by Gary Christenson
In the past six weeks 30 million Americans filed for unemployment. Tax revenues decline, consumer spending and company profits fall, and safety net spending for unemployment, welfare, “food stamps” etc. will increase. Net result—much larger deficits and more debt.
[…] April 30, 2019: National Debt = $22,027 trillion.
April 30, 2020: National Debt = $24,974 trillion. Oops!
More Debt: So What?
From Jerome Powell, the Chairman of the Fed: “Now is not the time to worry about debt, but use the great fiscal powers of the US to avoid deeper damage to the economy.”
Translation: Expanding debt and deficits forever. Spend, spend, spend.