Total U.S. Debt Soars

by Craig Hemke
Sprott Money

There was a time when the total U.S. fiscal deficit and debt seemed to matter. Apparently, that time has passed.

Oh, my goodness. The good old days. I’m old enough to remember 2009 and all the rage about “exploding deficits” and “stealing our children’s future”. Heck, I even flew a Gadsden Flag for a while and attended a “Tea Party” rally near my home.

[…] Back then, as the U.S. struggled to work its way through the aftermath of The Great Financial Crisis, the total annual budget deficit had soared past $1,000,000,000,000. It was a staggering and mind-blowing number. Outrage was everywhere. Looking back now, it seems so quaint.

Why? If a percentage of the population was stirred to protest at an annual deficit of $1T, you’d think that the recent report of a nearly $1T deficit for just the month of June 2020 would be enough to send folks into a frenzy.

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