National Debt Goes Off The Rails! Treasury To Add $4.4 Billion More To National Debt FY 2020, So Far
National Debt Goes Off The Rails! Treasury To Add $4.4 Billion More To National Debt FY 2020, So Far by Silver Report
The Treasury plans to add $4.4 trillion to the national debt in FY 2020. Now their original projections we’re far under this figure and I anticipate in the end it will be much higher than the projections. This is insane at this point because no one even seemed to try to stop this. During the April – June 2020 quarter, Treasury expects to borrow $2,999 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion.
The borrowing estimate is $3,055 billion higher than announced in February 2020. and according to Jeff Hall he summarized it this way “US marketable debt borrowing in FY’20 is on track to reach $4.395 tn, up from $1.280 tn in FY’19 or $1.195 tn in FY’18. It is more than the previous five fiscal years combined and almost 2.5x the previous record high borrowing for any fiscal year (FY’09$1.786 tn)”. The issue is this was a lot of money and it didn’t seem to help many American businesses. They are still planning on adding a whole lot more for states and large cities. The projections they release mean little as they are spending way more than they can give account for. So far in the first quarter they have borrowed over 3 trillion dollars yet most businesses can’t afford to remain closed.
Before this runaway money printing began we already added almost 5 trillion dollars just since 2017. If we didn’t spend so much money propping up the largest companies in the US with promises to keep their workers yet they are still planning to layoff more workers. We work for our money and these large corporations are the ones who get handouts it is an unfair system where some of the members of society are given what most work hard to attain.