by Robert P. Murphy
This year has been a slow-motion train wreck on many levels. Americans have understandably been so preoccupied with the election and the unprecedented violations of individual liberties in the name of fighting covid-19, that there hasn’t been much attention left for what the Federal Reserve and US Treasury have been up to. Furthermore, the battles being waged over “public health” policy have obscured just how awful the US economy still is. The present article provides charts from the Federal Reserve itself (St. Louis branch) to document our alarming situation.
The US Federal Debt
We all vaguely know that tax revenues must be way down and federal spending has skyrocketed, but most Americans probably have no idea how much new debt has been added in just the last year: