It’s clear that America has a spending problem
Unfortunately, our government seems oblivious to what is happening to our debt problem and the U.S. dollar. We are now $16.7 trillion in debt and it is still growing. The problem is evident, however, to the rest of the world.
Now we have a gold rush as the central banks are becoming net buyers of gold. Germany has come right out and asked the United States to return 330 tons of its gold now being held by us. There is a bothersome catch, however. The United States says it will take seven years to complete the transaction. Could it be that not all the gold is available at this time? Other countries also want their gold returned because our dollar is constantly being devaluated by the Federal Reserve while our out-of-control spending continues.
Back in 2006, then Sen. Barack Obama correctly stated that U.S. spending was out of control. His outlook soon changed when he became president. In his first four years in office, he spent $6 trillion that we didn’t even have.
This past January, he made the incredulous statement: “We don’t have a spending problem.” He now wants to raise the debt ceiling another trillion. He plans to continue deficit spending over the next four years. And we don’t have a spending problem? The gold rush is on.