The US national debt grew by $2.3 trillion last year. It took America 211 years — a revolution, a civil war, two world wars, and the Great Depression — to rack up that much debt in total. Congress now does it in twelve months.
The government’s own auditor says somewhere between $233 billion and $521 billion is lost to fraud every year. The bond market has noticed. The 10-year Treasury yield just hit 5.3%, the highest since 2002.
Congress has three options: cut spending, get forced to by lenders, or wait for the Fed to print the difference. Last time the Fed printed $5 trillion, inflation hit 9%.
Governments can print debt and currency. They cannot print oil, gas, or gold.
That’s why it makes sense to have a Plan B.
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