Tuesday, February 13, 2018
John Williams – US Deficit Is Beyond Control
Are the Trump tax cuts going to help the economy or hurt it? The answer is both. Economist John Williams explains, “The tax cuts are generally positive. Anytime you cut taxes that is generally a plus for the economy. The problem is the average guy is still not making ends meet. Anything that increases disposable income is a plus. This does not necessarily go to the guys at the lower end of the income scale, but generally there should be a little economic pick up here from it. The problem is what happens to the budget deficit. We just went through the government shutdown and a package that lays things out for the next two years, but it widens the deficit. The deficit is beyond control. We have $100 trillion in unfunded liabilities. That means you need $100 trillion in hand right now to cover the federal obligations going forward. . . . Printing money to meet obligations is what happened in the Weimar Republic in Germany. This happened in Zimbabwe. This kind of thing eventually gives you a hyperinflation. . . . Ongoing budget deficit and debasing of the dollar will give you global selling pressures in the currency markets. . . . We haven’t seen much selling in the dollar, but that is going to change. You are going to see flight from the dollar and flight from the markets as well.”
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You are exactly right. These issues are combined with others. The balance of trade issue effects where country might start putting tariffs are our goods.
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