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Just like starting over: Moderna tees up another CFO; Geoffrey Porges puts down his SVB pen to join Schrödinger

James Mock
→ Moderna is hoping this CFO is the one that sticks.
The mRNA titan has poached James Mock from PerkinElmer, an appointment that Peer Review…

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James Mock

Moderna is hoping this CFO is the one that sticks.

The mRNA titan has poached James Mock from PerkinElmer, an appointment that Peer Review has been waiting on CEO Stéphane Bancel to make since the last hire took a strange turn in May. Jorge Gomez played finance chief for a day when Moderna was made aware of an investigation into his financial reporting practices by the company he just left, Dentsply Sirona. Gomez was out before he was ever really in, triggering yet another search for a CFO and delaying David Meline’s retirement.

The appointment follows the UK approval of Moderna’s Omicron-specific Covid-19 vaccine earlier in the week. Mock, a GE vet who had spent four years as PerkinElmer’s CFO, will take over on Sept. 6.

Geoffrey Porges

→ In a move that caused Peer Review to do a bit of a double take, Geoffrey Porges has left SVB Securities to take the CFO job at Schrödinger. Porges had provided his takes on the industry at SVB since 2015 as senior managing director, director of therapeutics research and senior research analyst, and he was also a marketing exec at Merck’s vaccine division in the 1990s. Add Porges to the growing list of big-name analysts who have moved on to other companies in the last year: Biren Amin said goodbye to Jefferies in April 2021 to become CFO of Immuneering, while Bernstein’s Ronny Gal chose the Big Pharma route by starting his new gig as Novartis’ chief strategy & growth officer on July 18. Kyle LaHucik spoke with Porges about his appointment on Thursday.

Sanuj Ravindran

→ Founded by Aaron Ring — one of our 20(+1) under 40 honorees this year — and scoring a $40 million Series B in January, cytokine-centered Simcha Therapeutics has installed Sanuj Ravindran as CEO. Ravindran concluded a four-year run as chief executive of BridgeBio subsidiary PellePharm, and he’s also been CBO of aTyr Pharma and SVP of corporate development at The Medicines Company. Elsewhere at Simcha, ARCH venture partner and ex-MyoKardia CBO Jake Bauer has been named chairman of a board that includes Ring, Ravindran, SR One’s Simeon George, WuXi AppTec’s Sean Li and Arcus CEO Terry Rosen.

Kate Hermans

Ambrx Biopharma had a lot going for it last year, riding to Nasdaq with a $126 million IPO after a $200 million crossover round in November 2020. But the bear market has shattered its stock and the runaway success of AstraZeneca and Daiichi Sankyo’s HER2 drug Enhertu has put a crimp in its pipeline plans, prompting a shakeup at the top. Just last month, Kate Hermans joined Ambrx’s board of directors, but she’s now been named interim CEO as Feng Tian steps down. Hermans, the ex-VP of marketing at Radius Health, spent 13 years with Pfizer in myriad roles before pivoting to Bristol Myers Squibb in 2012, eventually leading specialty portfolio commercialization strategy. One more Ambrx note: Ymmunobio CEO Katrin Rupalla has succeeded Tian as chair of the board.

Amy Mahery

Amy Mahery has finished up an 18-year stay at EMD Serono and will join Roivant as chief commercial officer, an announcement that Matt Gline’s crew disclosed in its quarterly report this week. Mahery held a whole slew of posts at EMD Serono and led the global business franchise, neurology and immunology before venturing off to Roivant. One of its many subsidiaries, Dermavant, passed through the approval gate at the FDA three months ago with the plaque psoriasis topical med Vtama.

Garrett Nichols

Cara Cassino has resigned after nearly seven years as CMO of ContraFect, which is chopping 37% of its staff following a Phase III pratfall with exebacase in July. Istari Oncology CMO Garrett Nichols will be pitching in relief until ContraFect chooses a permanent successor. Nichols, the ex-VP, global HIV clinical development at GSK, has also served as medical chief of Chimerix.

Pedro Huertas

→ Piling on the cash with a $270 million Series C three months ago, Shankar Ramaswamy’s gene therapy play Kriya Therapeutics has welcomed Pedro Huertas as CMO of its rare disease division. The role of medical chief isn’t a new one for Huertas as he arrives at a biotech where there are CMOs for different therapeutic areas: Theresa Heah was named CMO and president of Kriya’s ophthalmology division in October 2021, and Ma’an Muhsin arrived in February as CMO and president of the oncology division. Huertas was previously the CMO with Inozyme Pharma, Sentien Biotechnologies and Eloxx Pharmaceuticals, and earlier he was a global medical lead with Shire and Pfizer.

