WHAT A DIFFERENCE A YEAR MAKES

Actually less than a year! In January of 2020 the CBO projected that the USA debt level would hit 98% by 2030. They are now projecting that it will hit 100% by the end of September 2020. America hasn’t seen these kinds of debt levels since WW2. The big difference here is that we had bombed our economic competitors back to the Stone Age and still had plenty left over to create the Marshall Plan.  

Unfortunately neither Trump nor Biden are talking about paying down this debt. Biden is talking about raising taxes, but at the same time planning to increase spending on climate change etc. Not likely then that the democrats address this issue, unless they are prepared to raise taxes on just about everyone! If the pandemic continues into much of 2021 look for the world’s economies to tank! Having consumed all seven fat cows we are now consuming the seven lean cows. This is what will be known in economics as the Joseph Biden effect!

And that is all I’m going to say about that!