The National Debt stands at $28.4 trillion as of September 10. When Biden took office 233 days earlier, the debt stood at $27.7 trillion. That is $3 billion borrowed per day, every day of this Presidency, or $34,700 a second. If you want to look at it as money per citizen, the US has borrowed $2,111 for every single person in the nation since Jan 20.
The US government used to publish the public debt to the penny going back decades. They don’t anymore. Some time since Biden was inaugurated, the website has been moved to a new site, and it now only goes back 5 years. Coincidentally to the beginning of the Trump administration.
The Fed has been monetizing the debt for over a decade. Since the debt is being turned into cash, the official public debt is just the tip of the iceberg. Take a look at the increase in the money supply. The M1 money supply is the amount of US dollars in circulation in cash and bank accounts that aren’t savings accounts. The M2 money supply is M1 plus what is in savings accounts, but not including retirement accounts like 401k.
Note that the amount of money in circulation (M1) went from $4.289 trillion to $19.445 trillion in just 16 months. That is an increase of $15.2 trillion. The amount in M2 went from $16.076 trillion to $20.564 trillion, an increase of about $4.5 trillion.
So not only did $4.5 trillion get created out of thin air, but $11 trillion shifted from savings to circulation. This means that Americans are cleaning out their savings accounts.
dave in pa. · September 14, 2021 at 12:15 pm
why keep money in the bank when it might go away any day now ?
for years I have always said that stuff is better than money as long as it is the right stuff. I had times of money and no food and times of no money but I had food. the second one is better one.
Comments are closed.