The Treasury Department said Friday that the monthly federal deficit in September was over 500 percent higher than in the comparable month last year, with the unusually large jump due to President Joe Biden’s student debt relief costs being booked in one fell swoop. The federal agency said in a statement (pdf) that the monthly…
Federal Monthly Deficit Jumps 562 Percent as Biden’s Student Relief Costs Hit
Ex-Treasury Secretary Warns of Deficit ‘Doom Loop,’ Says Fiscal Debates Need to Be ‘Back on the Table’
October 24, 2022
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Former Treasury Secretary Larry Summers said in a recent Bloomberg interview that fiscal debates need to be put “back on the table” as surging borrowing costs risk a potential deficit “doom loop.” Summers made the remarks during Friday’s edition of Bloomberg’s “Wall Street Week,” in which he said that the Biden administration’s big spending initiatives,…
Federal Deficit Topped $1.4 Trillion in Fiscal Year 2022, Nearly 50 Percent Above Pre-Covid Level
The Biden administration on Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is an average of nearly $120 billion in added debt every month. Federal debt surpassed $31 trillion earlier this month. The federal debt topped $30…
Expert Gives Insight on a Possible Post-CCP Future
The fiscal deficit of local governments has become a norm in China. During widespread pay cuts of public servants, the regime continues to box itself in with its strict zero-COVID policy. A China affairs observer believes China is heading toward a post-regime epoch. Kenneth C. Fan, the founder of Indo-Pacific Risk Forecast Centre, says that…
US Trade Deficit Narrows in July; Exports at Record High
The U.S. trade deficit narrowed in July as exports hit a record high, a trend that could see trade continuing to contribute to gross domestic product in the third quarter. The Commerce Department said on Wednesday that the trade deficit declined 12.6 percent to $70.6 billion. Exports of goods and services edged up 0.2 percent…
Still No Answer to the Question: Who Pays for Loan Forgiveness?
September 1, 2022
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It has been more than a week, and there is still no coherent answer out of the Biden administration to the question of who will pay for student loan forgiveness, which may cost Americans anywhere between $300–500 billion by the time it’s all done. For background, the White House announced, on Aug. 24, 2022, that…
Democrats’ $700 Billion Inflation Reduction Act Could Hurt US Consumers, Workers
On July 27, Sen. Joe Manchin (D-W.Va.) announced that he had reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) to pledge his support for a $700 billion spending bill, which is supposed to bring in $725 billion in new revenue to the federal government and reduce the deficit by $292 billion annually. But a look…
Democrat Spending Spree Nears $3.5 Trillion with Inflation Reduction Act
August 8, 2022
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The passage of the Inflation Reduction Act over the weekend brings the total amount of spending in the pipeline by congressional Democrats to around $3.5 trillion since President Joe Biden took office, with the imposing tally coming as Americans struggle with an inflationary cost-of-living crisis. Senators passed the sweeping bill (pdf), estimated at $740 billion,…
Democrat Spending Nears $3.5 Trillion with Inflation Reduction Act
August 8, 2022
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The passage of the Inflation Reduction Act over the weekend brings the total amount of spending in the pipeline by congressional Democrats to around $3.5 trillion since President Joe Biden took office, with the imposing tally coming as Americans struggle with an inflationary cost-of-living crisis. Senators passed the sweeping bill (pdf), estimated at $740 billion,…
US Trade Deficit Narrows in May; Exports Hit Record High
WASHINGTON—The U.S. trade deficit narrowed in May as slowing domestic demand amid rising interest rates curbed imports, which could see trade contributing to economic growth in the second quarter after being a drag for nearly two years. The Commerce Department said on Thursday that the trade deficit declined 1.3 percent to $85.5 billion. Imports of…
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