This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.
The US Statutory Debt Limit, a failed tool to halt the endless growth of Federal debt issuance, is once again in play at nearly $20 trillion. It was only at $6 trillion in 2002.
The problem, of course, is runaway Fed spending which is currently at around twice that of Federal current tax receipts, requiring that the deficit be funded by issuing Federal debt (or raising taxes and/or cutting Federal spending).
This post was published at Wall Street Examiner on August 28, 2017.