Burn Baby Burn: America’s $33.7 Trillion Fiscal Inferno!

EDITOR'S NOTES

Welcome to the “Disco Inferno” of American finance, where the Biden administration, with Janet Yellen as its financial DJ, spins a dangerous mix of runaway spending and fiscal irresponsibility. Picture this: the U.S. national debt blazing at a staggering $33.7 trillion, burdening every taxpayer with a scorching $259,103 share. But the heat doesn’t stop there. Unfunded promises have skyrocketed to an infernal $211.7 trillion, translating to a searing $629,000 per citizen. In this fiscal firestorm, the Biden/Yellen duet dances to the tune of historic budget deficits, while real hourly compensation under “Bidenomics” smolders, down by a disastrous 5.1%. This is a fiscal inferno of epic proportions with the American people left to foot the bill after clearing the ashes.

Sam Clemons Nov 21, 23

We are currently in a fiscal inferno under Biden/Yellen.

And US Treasury Secretary Janet Yellen is just a girl who can’t say no … to big government spending.

In fact, Congress and the Biden (mis) Administration are spending like the proverbial drunk sailors in port. US national debt is up to $33.7 TRILLION. That translates to $259,103 per taxpayer. With US debt to GDP of 138%!

Source: Confounded Interest

Now, HERE IS THE REAL BAD NEWS! Unfunded promises that politicians made to Americans (Social Security, Medicare, Medicaid, etc.) now stands at $211.6 TRILLION. That equates to $629,000 per citizen. Maybe that should be the deal at the southern border: all immigrants must pay $629,000 for admission!

And the Federal budget deficit keeps on getting worse.

Source: Confounded Interest

The budget deficits under Biden/Yellen have been the worst in history. So much for Biden whispering “Bidenomics is working!”

Source: Confounded Interest

Rents in the US remain unaffordable to many.

Source: Confounded Interest

And Yellen, our nation’s financial consiglieri, hasn’t said much about the dire decline in income tax receipts.

Source: Confounded Interest

But Biden’s favorite country China, a classic top-down command economy like Biden and Yellen love,

Source: Confounded Interest

On Sunday, President Joe Biden tweeted, “Right now, real wages for the average American worker is higher than it was before the pandemic, with lower wage workers seeing the largest gains. That’s Bidenomics.” That’s right, Joe! Except real hourly compensation has DECLINED by -5.1% under Biden.