David Stockman: Off The Charts!

by | Apr 10, 2020

David Stockman: Off The Charts!

by | Apr 10, 2020

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.

Scott Horton

Scott Horton

Scott Horton is director of the Libertarian Institute, editorial director of Antiwar.com and host of the Scott Horton Show from ScottHorton.org. He is the author of four books. He has conducted more than 6,000 interviews since 2003. Scott lives in Austin, Texas with his wife, Larisa Alexandrovna Horton.

View all posts

Our Books

Shop books published by the Libertarian Institute.

libetarian institute longsleeve shirt

Our Books

cb0cb1ef 3fcb 417d 80d8 4eef7bbd8290

Recent Articles

Recent

Op-Ed Writer Freed by Federal Judge

Federal judge orders Trump administration to release Tufts University grad student Rumeysa Ozturk from ICE lockup. Ozturk, who had a valid student visa from Turkey, was only guilty of writing an op-ed.  Secretary of State Marco Rubio vilified her and Department of...

read more

The Pier With No Peer in First World Militaries

*** I have been at a business conference all week that has consumed my attention. *** The IG Report (May 2025) appended below reveals many shortfalls in the Gaza pier disaster from 2024. Trillions spent on so many toys and then we they receive the items and systems...

read more

Pin It on Pinterest

Share This