The Atlantis Report
Premiered Nov 12, 2020
The national debt will increase dramatically no matter who is the next president.
Both political parties will continue to spend money like drunken sailors. The only difference is the Democrats will raise taxes.
Increasing Taxes Is Taking Money out of the Private Sector, which means Tanking the Economy!
Trump promised to eliminate the deficit in 8 years. So far, he has increased it by over 70%.
Just put the deficit spending on the nation's credit card. Whenever the banks make a bad investment, the taxpayer has bailed them out. Well, guess what. The banks have over 1.5 quadrillion in bad investments waiting to mature.
It wasn't just this huge cost from the pandemic; what makes it different is the debt is already at frightening levels, and adding 10% pushed it over the edge. It's no different than managing your own household debt. Once you get close to your own debt ceiling that you can manage, any emergency pushes you over the edge. The huge difference between the government ceiling and a household is the Fed. The household can't print their money, but the federal government can. So they kick the can via the federal reserve.
The Fed’s balance sheet may be headed to $40–$50 Trillion.
Maybe they can juggle that balance sheet past a quadrillion, all the while scooping up real assets like taking in candy from a baby. Hard drives can keep this jalopy afloat for a lot longer than in times past.
Under President Trump, the deficit has remained under $1 trillion each year. However, it is projected to jump to almost four times that in 2020 due to the pandemic spending.
Biden would add $11 Trillion to national debt according to a study by The Manhattan Institute for Policy Research.
Biden has proposed $2.4 trillion in stimulus spending, as well as $2 trillion for climate and infrastructure, and a $1.5 trillion healthcare expansion. It is estimated that education spending will amount to $750 billion under Biden, which includes a free college plan.
https://www.youtube.com/watch?v=YPhubrIfiew
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