U.S. is closing in on doing something it hasn’t done since World War II — borrowing more money than it raises from taxes.
There is no other trajectory. There is no will to go any other way. Fiscal sanity is long gone. It’s a fiscal and monetary drug binge at this point.
The morning, when it comes, and it always comes, will not be pleasant.
Amid the economic devastation caused by the coronavirus pandemic, the U.S. government is nearing a new — and potentially ominous — fiscal milestone: It will borrow as much or more this year than it raises through taxes and other means.
The last time that happened was in the final year of World War II.
This article was originally posted here: https://www.ac2news.com/2020/08/u-s-is-closing-in-on-doing-something-it-hasnt-done-since-world-war-ii-borrowing-more-money-than-it-raises-from-taxes/.