[DS] Has Been Pushed Down The Path Of No Return, Nuclear [FF], Conductor Confirmed – Ep. 3109

•   the Congressional Budget Office (CBO) recently released a report illustrating the fiscal problems looming dead ahead for the United States. Its most recent analysis, an annual report estimating the long-term budget outlook, illustrated why Democrats’ “solution” to the problem — namely, massive tax increases — won’t solve our budgetary woes.
• Record Spending, Record Debt
• According to the CBO report, the federal government faces massive deficits over the next 30 years (the timespan of the analysis). Specifically, “deficits are projected to grow almost every year over the next three decades.” As a percentage of the economy, they would average more than twice the average deficit over the past half-century, growing to reach 10 percent of the entire economy in 2053.
• What will cause these deficits? As the CBO report notes, it’s not low levels of federal revenues. In fact, the budget gnomes believe that “revenues measured as a percentage of GDP are projected to be higher than they have been, on average, in recent decades.”
• Instead, spending will drive our deficits. Federal outlays will reach levels seen only twice in our nation’s history: during World War II, and during the Covid lockdowns. Spending will rise faster than revenues almost every year, leading to greater and greater federal deficits.

• Rising deficits will bring with it rising levels of debt. According to CBO, federal debt as a share of GDP will reach an all-time high in 2029, exceeding levels during and after World War II. But even after reaching 107 percent of the economy six years from now, the debt will rise still further, hitting 181 percent of GDP 30 years from now.
• Impending ‘Doom Loop’?
• All that debt will lead to higher interest costs, such that net interest costs will nearly triple over the coming three decades after they have already risen sharply over the past two years. By 2051, CBO estimates, we will pay more in interest on the national debt than we will spend on Social Security.

Student loan debt in the US totals nearly $1.8 trillion: pic.twitter.com/5dnPXB2wrx

— unusual_whales (@unusual_whales) July 5, 2023

GDP and GDI should be the same, but they are telling different stories.

Peter explains how we are already likely in a recession and how bad it is.

🔊 https://t.co/jI3y7qN87e

— Wall Street Silver (@WallStreetSilv) July 5, 2023

The US is headed for a more serious recession than Powell has predicted, Evercore founder says

• The US is in for a more serious recession than Fed Chair Powell thinks, according to Evercore’s Roger Altman.
• The market veteran pointed to the inverted Treasury yield curve and troubling signs among small businesses.
• A moderate recession is the most likely outcome by the end of the year, Altman warned.
• The US is headed for an even more serious recession than Federal Reserve Chair Jerome Powell has projected, according to market veteran Roger Altman.
• Though a recession hasn’t been officially declared yet, the inverted yield curve has preceded previous recessions by about 18 months, according to Altman, as was the case for the downturns beginning in 1989 and 2006.Special business surveys are also spelling trouble for the economy, Altman said, pointing to Evercore’s trucking survey, an index of freight demand that the firm touts as a reliable recession signal. That index recently dipped below 48, a threshold that’s typically correlated with a downturn.

Source: news.yahoo.com

NEW – 🇬🇧 UK Financial Services Minister: Britain should be cautious about issuing a digital pound CBDC given privacy and other issues involved.

CBDC's are slavery, #Bitcoin is freedom 💥 pic.twitter.com/BGKXp0a3HD

— Bitcoin Magazine (@BitcoinMagazine) July 5, 2023