Federal Debt Tops $19,400,000,000,000…

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BY TERENCE P. JEFFREY

(CNSNews.com)The federal debt moved above $19,400,000,000,000 for the first time as of the close of business on Tuesday, according to the data released today by the U.S. Treasury.

At the close of business on Monday, July 18, the total federal debt was $19,391,094,247,028.26, according to the Treasury. By the close of business on Tuesday, July 19, it had risen to $19,402,361,890,929.46.

On Friday, Oct. 30, 2015, Congress passed the “Bipartisan Budget Act,” which suspended the legal debt limit until March 15, 2017. President Obama signed that bill into law on Monday, Nov. 2, 2015

At the close of business on Oct. 30, the federal debt stood at $18,152,981,685,747.52.

In the less than nine months since then, the federal debt has increased by $1,249,380,205,181.94

Title IX of the Bipartisan Budget Act is entitled “Temporary Extension of Public Debt Limit.” The Congressional Research Service summary explains that part of the law this way: “The public debt limit is suspended through March 15, 2017. On March 16, 2017, the limit is increased to accommodate obligations issued during the suspension period.”

Prior to President Obama signing the Bipartisan Budget Act, the Treasury had been in a “debt issuance suspension period” that Treasury Secretary Jacob Lew had declared on March 16, 2015. During that “debt issuance suspension period” the Treasury took what it calls “extraordinary measures” to prevent the debt from exceeding what was then the legal limit.

Unemployment rate rises to 4.9% in June… +287,000 JOBS… 94,517,000 Americans Not in Labor Force…

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BY

The U.S. created 287,000 jobs in June, massively topping analyst expectations.

 

The national unemployment rate, meanwhile, rose slightly more than expected in June, to 4.9 percent, according to data released Friday by the Bureau of Labor Statistics.

Jobs watchers had been expecting Friday’s jobs report to show a substantial rebound from May’s unexpectedly weak growth, but the June number easily topped expectations.

Economists surveyed by Reuters said they were, on average, expecting nonfarm payrolls to show growth of 175,000 for June, and the unemployment rate to rise to 4.8 percent.

U.S. market futures jumped on the report.

“The economy added 287,000 jobs in June, a bounce-back from May’s low number and a clear indication that the economy continues to make solid progress,” White House Council of Economic Advisers Chairman Jason Furman said in a statement.

The already weak payrolls growth from May was revised even further downward, to 11,000. April’s growth, meanwhile, was revised upward from 123,000 to 144,000. Last month, the initial May report showed the U.S. unemployment rate came in at 4.7 percent, a recent low, but nonfarm payrolls only grew a dismal 38,000 jobs.

Over the last three months, job gains have averaged about 147,000 per month.

The BLS also reported that the average workweek for all employees on private nonfarm payrolls was 34.4 hours — the fifth consecutive month for that result. U.S. average hourly earnings for private nonfarm payroll employees moved 2 cents higher in June to $25.61.

What’s the real unemployment rate?

Fed funds futures show low expectations for a rate hike this year. After the June data release, there was just a 24 percent chance of a hike priced in for December — it had been 12 percent on Thursday night, according to Jefferies.

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Despite the market’s expectation for a dovish central bank, Fed Chair Janet Yellen has struck a generally positive tone in recent addresses.

In a post-May jobs report speech from Philadelphia, Yellen said her overall assessment of the labor market is quite positive. Although the slowdown indicated by the May numbers bears “close watching,” she said, wage growth may “finally be picking up.”

“Although this recent labor market report was, on balance, concerning, let me emphasize that one should never attach too much significance to any single monthly report,” she said in prepared June 6 remarks.

Still, the Fed opted to leave rates unchanged in June and officials only weakly committed to two more rate hikes this year.

Friday’s jobs report will also likely factor into the ongoing U.S. presidential election, which has seen presumptive Democratic nominee Hillary Clinton spar with the GOP’s Donald Trump, the latter of whose support has largely come from districts with high joblessness.

—Reuters and CNBC’s Patti Domm contributed to this report.

Gregory Mannarino-When Debt Bubble Pops Millions Will Die

Financial analyst Gregory Mannarino contends, “We are in uncharted territory. It’s occurring right under everybody’s nose.

Barely anyone is aware of what is going on because it’s not getting any media coverage. There is this phenomenon where trillions of dollars of currency are being moved or rushing towards the debt market that is squeezing bond yields to historic lows. We are making history in the United States for the second week in a row, and I am talking about the bond market. Last week, we hit an historic low with regard to yield. People are so desperate, people are so desperate they are willing to accept negative returns. This is how desperate they are. . . . This is, and I can’t stress this enough, this is the biggest red flag I can possibly imagine. We are on the cusp of some event that is going to change the landscape of the world.”

The other warning sign that something is very wrong can be seen in the price of gold and silver. Mannarino says, “Both gold and silver, since the beginning of this year, have taken off like rockets, and they are not going to stop. This environment is on the edge. . . . These are monetary metals. People refer to them as precious metals. They are real money, and they have been real money for thousands of years. No central banker is going to make it different just by saying they are not money. The system is illiquid, and the banks are insolvent.”
The real cost will be in lives lost. Mannarino contends, “We have seen debt rise in tandem with human population. We understand the debt is not sustainable, and we understand the world central banks are going through very desperate measures to try to keep that debt bubble sustained. The debt bubble is the greatest threat to humankind—bar none. It is greater than a nuclear exchange. There is going to be a point when we cannot borrow anymore from the future. When that happens, the debt bubble pops, and we get a correction in human population. Millions and millions of people are going to die.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Gregory Mannarino, founder of TradersChoice.net.

James Rankine

The Federal Reserve and the Wall Street Banks – YOU’RE FIRED
not until we tar and feather them first !!! 21st century pitchforks (AR 15) and torches are being dusted off.
Sigiberht

James “Pussy” Comey is a disgrace.
Mack Bolan

The Republic officially died 5 July 2016. We are now without a doubt an Oligarchy.
Gregory Mannarino

Adam D

Was waiting for this! Thanks Greg! X2
JJ kats

Born July 4, 1776, RIP July 5, 2016. Sad to see it happen.
Ron Clark

“It’s going to be Biblical” Wow! The fall of Egypt’ Assyria, Babylon, Persia, Greece, Rome, Ottoman Empire. Great Britain and……?