by Mac Slavo, SHTF Plan:
In just the month of May, the United States government spent $208 billion that they didn’t have. By stealing from future generations and kicking the ever-heavier can down the road, the government is all but ensuring a dollar collapse.
Washington posted a $208 billion budget deficit in May as a modest increase in revenues failed to make up for higher spending on the military and social welfare programs like Medicare, according to data released on Wednesday by the Treasury Department. The deficit was the highest ever for the month of May and wider than the average forecast of $185.5 billion in a Reuters poll of analysts. Government spending rose to $440 billion, up 21% from May of 2018. Receipts increased to $232 billion, up 7% from the same month last year.
This only proves that Republicans are just as intent upon the destruction of the dollar as Democrats. The U.S. is imploding under the weight of socialist programs and a military that’s gotten far too big and way out of hand. The tariffs provided a modest boost to government coffers as Americans and businesses paid more to comply with the new tax burden. Customs duties were taking in $5 billion during the month, up from $3 billion in May 2018. The Trump administration has raised tariffs on several major trading partners, notably China, and those countries have passed the burden directly onto the backs of the American consumer.
The deficit for the fiscal year to date was $739 billion, compared with $532 billion in the comparable period the year earlier. If things remain, the U.S. government will borrow well over $1 Trillion this year and be the most in the red it has ever been.
In my very humble opinion, the greatest threat to Americans is not some boogeymen overseas; it’s the horrifying fiscal policies of the elitists. These policies are designed to enrich the political elite, demolish the middle class, and impoverish the overall public. All of this recklessness will eventually collapse the U.S. dollar, and the events of such will be the single most substantial affair in human history.
The weakness of the U.S. dollar is primarily that it is a fiat currency just like every other major global currencies, according to Medium. Without the discipline of the gold standard, governments print too much money for political purposes. Although many events could trigger the collapse of the dollar, massive government social programs and the money printing necessary to pay for those programs will likely be what we see…and it’s already beginning.
May’s $208 billion deficit is only the start. It’ll get much worse. If history is any gauge, the Federal Reserve will take to QE4 (quantitative easing 4, a major money printing scheme) to print too much paper money to pay for politicians’ spending programs like Social security, Medicare, defense spending, debt servicing. This will create hyperinflation in the United States and the country will soon resemble Venezuela or the Weimar Republic.