Over the past several years, I have written of so many warnings involving an adverse economic event occurring as a result of out-of-control spending and debt that I am beginning to remind myself of the boy who cried wolf. Meanwhile, the spending continues with ever-increasing debt accumulation.
It took the United States 232 years to get from zero debt to $10 trillion indebtedness. Just in the past eight years, President Obama has managed to double the debt. President-elect Trump’s proposed tax reductions and infrastructure spending will likely add about $5 trillion to the current debt.
Economist and former budget director under President Reagan, David Stockman has cautioned that the $20 trillion national debt is a ticking time bomb. The already built-in $15 trillion of new deficits over the next decade, before a dime of Trump’s stimulus is added, will stop fiscal governance cold. Every 25 basis points of interest rate gain will add $50 billion ad...
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