It is easy to miss, but look at the last histogram graph at the far right of this chart. It puts into perspective the current year's budget deficit compared with past years. Wow! The deficit this year alone amounts to more than $25,500 for every taxpayer in America. For every $1 in tax revenue the government receives, it will spend $2. These amounts are incomprehensible!From Bloomberg:
The U.S. is borrowing so much that it may have trouble paying the money back, said Jaemin Cheong, a bond trader in Seoul at Industrial Bank of Korea, the nation’s largest lender to small- and mid-sized companies.
“Yields are headed higher,” Cheong said in an interview. “More issuance will be needed to support the economy. The possibility of default is more and more as time passes.”
