Remember when we showed that the “stealth” secret sauce behind Bidenomics was nothing more than a massive, multi-trillion debt-fueled spending spree, which led to the biggest peactime, non-crisis budget deficit in US history, with the total deficit for fiscal 2023 ending just over $2 trillion, or double the prior year, something which BofA’s Michael Hartnett called the “era of fiscal excess”?

Well, we have news for you: if 2023 was bad, 2024 – an election year of course – is shaping up to be far worse.

Moments ago the US Treasury reported the budget deficit picture for December and it will come as no surprise to anyone that the US has continued to spend like a drunken sailor, or rather, even more. As shown in the chart below, in the month of December, the US collected $429 billion through various taxes, while total outlays hit $559 billion…

This may not sound like a lot, but December is actually one of those months when the US deficit is relatively tame, or used to be.