EDITOR'S NOTE: From the category: it would be funny if it wasn’t so scary, Confounded Interest trumpets the U.S. government’s release of a new quarter featuring the first famous Chinese-American actress in Hollywood, Anna May Wong. While the release itself isn’t that notable, Confound Interest points out it comes at a time when the U.S. is $28.863 trillion (and growing) in debt, the government has promised $157.738 trillion to unfunded benefits such as Social Security and Medicare, and Congress is trying to push through a $3.5 trillion spending plan. But don’t worry about all that. Enjoy the new quarter!
As Congress debates their $3.5 trillion spend-a-thon and their human infrastructure bills, we need to bear in mind that while US Treasury debt is at $28.863 trillion (and growing really fast), the US has promised $157.738 TRILLION in unfunded benefits such as Social Security and Medicare.
And mandatory spending (aka, entitlements) is projected to keep on growing while discretionary spending has flat-lined.
With this disaster unfolding, US Treasury has found the time to issue a new quarter with Anna May Wong’s name and likeness. Who is Anna May Wong? The first notable Chinese-American actress in Hollywood.
At least it wasn’t Mao Zedong on the quarter. Or Anthony Fauci.
Here is Treasury Secretary Janet Yellen’s solution to the massive disconnect between the current outrageous government debt load and the entitlements promised by Congress. Other than a new quarter.
Originally posted on Confounded Interest.