May 26, 2023 – In 2022, despite achieving record tax revenues of $5.03 trillion, government spending still outstripped this amount, reaching $6.48 trillion. Consequently, the fiscal deficit expanded to $1.5 trillion, representing a 28.7% increase over revenues. This imbalance primarily derives from the 'Big Three' entitlements - Social Security, Medicare, Medicaid - alongside defense expenditures and rising interest payments. In today's Big Picture segment, Jim Puplava and Cris Sheridan discuss how the math continues to point in one direction—there's simply no way out of this mess but through higher inflation. That's the bad news. However, there's a silver lining - you can get ready in advance. Tune in as we delve into the ways to maneuver through the long-term investment landscape.