Peter's Blog

US Government Runs Another Massive Budget Deficit in January

After running the biggest December budget deficit in history, the US government followed up with another massive budget shortfall in January. According to the Monthly Treasury Statement, the January deficit came in at $162.83 billion. That’s nearly five times bigger than the January 2020 shortfall.

Peter Schiff: Give the Government an Inch; It Takes a Million Miles

The Joe Biden administration got underway last week. The newly inaugurated president issued a flurry of executive orders, many of them relating to the economy. In his podcast, Peter Schiff talked about the potential impact of these EOs. He said it looks like Americans voted for Joe Biden, but they ended up with Bernie Sanders.

Spend! Spend! Spend! SchiffGold Friday Gold Wrap Jan. 15, 2021

The US government ran the biggest December deficit in history last month and there is no end in sight to the borrowing and spending. President Biden unveiled a new $1.9 trillion stimulus plan this week. So what? Why does it matter? Can’t this “rescue the economy?” Host Mike Maharrey talks about all of the spending […]

US Government Runs Biggest December Deficit in History

The US government ran the biggest December budget deficit in history last month. The December budget shortfall came in at $143.6 billion. That compares with a $13.3 billion deficit in December 2019, according to the Monthly Treasury Statement.

Three Records Broken in 2020 That Were Less Than Ideal

With the coronavirus pandemic serving as a backdrop, 2020 was a record-breaking year in many ways. And some of the economic records that fell were, shall we say, less than ideal. In fact, the impacts of these records will almost certainly ripple through the economy as we move into 2021. Here are three records that […]

US Government Runs Yet Another Really Big Deficit in November

The US government kicked off fiscal 2021 with the biggest October deficit in history. But with the first of November falling on a weekend, some November spending got shifted into October, inflating that month’s deficit. Now that we have the November monthly Treasury Statement, we have a better sense of how big deficits are running in […]

Foreign Share of US Debt Plunging; Fed Picking Up the Slack

Over the last year, the US government had borrowed over $4.2 trillion. The national debt now stands well above $27 trillion. There is no end in sight to the borrowing and spending and that raises a significant question: who is going to buy all of the bonds necessary to finance the government spending machine? Not […]

The Fed Now Holds a Record Percentage of US Debt

The US government has borrowed $4.2 trillion in the last 12 months, pushing the total national debt to over $27 trillion. In order for Uncle Sam to borrow, somebody has to lend. So, who is buying all of these government bonds? Foreign and domestic investors, commercial banks and US government entities all buy US debt, […]

US Government Runs Biggest October Budget Deficit in History

If you thought maybe the federal government would try to rein in the spending after running a recorded budget deficit of $3.13 trillion in fiscal 2020, you were sorely disappointed. Uncle Sam has not kicked his spending habit. October was the first month of FY 2021 and the federal government kicked off the year with […]

There’s No Immunity from the Fed: SchiffGold Friday Gold Wrap Nov. 13, 2020

Gold and silver sold off big and the Dow surged Monday on the announcement the Pfizer had successful coronavirus vaccine trials. But Friday Gold Wrap host Mike Maharrey says investors should maybe tap the brakes on thinking that a coronavirus vaccine is a cure-all. In this episode, the looks a little deeper at the long-term […]