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I am more worried than I have ever been about the financial position of the United States and what it means for our future as Americans.
Our fiscal deficit for FY 2023 was actually more than $2 trillion (after the accounting adjustments related to Biden’s unconstitutional, failed attempt at student loan forgiveness). The national debt is rapidly closing in on $34 trillion.
The Treasury market is seeing the 10-year yield near 5% and sending worries across the financial system. Real disposable personal income is down and defaults on credit cards and autos are rising. The geopolitical backdrop is looking to become even more of a mess, one that will likely become increasingly dangerous and expensive for the U.S.
In this casino that we call government, the government is the house, and the house always wins. (Matthias Kulka/Getty Images)
And there’s no credible end or curtailment in sight to spending.
Some may argue that we have had plenty of prior cycles of inflation or war or other crises, but there is a big difference. We haven’t had those happen at a time when we are concurrently seeing