Feared, Not Loved

by Robert Gore
Straight Line Logic

One of the smarter things Donald Trump said during his campaign was that the stock market was in a “free money”-fueled bubble. He told Fox Business in early August that he was out of the stock market and “warned of ‘very scary scenarios’ ahead for investors” (“Trump says he ‘got out’ of stock market,” money.cnn.com).

The nominal national debt almost doubled during George W. Bush’s presidency and almost doubled again during Obama’s, to nearly $20 trillion. Estimates vary, but that $20 trillion is one-fifth to one-tenth of the US government’s unfunded medical and pension liabilities (the US GDP in 2015 was $17.914 trillion). Government, corporate, and personal debt in the US are all greater, in absolute amounts and as a percentage of the GDP, than they were before the last debt crisis began in 2008. The Federal Reserve’s balance sheet has expanded by roughly five times since that crisis.

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