Enjoy the next five months while you can, because America will soon be entering a “brave new world” in which our fiscal chickens will be coming home to roost. On Oct. 1, 2017 we begin fiscal 2018, and it’ll mark the 10-year anniversary of former Speaker Nancy Pelosi’s first budget, which saw a deficit of -$458B, the record at the time. A year later, on Oct. 1, 2018, we hit the 10-year anniversary of Madam Pelosi’s first trillion-dollar deficit: -$1.4T. Not one to rest on her laurels, Pelosi went on to produce additional trillion-dollar deficits. Why are these 10-year anniversaries significant? It’s because most of the federal debt is in the form of Treasury Notes, i.e. T-notes, whose longest terms are ten years. Which means the insane debt of the last decade will soon be coming due. Look at the nearby screengrab of the chart on page 25 (pdf-28) of the latest “Schedules of Federal Debt” put out by the GAO in Nov. 2016, it shows that...(Read Full Article)