Joanne Quan

→ Bay Area-based Nuvig Therapeutics, a startup sprouting from the lab of Jeff Ravetch at The Rockefeller University, has propped the door open for Joanne Quan as CMO following its $47 million Series A in May. Quan, a former clinical development exec at Arena Pharmaceuticals, is the ex-CMO of Eiger BioPharmaceuticals who was previously the medical chief at Modis Therapeutics from 2018-21.

Jason Katz

→ After taking the interim tag off co-founder and now-CEO Dominique Verhelle, the Bob Langer-linked NextRNA Therapeutics out of Dana-Farber has tapped Jason Katz as head of drug discovery. Katz put in 13 years at Merck before becoming director of chemistry (and later senior director of chemistry) at IFM Therapeutics. Verhelle, the interim chief when NextRNA took the wraps off a $56 million round of funding in early March, previously held leadership posts at Celgene, Pfizer and Takeda, where she was head of academic innovation at the Japanese pharma’s Center for External Innovation.

→ As NetScientific completes its stake buy of Vortex Biosciences, the commercialization and investment company has now named Paul Jones as CEO. Jones joins Vortex from Illumina, where he served as global head of population genomics. Jones is also the founder and CEO of MyGene and earlier in his career held roles at AstraZeneca, Sanofi and Novartis.

Cheryl Collett

→ Looking to target cancers caused by HPV, San Diego-based Toragen is bringing in some new faces to its team. The company announced the appointments of Cheryl Collett as CFO, Richard Lumpkin as director, research & development, and Paul Engler (founder of Cactus Feeders) to its board of directors. Collett saddles up to the company after a stint as CFO of Anivive Lifesciences and previous experience with Puma Biotechnology, Sierra Scientific Instruments, Cougar Biotechnology, Hythiam and 20th Century Fox.

Meanwhile, Lumpkin served as former senior director at recently Pfizer-acquired Global Blood Therapeutics. Lumpkin’s other stints include roles at Portola Pharmaceuticals, Millennium Pharmaceuticals, Cor Therapeutics, Ribogene, Amylin and Corvas International.

Allen Hodge

→ Health tech outfit Zephyr AI has pegged Allen Hodge as chief commercial officer. The erstwhile VP of US oncology sales at Array Biopharma and an ex-regional sales director with Celgene, Hodge spent the last three years as BioCryst’s SVP and general manager, US commercial.

Jacquelyn Sumer

→ Getting a fresh cash injection this spring through a $275 million upfront payment from Taiho Pharmaceutical as part of an alliance that was forged in 2019, Cullinan Oncology has named Jacquelyn Sumer as chief legal officer. Sumer, a Big Pharma legal vet with Novartis and Bristol Myers, had been chief legal and compliance officer at Genocea Biosciences before the company decided to shutter operations.

Justin Fairchild

Portage Biotech CEO Ian Walters has tacked on the role of chairman, while the Connecticut-based I/O player that just took full ownership of iOx Therapeutics has enlisted Justin Fairchild as VP of development. Fairchild is a 14-year vet of Bristol Myers who’s been VP of clinical development at the Parker Institute for Cancer Immunotherapy. Walters, who also has Bristol Myers ties, has helmed Portage since 2019.

Lisa Sinclair

→ The protein degradation specialists at Arvinas have picked up their second exec of the month with Lisa Sinclair as SVP, corporate operations, and the biotech also put out word late Thursday that it would carve out space for ex-Pfizer business chief John Young on the board of directors as Liam Ratcliffe moves on. Sinclair spent 18 years with Pfizer before moving on to AstraZeneca in 2011 as VP of R&D portfolio and performance. At her last two stops, she was head of program and alliance management with Pfizer spinout SpringWorks Therapeutics and head of corporate & commercial strategy since 2019 for Rallybio. Arvinas began the month of August by nabbing Nektar vet John Northcott as chief commercial officer.

South Rampart Pharma is adding Josh Blacher to its team as CFO. Blacher ends his tenure at Teva, where he helped manage Teva Innovative Ventures and Teva Pharmaceuticals. Blacher also has CFO/CBO experience from his time at Inmed Pharmaceuticals.

Ewelina Kulikowski

→ At Resverlogix, CSO Norman Wong is passing the baton to Ewelina Kulikowski as he heads off to retirement. Kulikowski joined Resverlogix in 2005, having started out as director of research development and culminating in her role as SVP, research & development.

