From the Contracorner (paywall):
It took 213 years and 43 presidents—-from George Washington to Dubya Bush—- to generate the first $6 trillion of public debt. Now a mad man in the Oval Office and a herd of Capitol Hill larcenists will be doing it in just 700 days.
Actually, at the rate they are going we think it could be even worse. For instance, during the first six business days last April, Uncle Sam collected $87.5 billion in tax receipts, but this year during the same six days the take plummeted by 20% to just $70.1 billion; and that occurred before employer withholding payments were fully zapped by the 17 million of initial unemployment claims filed during the last three weeks.
You might wonder whether the numbskulls down in Washington are out of their minds. Even Goldman Sachs now forecasts that the budget deficit will hit $3.6 trillion in FY 2020 or an incredible 16% of GDP; and that the two-year total (including FY 2021) might hit $6 trillion.
