According to this chart, there's an absolutely enormous gap between US government spending and US government annual tax revenues. This explains why the US federal government budget deficits are so large. The largest in over 75 years to be exact. Biden is not in office for a week and the Fed's official balance sheet already increased by ~$81 billion in the last week to a record $7.4 trillion. The Fed's balance sheet will only keep growing as China and other countries that run trade surpluses no longer seem interested in buying a lot of US Treasuries to help subsidize large US federal government budget deficits. Janet Yellen even talked on Thursday about taxing people's unrealized capital gains every year and forcing investors to mark to market to profit from the asset price inflation that governments and central banks have created.
Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded the startup financial education company Wall St for Main St, LLC, to try to help the people of Main Street by teaching them the knowledge, skills, research methods, and investing expertise of Wall Street. You can also find Jason's work at his blog website at www.jasonburack.com.