The Great Grift

Early signs are that in economic terms, President Biden has his work cut out. The federal government, writes Doug Noland,

 

is in the process of expanding debt by more than 30% of GDP in only two years. Hopefully not at double-digit annual rates, yet massive deficit spending is inevitable as far as the eye can see. Importantly, Washington is running massive deficits despite both record stock prices and corporate debt issuance – in the face of about the loosest financial conditions imaginable.

The Great Grift