International Man: Everyone knows that the US government has been bankrupt for many years. But we thought it might be instructive to see its current cash-flow situation.
The US government’s budget is the biggest in the history of the world and is growing at an uncontrollable rate.
Below is a chart of the budget for the most recent fiscal year, which had a deficit of nearly $1.7 trillion.
Before we get into the specific items in the budget, what is your take on the Big Picture for the US budget?
Doug Casey: The biggest expenditure for the US government are so-called entitlements. It’s strange how the word “entitlements” has been legitimized. Are people really entitled to the government paying for their health, retirement, and welfare? In a moral society, the answer is: No. Entitlements destroy personal responsibility, legitimize theft, destroy wealth, and create antagonisms.
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