Tweet
Stockman & numbers,,Kunstler
Stockman is a former U.S. budget director. He REALLY knows his numbers. You should read the whole article. It will give you motivation to plant a garden.
"That's because during the mere 8 weeks since the public debt ceiling was suspended by the Donald's end-run with Nancy and Chuckles in September, the national debt has spiked by $640 billion.
That's about $16 billion per Federal business day, and they are not done yet." "As Wolf pointed out, this pattern played out during the debt showdowns of 2013 and 2015, as well, when the resulting "temporary" suspension resulted in borrowing spikes of $464 billion and $650 billion, respectively."
"That's because the bill cuts Federal income taxes for the very wealthy by $2.2 trillion over the next decade owing to repeal of the minimum tax, phase-out of the estate tax and the sharp reduction in tax rates on business profits to 20% and 25% for corporate and pass-thru entities, respectively.
Yet the net tax cut for the entire Brady bill over ten years---according to the Joint Committee on Taxation---is just $1.49 trillion. That means, obviously, everyone else is getting a $700 billion increase."
"That's why IBM raised its job count in India from zero in 1993 to 130,000 at present, while cutting its domestic employment count from 150,000 to less than 90,000."
"Indeed, we estimate that in the next four years, the US alone will add $5 trillion to the Treasury float---even as the Fed disgorges upwards of $2 trillion of existing debt securities."
"the 20-year surge in debt obligations prior to the 2008 crisis caused total liabilities outstanding to soar by 5.2X, and to rise from 57% of GDP when Greenspan launched the era of bubble finance in Q3 1987 to nearly 100% of GDP on the eve of the crisis.
Nevertheless, after a small net reduction in debt immediately after the crisis, total household liabilities have continued to rise, and now exceed $15.1 trillion. Accordingly, just 250 (1/4 of a percent)
No Early Warning: ‘87-Style Crash Approaching!What Could Go Wrong? - Kunstler
Stockman is a former U.S. budget director. He REALLY knows his numbers. You should read the whole article. It will give you motivation to plant a garden.
"That's because during the mere 8 weeks since the public debt ceiling was suspended by the Donald's end-run with Nancy and Chuckles in September, the national debt has spiked by $640 billion.
That's about $16 billion per Federal business day, and they are not done yet." "As Wolf pointed out, this pattern played out during the debt showdowns of 2013 and 2015, as well, when the resulting "temporary" suspension resulted in borrowing spikes of $464 billion and $650 billion, respectively."
"That's because the bill cuts Federal income taxes for the very wealthy by $2.2 trillion over the next decade owing to repeal of the minimum tax, phase-out of the estate tax and the sharp reduction in tax rates on business profits to 20% and 25% for corporate and pass-thru entities, respectively.
Yet the net tax cut for the entire Brady bill over ten years---according to the Joint Committee on Taxation---is just $1.49 trillion. That means, obviously, everyone else is getting a $700 billion increase."
"That's why IBM raised its job count in India from zero in 1993 to 130,000 at present, while cutting its domestic employment count from 150,000 to less than 90,000."
"Indeed, we estimate that in the next four years, the US alone will add $5 trillion to the Treasury float---even as the Fed disgorges upwards of $2 trillion of existing debt securities."
"the 20-year surge in debt obligations prior to the 2008 crisis caused total liabilities outstanding to soar by 5.2X, and to rise from 57% of GDP when Greenspan launched the era of bubble finance in Q3 1987 to nearly 100% of GDP on the eve of the crisis.
Nevertheless, after a small net reduction in debt immediately after the crisis, total household liabilities have continued to rise, and now exceed $15.1 trillion. Accordingly, just 250 (1/4 of a percent)
There was also a report that Iceland and Ireland and Belgium were buying up the shunned treasury debt,,, even though they didn't even have any dollar reserves to buy Treasury paper. 
Comment