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Regarding last week’s Economy column [Big spending is needed, but this deficit won’t go quietly], I have heard, like many, that “a day of reckoning” is coming with bulging deficits, but I don’t usually hear how that plays out. Runaway fiat currencies throughout history, like the U.S. dollar today, ALL end the same: with deflation which may be preceded by hyperinflation. I see nothing that can ultimately prevent this.
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Jim Jackson
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Our current debt is 112% of GDP. There is no end end sight on dealing with atrocity. To exacerbate the issue our Legislators and President add another 11% to this and are now seeking another $350,000,000,000 on top of that because the pork laden 2.2 trillion didn’t have enough for small businesses. If you believe the Covid-19 is a pandemic then this is deficit is Armageddon. Once we Audit the private cartel known as the Federal Reserve (carries about 12%) we may be able figure out who actually holding this debt. What we do know is that Social Security has about 24% of the debt in US Treasure Notes, when the entire thing goes BOOM, a large majority of baby boomers are going to experience a great big karma for remaining ignorant about the goings on in DC. This current event is moving this closer not further away.
https://usdebtclock.org/