Joe Biden’s Hideous $106 Billion War Package

October 24, 2023

by David Stockman LewRockwell.com

What a day for another $106 billion imperial boondoggle. There is not one dime in “Joe Biden’s” war package that enhances the safety and security of the American homeland, yet all of it is being blithely charged to Uncle Sam’s vastly over-extended credit card.

Nor should you take our word for it. What’s left of the Fed-tortured bond market cried out for help this AM, tagging the 5.00% level on the benchmark 10-year UST (purple line) for the first time since June 2007.

But here’s the thing. Back then, the public debt (yellow line) was $8.8 trillion, meaning every 100 basis points of increased yield added $88 billion to annual debt service.