In this article, Professor Daniel Lacalle examines the relationship between Federal debt and crony capitalism. ~Tim McMahon, editor. Key Facts: Congress has raised the debt ceiling 78 times since 1960 US debt to GDP is 123.4% 8% of the budget goes to pay interest Discretionary spending is around 30% of the budget Fiscal year 2023 outlays = $5.9 trillion The United States budget is unsustainable More Federal Debt Means More Taxes, Less Growth, and Weaker Real Wages By Professor Daniel Lacalle Since 1960, Congress has raised the debt ceiling 78 times, according to Bloomberg. The process of increasing the debt limit has become so regular that markets barely worry … [Read more...]
Bud Conrad: Volatile Markets Show Original Credit Crisis Is Still With Us
Bud Conrad, Chief Economist Bud Conrad, the chief economist for Casey Research, sat down with Jim Puplava on the Financial Sense Newshour to discuss the ongoing debt crisis, the fate of the Euro, Fed policy, and other key issues. "The situation is that the world's economy is not well balanced. We in the US have taken over the bank debt by bailing out banks and taking over Fannie and Freddie, but we haven't handled the government debt and deficits in a way that we can get through this storm." Click play below to listen to his interview in its entirety. http://www.netcastdaily.com/broadcast/fsn2011-0816-1.mp3 Our country’s debt crisis will devastate you if you don’t adjust your … [Read more...]