Relevant:
- The US government lost nearly $1 trillion this past fiscal year. Again.
- GAO: Biggest Fiscal Threat to U.S. Is Interest on Treasury Debt -- Not Social Welfare Programs
- Is fiscal austerity coming to Washington?
- Global debt explodes at 'eye-watering' pace to hit £170 trillion
- Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth
2017-02-07 — sovereignman.com
According to this year's report, the government's net loss "more than doubled, increasing $533.2 billion (103.7%) during [Fiscal Year] 2016 to $1.0 trillion.'' It's extraordinary that they lost $533 billion in 2015, let alone a full trillion in 2016. Bear in mind, there was no major wars, recessions, or crises to fight. What did you really receive in exchange for that trillion-dollar loss? Brand new highway system? Giant tax rebate? Nope. None of the above.
The sad reality is that it now costs the government so much to run itself, along with paying massive interest on the debt and supporting all of its entitlement obligations, that they lose $1 trillion even in a "normal" year. What will happen in a bad year?
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