March 4, 2024
Is Joe Biden's catastrophic government spending masking a recession?
By Jack Hellner
The CBO is projecting a federal deficit of $1.6 trillion for fiscal year 2024.
According to CNBC:
The U.S. national debt is rising by $1 trillion about every 100 days
The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.
The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months.
U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 billion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.So how would they explain why the federal debt is growing at $1 trillion every 100 days since June of 2023? It appears that the federal debt will have gone from $32 trillion in June 2023 to at least $35 trillion by June of 2024.
So how do they explain a $3 trillion increase if the deficit is only $1.6 trillion?
Where is the money going?
more
https://www.americanthinker.com/blog/2024/03/is_joe_bidens_catastrophic_government_spending_masking_a_recession.html
