Oddly, there is an election in less than a month and no one is talking about the crashing US budget deficit (where government spending is greater than government receipts [taxes].
The US Federal Budget consists mostly of “mandatory” expenditures (Social Security, Medicare, Medicaid, etc.). Discretionary spending is a much smaller amount.
Which budget it is growing the fastest? Medicare and Medicaid. Defense is a small fraction of healthcare spending.
Covid helped to drive the US budget deficit to -15.009 while M2 Money Velocity has collapsed to 1.0970 indicating that printing money to stimulate economic growth isn’t working. At the same time that Washington DC has lost its will to control their spending, gold prices has soared.
Note that gold prices soar when US budget deficits grow, then recede as budget deficits moderate. But the latest spike in budget deficits has led gold to all-time highs.