|Government Spending Gone Wild!|
To say the national deficit is out of control may be an understatement. Our surging deficit is a sign of “spending has gone wild.” The important point is that covid-19 has again given us a reason to divert our eyes away from the over the top spending taking place. It appears everyone in Washington has come together and simply agreed on, “I will support your spending if you support mine!” The fact remains that while both the Republicans and the Democrats mumble about being dissatisfied over the deficit, pork packed bills continued to be signed into law.
Calling these spending packages “bipartisan” helps spread the blame around and masks just how dysfunctional Washington has become. Sadly, it allows all the players involved to take their victory laps and claim democracy works. When criticism does arise, those we have sent to Washington fall back on the stand that it was all done in order to avert problems down the road that would further damage the economy.
A person would have to be delusional to think this explosion in national deficits is not occurring across the world. It is a reality no matter how much effort is made to mask the truth. It is logical that if Biden does step into the Presidential office and nominate financial uber-dove and former Federal Reserve Chair, Janet Yellen, as the next Treasury Secretary the deficit growth will explode. Those of us appalled by how the Trump Mnuchin team has handled spending should be prepared for further disappointment. It has even been suggested and rumored that Yellen would leap into buying stocks if they were to decline as little as 20%.
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