debt
US National Debt Surges $273,859,000,000 in Two Months As Billionaire Leon Cooperman Warns Nation Heading Toward Financial Crisis
Published
2 weeks agoon
By
adminThe US government’s balance sheet continues to expand at a scorching pace, with more than a quarter of a trillion dollars in debt added in two months.
New data from the Treasury Department’s Debt to the Penny system shows the country’s national debt rose from $34.297 trillion on February 21st to $34.571 trillion on April 24th.
That’s an increase of $273.859 billion in about 60 days.
The record-high US debt level comes as billionaire investor Leon Cooperman warns that the country is inching closer to a financial crisis.
According to the hedge fund manager, the country missed the opportunity to achieve financial sustainability when it largely set aside the recommendations of the Simpson-Bowles report.
The report, which was released in December 2010 during the Obama administration, sought to avert a potential financial cliff by cutting back on key government spending and raising revenue to put the “national debt on a stable and then downward path.”
Says Cooperman on CNBC,
“The debt situation, you’re right, I’m concerned. We have a system of leadership in this country that devolved into a leadership in crisis.
On your program a number of months ago, you had Mitt Romney and [Senator Joe Manchin]. They basically endorsed the Simpson-Bowles [report], which was about eight or nine years ago. The only problem is [there is] nothing we’ve done about the Simpson-Bowles report and the problem is three times larger today.
But when you have no idea when the stuff hits the fan… If deficits don’t matter as some people insist, then I’m being too conservative. But deficits matter. I think they will ultimately.
I think we’re heading into a financial crisis in this country.”
In March, the Congressional Budget Office stated that the federal deficit amounted to $1.7 trillion for the 2023 fiscal year, up from $1.4 trillion in 2022.
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crypto
Impending Elections and Mass Stimulus To Be Very Positive for Crypto, Says Real Vision Founder Raoul Pal
Published
3 months agoon
February 11, 2024By
adminFormer Goldman Sachs executive Raoul Pal is detailing what he believes will be two positive catalysts for crypto assets in 2024.
In a new interview on the Wealthion YouTube channel, the macro guru and Real Vision CEO tells SkyBridge Capital founder Anthony Scaramucci that upcoming stimulus packages in the US and around the world will boost the digital assets industry.
According to Pal, politicians tend to “hand out candy” in the form of stimulus packages during elections, which leads to higher inflation and in turn, higher prices for digital assets.
“We’re seeing China in an economic mess, they’ve got a full debt deflation going on the same issues – aging population, high debts, everything’s blowing up, they’re likely to stimulate further. The Europeans are likely to end up stimulating further, and eventually the US will stimulate more as well, because they need to get growth to pay for these interest costs.
So that is what lies ahead. And then we’ve got the other sweet spot in the middle of this, which is when politicians hand out candy during elections, and the candy that everybody wants is stimulus. So they will hand out stimulus, which needs to be paid for, it either ends up on the Fed’s balance sheet, or some other liquidity measure to allow the government to fund itself.
So what we’ve got is a high probability that our money’s gonna be worth less. Asset prices are going to rise but our wages won’t, which is the big problem. So our future selves are getting poorer because we can’t afford as many assets and we’ve got this massive wave of debt to be refinanced. That’s normally a very positive backdrop for crypto, lots of liquidity and liquidity is what drives all markets.”
Pal goes on to say that fiat currency debasement via inflation is akin to paying hidden taxes as investors are stripped of the power to purchase assets due to their rising costs.
“Asset prices keep coming up. And that’s because they’re debasing the currency. What debasing the currency is, it sounds like a complicated economics term, but what it basically means is they’re robbing you of the power to buy assets. It’s been, on average, 15% a year since 2008.
So you’re losing the ability to buy assets by 15% a year. So each year, you sit in a pile of cash, and don’t buy a house, that house is roughly going up at 15% a year. That’s bananas, you sit on cash for two years, or you don’t have any savings, it gets more and more expensive. What they’re actually doing here is taxing you. But by hiding it, it’s like a socialization of all of these costs.”
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debt
US National Debt Surpasses $100,000 Per American As Ex-Treasury Secretary Calls for Tax Hikes Amid ‘Enormous Risk’
Published
3 months agoon
February 3, 2024By
adminThe US government’s rapidly climbing national debt has grown to more than $100,000 per citizen.
According to data from the Peter G. Peterson Foundation, America’s national debt has reached $34.15 trillion – equal to about $101,591 per capita.
Rising revenues are not canceling out the soaring debt, leading to a growing deficit, which is currently at $509 billion for 2024 so far, and a debt-to-GDP ratio of 122.8%.
In an interview with Bloomberg, Former Treasury Secretary Robert Rubin says the US is in a “terrible place” financially and suggests the country has virtually no other choice but to increase taxes to deal with its deteriorating monetary situation.
“The risks are enormous and some of them are materializing already, like higher interest rates…
Looking forward, we’re having to deal with both spending and taxes… When you get realistic about it, I think you’re going to have to largely [rely on raising taxes].”
Rubin estimates that about 60% of the entire deficit that fomented between the year 2000 and 2022 was the result of tax cuts.
However, the former official says that solving the debt crisis is in limbo due to political gridlock, with Republicans opposing tax hikes and the Democrats opposing cuts to entitlements.
“There’s a lot of talk, but the talk is always divided politically between the Republicans who refuse to raise taxes, and the Democrats who won’t do entitlements.”
Rubin says that he hopes Washington will address the deficit after the election in November, but adds that he “wouldn’t bet on it.”
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