National debt is over $212 Trillion including the states and cities. = Unfunded Liabilities.
Washington is adding a trillion dollars to the existing Federal debt ($35 Trillion) about every 100 days..
76% of U.S. Income Taxes only covers the federal interest . ~ Things are about to get more complicated.
Biden’s Treasury accused of trying to juice U.S. economy pre-election.
The Treasury Department is being accused of trying to juice the economy ahead of the election, by changing how it finances government spending.
Why it matters: This proves that everything — even wonky bond market auctions — can turn into a political fight.
The big picture: The Treasury tries to borrow money at the lowest cost to taxpayers and in the most boring, least attention-grabbing way possible.
- Now Republican lawmakers and at least one renowned economist say its strategy of late has been at odds with the Fed’s goal of slowing the economy.
How it works: The Treasury conducts regular bond market auctions to sell debt, fund the annual budget deficit, and roll over existing bonds that are maturing.
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For the past year, short-term debt — or Treasury bills — have been about 20% of all outstanding debt.
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That’s at the high end of the old suggested range. Last week the range was updated to say that 20% should be the average, not the cap.
Biden last week: “I cured the economy.” pic.twitter.com/dFyyccfGug
— TheBlaze (@theblaze) August 5, 2024
CRASHING BY DESIGN: Just In: Biden’s Senior Economic Advisor Resigns After Market Crash — Will Work for Harris Campaign.
Joe Biden’s senior economic advisor Gene Sperling resigned on Monday after stocks tumbled around the world.
Japan’s Nikkei lost 4,451 points on Monday, its biggest single day loss since 1987.
The ‘Magnificent Seven’ will shed $1 trillion in value, Reuters reported.
Apple and Nvidia led the sell-off.
The DOW tumbled more than 1,000 points on Monday.
Gene Sperling stepped down as Biden’s senior econ advisor to go work for the Harris campaign.
“Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat,” Biden said
Ship it tonight t.co/WVxulAYIzc
— Scott Jennings (@ScottJenningsKY) August 5, 2024