spent more than $1 trillion than they took in though taxes and fees.
$2.6 trillion spent. $1.6 trillion in taxes. You do the math.
And there is still three months to go on the fiscal year. There is much more spending to do.
For the record, Congress spent more than $1.1 trillion last year they didn't have.
We are now in the 21st straight month of deficit spending.
Um, is anyone thinking interest rates and inflation? The banks are getting a great deal borrowing at zero percent interest and then buying Treasuries at 3%. Nice money when you can get it. But it is INEVITABLE that when interest rise---and they sure can't fall any lower---they are going to have to rise SHARPLY to squeeze out all this outlandish fiscal stimulation or inflation will literally explode. Think Fed policy in the early 1980s, only this time on steroids.
Every real estate market I am studying is getting more unhealthy and the extreme tight money and skyrocketing interest rates that are coming over the next five or so years will only make matters worse.
Congress needs to grow up and stop acting like a college freshman who got their first VISA card. I would say stop spending like a drunken sailor but that is an insult to drunken sailors everywhere.
Robert J. Abalos, Esq.