By Tyler Durden
Authored by Michael Pento via PentoPort.com,
Wall Street and our central bank are in for a rude awakening very soon! The idea that the US economy is on stable footing and about to experience a surge in growth is ridiculous. Hence, the consensus that the Fed can normalize interest rates and its balance sheet is nothing short of a bad joke…and it’s on them.
For starters, the government’s fiscal deficit for the month of March came in at $176.2 billion, which means the deficit 6 months into fiscal 2017 is $526.9 billion and running 15% over last year. If not for the calendar timing of receipts and payments, our government’s deficit would be a year-to-date $564.0 billion or 23% above last year. In addition, there was an 18% decline in corporate income tax collection. We all know there was no corporate tax reform passed. So the credible conclusion must be reached that corporations are not growing there profits…they are actually shrinking.
The nation will now bump up against the $20 trillion debt ceiling on April 28th and is facing a possible government shutdown. This will happen to coincide with day 100 of Trump’s Presidency.
Unfortunately, Trump resembles more like a swamp creature as …read more