Most Americans don't know that the federal fiscal year begins on October 1st. We have reached unprecented levels. This started the first two quarters of this fiscal year, which ended before the effects of the virus took effect. By the end of March we were already on pace for a deficit on about $1.2 trillion. An incredible total when you consider it was during a period of economic growth.
What has happened since is insane. We have reached over $800 billion in one month. Much of this was needed due to our economic collapse causes by the virus. We rushed thru a huge spending bill of $3 trillion. However, the inspector general to oversee the program was fired the first week by the president. We are now seeing the results of that in the lending program where Chinese owned companies, law firms, and people spending the funds on luxury items like Lamborghinis are being exposed. It's going to get worse.
Many of these so called "loans" won't be added to the deficit til next year when they are forgiven by the government. The idea to help business retain their employees was a good one. The implementation has been an example of unbelievable waste and fraud by many which should've been expected without any semblance of oversight. The administration got rid of any hope of independent oversight by firing the IG and turning over the program to an administration in free fall and trying to get reelected. Draining the swamp?
Now we see the president wanting to exceed even overzealous congressional spending by promoting stimulus checks much larger than the $1200 ones, and promising to increase unemployment benefits when Congress is trying to reduce them. Is anyone really surprised? This is the kind of action which led to 5 large bankruptcies under his watch. The King of Debt lives.
. We can expect a deficit of $4 trillion for 2020. Just let that sink in. $4 trillion. Then remind yourself that even more of these loans will be written off in 2021 beginning in 3 months. Just wow.
What has happened since is insane. We have reached over $800 billion in one month. Much of this was needed due to our economic collapse causes by the virus. We rushed thru a huge spending bill of $3 trillion. However, the inspector general to oversee the program was fired the first week by the president. We are now seeing the results of that in the lending program where Chinese owned companies, law firms, and people spending the funds on luxury items like Lamborghinis are being exposed. It's going to get worse.
Many of these so called "loans" won't be added to the deficit til next year when they are forgiven by the government. The idea to help business retain their employees was a good one. The implementation has been an example of unbelievable waste and fraud by many which should've been expected without any semblance of oversight. The administration got rid of any hope of independent oversight by firing the IG and turning over the program to an administration in free fall and trying to get reelected. Draining the swamp?
Now we see the president wanting to exceed even overzealous congressional spending by promoting stimulus checks much larger than the $1200 ones, and promising to increase unemployment benefits when Congress is trying to reduce them. Is anyone really surprised? This is the kind of action which led to 5 large bankruptcies under his watch. The King of Debt lives.
. We can expect a deficit of $4 trillion for 2020. Just let that sink in. $4 trillion. Then remind yourself that even more of these loans will be written off in 2021 beginning in 3 months. Just wow.
