Little-Acorn
Gold Member
As you know, the Federal Govt hasn't borrowed a penny since last May, when it ran into the Debt Ceiling.
It's been draining retirement accounts, trust funds etc., in an effort to keep the government running and the payments flowing to voters. But those accounts were just about exhausted, and this financial fraud was soon to be exposed publicly.
Two nights ago, Congress finally raised the Debt Ceiling (actually they simply got rid of it completely). This gave them all day yesterday (Oct. 17) to borrow money and repay the accounts they'd been draining.
The Washington Examiner says that the Treasury Dept. has published a figure of $17.075 trillion for the National Debt as of the close of business yesterday.
To see what a full day of borrowing by the Fed looks like, after months of prohibition, look at the far right edge of this graph:
The good news is, this jump, huge though it is (in one day, the Fed govt borrowed more than $1,000 for every man, woman, child, and illegal alien in the country), it's less than half of what was needed to put us back to where we would have been if the rate of borrowing at the beginning of the year, had been continued.
Do you suppose we'll see another similar-sized jump when the figures for today (Friday, Oct. 18) are compiled?
.
It's been draining retirement accounts, trust funds etc., in an effort to keep the government running and the payments flowing to voters. But those accounts were just about exhausted, and this financial fraud was soon to be exposed publicly.
Two nights ago, Congress finally raised the Debt Ceiling (actually they simply got rid of it completely). This gave them all day yesterday (Oct. 17) to borrow money and repay the accounts they'd been draining.
The Washington Examiner says that the Treasury Dept. has published a figure of $17.075 trillion for the National Debt as of the close of business yesterday.
To see what a full day of borrowing by the Fed looks like, after months of prohibition, look at the far right edge of this graph:
The good news is, this jump, huge though it is (in one day, the Fed govt borrowed more than $1,000 for every man, woman, child, and illegal alien in the country), it's less than half of what was needed to put us back to where we would have been if the rate of borrowing at the beginning of the year, had been continued.
Do you suppose we'll see another similar-sized jump when the figures for today (Friday, Oct. 18) are compiled?
.
