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read more The federal budget deficit widened in the fiscal year 2017 to the sixth highest on record, creating a budget shortfall of $666 billion.The overspend resulted primarily from an increase in spending for Social Security, Medicare, and Medicaid, as well as higher interest payments on the debt due to rising rates that drove up outlays to $4 trillion, which was 3% higher than the previous fiscal year.

The S&P 500 was 666 in March of 2009 and it is trading at 2,560 today.But the Trump administration isn't spending a lot of time tweeting about the looming debt crisis.In fact, they would like us to believe that their recently proposed tax reform will not only pay for itself but will actually reduce debt and deficits.However, it didn't take long for lobbying groups to crush that proposal, and the BAT tax wound up biting the dust.The next target was the deductibility of state and local taxes and the mortgage interest deduction--but the Republicans soon realized they have representatives seeking re-election in high tax states too..this idea has also quickly fallen by the wayside.Those asset sales will cause massive ETF redemptions on the part of the investing public, which will send individual stock prices plummeting and push ETF prices into a death spiral.

Therefore, we should all be fully aware where all the inflation created by central banks ended up.

The S&P hit a bottom of 666 in March of 2009, which led to the most humongous intrusion into free markets by the U. Michael Pento produces the weekly podcast "The Mid-week Reality Check", is the President and Founder of Pento Portfolio Strategies and Author of the book "The Coming Bond Market Collapse".

Its official…the stock market has broken above 23,000, and its valuations should now scare even the most mind-numbed carnival barker on Wall Street.

Real tax reform is needed but it should be paid for in order to ensure that we grow the private sector as we shrink the public sector.

That means cutting taxes, eliminating loopholes and reducing spending. Without such cuts, the economic boost from lower taxes would be more than offset by spiking debt service payments on the record amount of outstanding debt. Now we have that same foreboding number 666; this time regarding the amount of red ink during the 2017 fiscal year. Nevertheless, we must pray this rapidly rising debt figure does not forebode yet another step closer for the demise of the middle class.

Cutting taxes in an environment of massive debt and ballooning deficits, without a commensurate reduction in spending, is not going to grow the economy over 3%--at least it hasn't worked in the past 800 years.