Posted on 07/23/2023 10:05:00 PM PDT by cba123
The amount of total outstanding public debt on America’s balance sheet is soaring.
Newly updated numbers from the government’s FiscalData platform show the country’s debt has surged by $57.2 billion in just four days.
After surpassing the $32 trillion mark on June 16th, the total debt accumulated by the US has already jumped an additional $590 billion as of July 20th.
In a new interview on Bloomberg TV, billionaire investor David Rubenstein says the US can only manage its ever-increasing pile of debt with inflation, which will further expand America’s income inequality gap.
“When I left the White House under President Carter, the total indebtedness of the United States was under $1 trillion or roughly $800 billion. Now it’s roughly $32 trillion. There is no way out of that except essentially inflating your way out. We aren’t going to cut expenses in the government. We are going to increase tax that much. We aren’t going to go to a bailout. But the IMF, that’s not realistic. And we’re not going to default. The only alternative is to inflate your way out. So we’re going to inflate our way out, and that’s not a good problem for people at the lower income parts of our society as they deal increasingly less well with inflation than wealthier people do.
Rubenstein says America’s economic fundamentals are setting the stage for a mounting clash between those who have wealth and those who don’t.
(More at link)
(Excerpt) Read more at dailyhodl.com ...
That’s Bidenomics.
Really hoping God acts this week.
T'isha B'Av.
Seems plausible but why are 30 year t bonds shorted driving up the interest rate?
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