The US govt is dramatically increasing its planned amount of debt it issues in the next 12 months. 🚨
Monthly Auction Sizes +60% by August Next Year vs the previous year.
The USA has to finance over $2 trillion in deficits, plus refinance all of the maturing debt at the new… pic.twitter.com/9HbpkN7USD
— Wall Street Mav (@WallStreetMav) August 2, 2023
Great stuff from Tavi showing annual changes to state/ local income tax receipts.
Here is the same data, indexed to inflation, in Y/Y % change terms instead of absolute terms, with public debt as a % of GDP added for good measure. https://t.co/WszdRO28kd pic.twitter.com/XDfvRRlAwD
— Dylan LeClair (@DylanLeClair) August 2, 2023
US debt-to-GDP ratio is at a staggering 118.6% as Fitch downgrades US credit rating pic.twitter.com/FrlLpyGE3Y
— Bravos Research (@bravosresearch) August 2, 2023
Congress Continues to Sidestep Social Security’s Impending Insolvency Crisis
Efforts to prevent Social Security insolvency have stalled, likely to resume post-2024 elections, according to Sen. Bill Cassidy. Bipartisan talks led by Cassidy and Sen. Angus King, exploring solutions like adjusting retirement age, failed to produce a plan. Without action, Social Security will only be able to pay out 100% of benefits until 2034, after which there may be a 23% cut in benefits.