Episode 71: An Ominous Warning from the U.S. Comptroller General with David McKnight

It’s easy to forget how bad the fiscal situation of the United States actually is unless we are being constantly bombarded by experts telling us the truth of the matter. A recent article details a coming report from the Comptroller General. Come March 12, the Government Accountability Office is going to put out an assessment of the fiscal health of the federal government and unsustainability is the key takeaway. The Comptroller General put out a similar report in 2019 and not only has nothing changed since then, but the situation has gotten much worse. The debt is now over $23 trillion and it doesn’t seem like the government is heeding its own warnings. Officials can’t continue indefinitely spending more than the government receives in taxes without incurring staggering long term costs to borrow from China and other lenders. Due to the coronavirus, the Federal Reserve has just reduced interest rates .5%. Their speculation is that interest rates will stay low for the foreseeable future....