It’s already started. Summers speaks concern:
The markets aren’t looking good, but former Treasury Secretary Lawrence Summers says not to panic … yet.
Amid a month of falling stocks, Summers cautioned that “weak markets” don’t necessarily mean “economic disaster is around the corner.” Still, he’s increasing his prediction of a recession from “a bit less than 50 percent” to 60 percent, he tweeted Wednesday.
Not yet… When it’s been noticeably in progress for six to nine months, then they’ll admit it.
Allegedly, we’ve been in a recovery, a boom market for many years now. According to Keynes, this was the time to pay off debts used to jump out of the last downturn. That didn’t happen. As-is, Fed-Gov has been spending the funny money like there’s no tomorrow.
The federal government has added another $1,370,760,684,441.54 to the debt since last December 25, according to numbers published by the U.S. Treasury.
On Dec. 25, 2017, the federal debt was 20,492,874,492,282.58, according to the Treasury.
According to the latest numbers published by the Treasury, which show where the debt stood on Dec. 20, 2018, the federal debt was $21,863,635,176,724.12.
Almost back on track for $40 T by 2024. Not that that really matters anymore.