Data Point - At what point does the rest of the financial world go "no mas"? - Granite Grok

Data Point – At what point does the rest of the financial world go “no mas”?

burnign money

The US Dollar is the currency of the world and has been for quite some time. Thus far, it has maintained that status even as our rivals (the EU to a degree; Russia and especially China) have tried a number of schemes to usurp that status. But as the US continues to borrow more and more and we, as a nation, keep going into more and more debt:

(CNSNews.com) – Federal spending has topped $6 trillion for the first time in any fiscal year in the nation’s history and the federal deficit has topped $3 trillion for the first time, according to the Monthly Treasury Statement for August that was released today.

Federal Spending tops $6 Billion

Yes, much of it has been the fault of the Government for having broken our economy because of the lockdowns. However, it wasn’t the Federal Government doing so (with some notable exceptions such as travel to/from other countries), it was local and State governments that did so. However, because no one takes responsibility for themselves any more, the “lower levels” of government did the same thing that most people and companies are doing – expecting that the Federal Government should fix the problems.

Does no one ever consider the philosophy of Federalism any more – that States should take care of themselves and local governments should do the same??? Thanks to Progressives always pushing things upward to the highest level of Government possible, we see this horrendous financial sucking event.

And it result in this:

Federal Deficit

Highest Spending Departments:

  • Department of Health and Human Services – $1,378,786,000,000
  • Social Security Administration – $1,056,912,000,000
  • Department of Defense – $627,497,000,000.
  • Interest on the National Debt (Treasury) -483,892,000,000