Nick Hodge,
Publisher
Sept. 16, 2024
There was much talk about who won the debate last week.
There was little talk about the 330 million Americans who lost.
Amid the 98 minutes of hard blowing, fiscal policy was carefully glossed over.
While there was much talk about cats, dogs, Ukrainians, and the unborn, not a single second of airtime was dedicated to the record national debt and deficits.
Curious, considering debt and inflation are the main nightmares disrupting the American dream.
But on this topic there is not much to debate, which perhaps explains the silence.
Every president this century — both republican and democratic — has run up the debt by trillions of dollars.
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Mr. Trump presided over trillions of dollars in stimulus. He even demanded that his signature be on the checks that were mailed out to Americans. The national debt went up some $7 trillion while he was in office.
Mr. Biden also sent out stimulus checks early in his tenure. He has also sent billions to Ukraine and forgiven billions in student loans, adding trillions more to the national debt.
In total, the national debt is now over $35 trillion. That’s over $105,000 for every man, woman, and child in the country.
Bombs and B.A.s cost money.
It’s money the US government doesn’t have.
And so they rely on you, dear taxpayer.
Except most Americans don’t have any money either.
For the year 2022, the U.S. Census Bureau estimates that the median annual earnings for all workers (people aged 15 and over with earnings) was $47,960.
According to a recent survey by GOBankingRates, nearly half of Americans have less than $500 in savings — and almost 60% of Americans have less than $1,000 saved up.
So politicians cater to that 60% because that’s the majority who still think voting matters.
Those are the people who think that “democracy is on the ballot.”
Those are the people who storm capitols.
They rage for the machine because the machine provides for them.
It provides food and phones and health care and debt forgiveness.
Those are the 65.8 million Americans showing less than $30,000 of adjusted gross income (AGI) on their 2020 taxes. That group collectively got back more than $78.6 billion from the IRS that year.
The 31.3 million Americans who made between $100,000 and $1 million didn’t collectively receive a thing. They paid $896 billion in taxes in 2020, providing 54% of the $1.66 trillion in income taxes collected by the IRS despite accounting for less than 20% of the returns filed.
We don’t watch the debates because we know what gold knows: both sides will take our money while not representing our interests.
We don’t need to cheer for a loser team because we can read and do math. As Reuters told us last week:
The U.S. budget deficit reached $1.897 trillion for the first 11 months of the 2024 fiscal year, the Treasury Department said on Thursday, as annual interest costs on the public debt topped $1 trillion for the first time.
The Treasury said the fiscal 2024 deficit through August was up 24% from a $1.525 trillion deficit in the comparable year-ago period, partly due to higher interest rates but also because of a $319 billion reversal of costs in August 2023 for President Joe Biden's student loan forgiveness program…
Our household’s student loans have been paid off for a decade.
We own a significant percentage of our net worth in gold because we understand the effects of debt and money printing on a fiat currency like the US dollar.
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It seems like many others are starting to understand this with gold hitting new record highs last week north of $2,600 per ounce.
Have nots and those reliant on a failing system rage for the political machine.
Successful sovereign individuals operate outside that system and know the value of putting some of their post-IRS AGI into gold.
See why (and how) billionaires and high-net-worth individuals are tuning out the noise and turning to gold.
Call it like you see it,
Nick Hodge
Publisher, Daily Profit Cycle