Week In Review: Inflation Accelerates, U.S. Revenue Declines As Debt Interest Payments Hit $758 Million Per Day
Key Events And Numbers For The Week Ending September 15, 2023
Numbers:
The U.S. government now pays $758 million daily in interest expense (annualized $277 billion):
Crude oil prices rose above $90 for the first time since November 2022:
August inflation accelerated. Over the last 12 months, the all items index increased 3.7 percent; rising 0.6 percent month over month:
Long term mortgage rates rose as the result of disappointing inflation data.
30-year fixed-rate mortgages averaged 7.18% as of September 14, up from 7.12% last week.
Producer prices rose more than expected in August. The Producer Price Index advanced 0.7% in August.
Domestic Events:
The U.S. government made $89 billion more in August than it spent. However, the data is an accounting maneuver: had the $319 billion reversal of the student loan forgiveness not been made, the U.S. government would have posted a $230 billion deficit for August. Tax receipts are falling as spending continues to increase.
The United Auto Workers strike could have a significant impact on the economy if it lasts longer than several days. The strike began with 12,700 workers at three plants - General Motors, Ford and Stellantis. According to Bloomberg, a 10-day UAW strike would reduce U.S. GDP by $5.6 billion. Further, it could impact close to 150,000 workers and approximately 46% of auto production in the U.S.
According to Bloomberg, the IRS plans to hire 3,700 new agents to pursue wealthy tax evaders. Previously, we were told that the increase in funding, provided by the Inflation Reduction Act, would allow it to hire 87,000 to pursue the goal.
Foreign Events:
G20 Summit, that ended on Sunday, September 10th, focused on AI, global digital financial systems, as well as the development of regulatory environment for digital transformations.
I discuss the details in a recent video:
China announced that it would cut interest rates, in addition to other stimulus efforts. Despite economic troubles, there are reports indicating that the country’s economy is showing signs of recovery due to the growth of industrial output and retail sales in August 2023.
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How long can this craziness continue before people (the sheep) start reacting to it?
Thank you, Lena. In re treasury dump by Japan/China, in a sense think it’s a payback for the years US has been a bully. You add in interest rates, consumer debt, commercial real estate bust, excessive spending, national debt, inflation, climate change agenda - just take the topics from your videos. By design, all the variables designed to crash our economy and it’s working and will be successful. Look at UN2030 agenda, and you’ll see yet another plan in place that will change economies, destroy personal wealth, and lead to more government controls. We won’t discuss the fact the world in many areas is primed for war. There’s no stopping this freight train. You hear open discussions of One World Order - One World Currency, and if that isn’t bad enough just to say it out loud with all that’s been said, folks will be begging for a global solution and the powers that be will be ready to deliver. You’re spot on with you analysis and cause for concern.