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Thanks to President Joe Biden’s aggressive tax-and-spend agenda, the United States hit a historically high debt ceiling of $31.4 trillion. This figure is unprecedented, and economists are scrambling to predict its consequences.
The latest debt ceiling deal suspends the debt ceiling—with no cap—until 2025. What’s worse: The current federal debt doesn’t hold a candle to the new gross national debt pitched in Biden’s budget plan for the 2024 fiscal year. Under the Democrats’ proposal, the national debt will surge from $31.4 trillion to a mammoth $51 trillion in less than a decade.
To put $51 trillion into perspective: The U.S. debt as a percentage of gross domestic product (GDP) will bloat to a record 110 percent—shattering all debt-to-GDP records since the 1940s. The debt held by the American public would more than double—skyrocketing from $19 trillion to upwards of $43 trillion.
Policymakers aim to maintain inflation at 2 percent a year. The consumer price index (CPI), however, idled at over twice that rate—a whopping 5 percent—in the early months of 2023. These jarring numbers tell a simple story: Joe Biden plans to redress his out-of-control spending by hyperinflating the national debt away.
What does this mean for Americans trying to retire? The value of the dollar deteriorates as prices rise—meaning a fixed amount of money will afford significantly less consumption down the road.
How do retirees protect their future from Democratic policies that ravage the value of the dollar? Believe it or not: Americans are profiting from runaway inflation by investing in precious metals. In fact, the price of gold has spiked over the past 10 years due to liberal central bank policies. This loose and fast spending collapses the confidence of the U.S. dollar—but boosts the value of gold. Gold has served as a store of value for thousands of years, and investors regard gold as the ultimate safe haven against inflation. Americans cannot rely on the government to preserve consumer purchasing power—and so investors preserve the value of their money in the form of precious metals.
How can we be so sure that investing in gold during periods of inflation works? The answer: It already has—multiple times throughout U.S. history.
Inflation peaked at a disconcerting 9 percent over the past 12 months—a staggering figure that kicks up ugly echoes of America’s Great Inflation of the 1970s. During the mid-70s, average annual inflation shot up 8.8 percent in just six-years. During this period, gold generated a staggering 35 percent return—winning over investors as the most reliable inflation hedge.
Think about it this way: If you stashed $100,000 under your mattress in 1971, that same stack of cash would be worth only about $13,000 today. But—if you purchased $100,000 of gold in 1971, your investment would be worth nearly $5 million today. The value of the dollar has plunged by about 570 percent over the past 50 years. The value of gold has soared past 4,900 percent.
Even in 2008, during the world economic collapse, gold shot up from $766 per ounce to $1,935—a monumental 250 percent increase over three years. Obama’s quantitative easing programs, though damaging to the dollar, proved bullish for the bullion.
Today, we see inflation creeping to the same heights as half a century ago, and just like the yellow metal of the Disco Era, the value of gold perseveres. In just two months between November 2022 and February 2023, the price of gold shot up 14 percent.
As the state of the economy teeters, the precious metal’s performance in the last period of high inflation sheds light on a salutary lesson: Gold preserves purchasing power.
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