- The Pentagon and its cronies just got an extra $700 billion over the next 10 years. (When the real shooting starts, we predict all this money will just get in the way.)
- The steel industry – famous for putting one over on gullible politicians – paid for trade advisor Peter Navarro's silly Death by China documentary, funneling the money through a "non-profit." It turned out to be one of the best investments steel company Nucor ever made. Donald Trump saw the video and asked Navarro to advise him. What was his advice? To put tariffs on imported steel, handing Nucor a windfall profit.
- The tax cut is supposed to return money to the people who earn it. What it really does is shift the burden of wasteful government spending from the present generation of taxpayers (some of whom make campaign contributions) to the general public and the future. Now, spending will be financed by debt...to be paid by someone, sometime, somehow...
- The Democrats, Republicans, and every other malingerer, chiseler, flimflam fast talker, and goofball win-lose guy scored a major victory when they got Team Trump to join with Democrats Pelosi and Schumer to lift the debt ceiling and propose a budget that avoids any need for tough negotiations, compromises, or cuts.
- Federal debt has been going up at a rate of $200 billion a month for the last six months. It hit a staggering $21 trillion just last month.
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Bill Bonner is founder and owner of Agora Inc., one of America's largest consumer newsletter publishers. Best-selling author and globe-trotting correspondent since 1999 for the Daily Reckoning email, he is chairman of family-wealth advisory Bonner & Partners, and co-author with his son Will of Family Fortunes: How to Build Family Wealth and Hold Onto It for 100 Years (Wiley, 2012).
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