Meanwhile...
On the very last business day of 2023, the government officially crossed the $34 trillion mark of outstanding debt for the first time in history.
@POTUS It’s important to consider which presidents / cabinets have overseen the largest debt increases. The largest amount was under Obama / Biden, then Trump / Pence, then Biden / Harris.
BREAKING: California Governor Gavin Newsom lobbied the White House and Treasury on the bailout of Silicon Valley Bank, without disclosing that his private wineries had reportedly been the bank's clients & he may have even had a personal account at the bank, per the Intercept
As the bubble unwinds, don't blame the Fed for raising rates amid high inflation. Blame a decade of deranged zero-rate policy that encouraged massive deficits (on both revenue and spending fronts), and long-duration, yield-seeking speculation by banks, pensions, and investors.
The Interest Expense on US Public Debt rose to $775 billion over the past year, a record high. If it continues to increase at the current pace it will soon be the largest line item in the Federal budget, surpassing Social Security.