The stock markets may have had a good month in November — but that doesn’t mean it’s going to last.
After the United States has racked up $20 trillion in federal debt since 2008, Glenn Beck believes the next debt scare could be the real thing.
Glenn refers to an article titled “The Federal Reserve Broke the Budget. Buckle Up for What Comes Next” by Jed Graham of Investors.com, which details the undeniable reasons for the incoming crash.
“Exhibit A,” Glenn reads, “in the case of the broken federal budget is the deficit’s surge in fiscal 2023, which ended Sept. 30. Unemployment was near a record low and GDP growth was strong.”
All that sounds great, but under those conditions, the budget deficit would be more likely to shrink. In this case, it doubled to $2 trillion.
“After the Fed sent more than $100 billion in interest on its bond portfolio to the Treasury in fiscal 2022,” Glenn continues, “it had to halt those payments last year as bond prices fell.”
“Having let inflation get out of the bag, an 8.7% cost-of-living adjustment stoked a $134 billion increase in Social Security checks.”
About $100 billion then went to FDIC bailouts to banks like Silicon Valley Bank.
“To top it off, the Fed hiking its key rate past 5% forced Uncle Sam to pony up an extra $177 billion in interest on the debt,” which Graham believes is a problem that will continue growing by “leaps and bounds.”
Glenn sees an end in sight.
“We’re going to have a surge. Enjoy it while it lasts,” he says.
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