Relief Therapeutics has ushered in David McCullough as senior director and head of US market access. McCullough hails from Mirum Pharmaceuticals, where he was national account director (payer account lead). McCullough also has experience under his belt from gigs at Novartis Gene Therapies, Spark Therapeutics, Shire, MedImmune and Abbott Labs.

→ Just after adding Sabine Sydow and Falk Nuernberger to its leadership team last week, German CDMO Rentschler Biopharma is now welcoming aboard Mark Caswell as VP, site head. Caswell joins the company from Lonza Biologics, having served as head of operations. Prior to that Caswell had stints at Sanofi Genzyme, culminating in his role as director, global engineering and technology.

Eliav Barr

Eliav Barr has picked up a seat on the board of directors at Bayer’s thyroid cancer partner Veracyte. Barr took over for Roy Baynes — now CMO for Roger Perlmutter at Eikon Therapeutics — at Merck Research Laboratories and has worked for the Big Pharma since 1995.

John Davis

Jeff Bluestone has bolstered the board at Sonoma Biotherapeutics — chaired by Rick Klausner — with the additions of Katina Dorton and John Davis. Dorton has been a CFO with NodThera, Repare Therapeutics and Avrobio, while Davis is a Pfizer alum who led R&D and was CMO of Magenta Therapeutics.

→ While we’re thinking of Davis’ old company, Michael Vasconcelles is headed to Magenta’s board of directors. Before his CMO gigs at Unum Therapeutics and Roche’s Flatiron Health, Vasconcelles led the oncology therapy area unit at Takeda.

Rahul Ballal

Now under the direction of Brian Goff with Jackie Fouse riding off into the sunset last week, Agios has made room for Rahul Ballal and Merck alum Cynthia Smith on the board of directors. Ballal has helmed Imara for the last four years, and Smith is the ex-chief commercial officer of ZS Pharma who has board seats with Protara Therapeutics, Spero Therapeutics and Akebia Therapeutics.

Rachel Humphrey has clinched a spot on the board of directors at Pyxis Oncology as it prunes the pipeline and shines the spotlight on PYX-201 and PYX-106. The ex-CMO at Black Diamond is now president and CEO of I/O biotech Normunity.

Karen Ling

→ Merck human resources vet Karen Ling has joined the board of directors at Mallinckrodt. Ling was chief human resources officer at Allergan from 2014-19, then took the same position at AIG for two years. She also sits on the board of directors at iRhythm Technologies and TherapeuticsMD.

Lynne Parshall

Dinged by a partial clinical hold on its blood cancer drug FHD-286 after a patient death, Flagship biotech Foghorn Therapeutics has given a seat to Lynne Parshall on the board of directors. Parshall has had a 30-year association with Ionis, where she’s now a senior strategic advisor and board member, and she’s on the boards of Cytokinetics, Repertoire Immune Medicines, and Ring Therapeutics.

Suzanne Bruhn

→ We profiled Schond Greenway not too long ago when he took the CFO job at MindMed — this time around, the psychedelics biotech has elected Tiaki Therapeutics chief Suzanne Bruhn and Opiant Pharmaceuticals CEO Roger Crystal to the board of directors. Bruhn just became a board member at Vigil Neuroscience, and Crystal is on the board of directors at BIO.

→ Fund manager Justin Yorke (the San Gabriel Fund, JMW Fund and Richland Fund) has been named chairman of the board at Hanover, MD-based Processa Pharmaceuticals. Khoso Baluch, the former CorMedix CEO who was on the Eli Lilly team from 1984-2008, has joined XOMA CEO Jim Neal on Processa’s board.

Brian Fenton

→ Nonprofit biotech Odylia Therapeutics has pulled out two seats on its board of directors for Sharon Walker and Brian Fenton. Walker joins the Atlanta-based company with experience as Sanofi’s senior counsel, vaccines patents. Meanwhile, Fenton was CBO of Translate Bio and formerly worked within the business development group at Shire.

→ Ymmunobio, the Swiss-based CEACAM1 biotech we referenced earlier, is bolstering its board of directors with the appointment of Juergen Heitmann. Currently, Heitmann serves as director of business development at Nordic Pharma. Heitmann is the ex-CBO of Sensorion and has held roles at McKinsey & Company, Novartis, Nycomed and Takeda.

→ Needing to hit the reset button with the FDA after pulling its BLA for bevacizumab in late May, Outlook Therapeutics has added Julia Haller to the board of directors. Haller chairs the ophthalmology department at Sidney Kimmel Medical College at Thomas Jefferson University and is Ophthalmologist-in-Chief at Wills Eye Hospital in Philadelphia.

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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