

There is a lot of backslapping going on in the White House and on at least one side of the aisles in the House and Senate with the passing of President Biden’s $1.9 trillion “stimulus” bill.

There was more than backslapping on one of the cable news channel’s coverage of the bill’s passage.  They added finger-wagging and tongue-clucking.  They were completely indignant that anyone could have opposed a bill that “the majority of the people wanted.”

Okay.  We don’t often wade into the swamps of what passes for good government these days.  It’s too mucky.  We prefer to stay focused on helping our friends and clients protect themselves from what government is doing to them.  

But the question comes to mind, what is the point of having a deliberative body if it all comes down to what “the majority of the people want”?  If that is all it is about, we really didn’t need Washington, Franklin, Jefferson, Adams, or Madison.

But still, it is true that most of the people want a check from the government. 

Big surprise.  

One of these days very soon, there will be a straw that breaks the back of the government’s credit camel.  One day they will go to far, the market will decide that America’s bonds are as sketchy as an IOU from Bernie Madoff.  And then it won’t be possible for Washington to borrow any more… at least at interest rates that aren’t astronomical.    

And that day is fast approaching.  That’s why the farsighted are investing in gold and silver.

But judge for yourself.  The numbers just keep getting bigger and bigger!  Here are a few:

The first five months (October through February) of the fiscal year 2021 included:

  • record federal spending of $2,482,988,000,000. 
  • a record deficit, too, of $1,046,654,000,000.

CNSNews.com

It is the first time the deficit exceeded a trillion dollar in the first five months of a fiscal year.

In the meantime, the official on-the-books US national debt (which is really only part of the entire debt) just hit $28 trillion.  

And then the Biden stimulus bill was passed, the one that has Washington and the mainstream media celebrating.  So, we’re headed to a $30 trillion national debt.

Where is all that Biden stimulus spending going?  Most of it is pork.  Here are a couple of details from the Washington Examiner:

  • Less than 9% goes to combating COVID-19.
  • Twenty-seven percent (or more than $500 billion) goes to state and local governments.
  • Twenty-one percent (or approximately $400 billion) goes to policies that reduce private-sector employment.
  • $135 million for the National Endowment for the Arts.
  • $135 million for the National Endowment for the Humanities.
  • $200 million for the Institute of Museum and Library Services.
  • $12 billion for foreign aid.

So far, Washington’s stimulus bills cost $17,000 per taxpayer, or $69,000 per family. But we’re just getting started.  There is a lot more Biden spending coming our way.  For example, the Biden infrastructure proposal is now expected to come in as high as $4 trillion over ten years.

Things are beginning to spin out of control.  Why not make an appointment with one of our precious metals professionals and take steps to protect yourself and your family?