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Federal Debt Tops $26
Trillion for First Time; Jumps
$2 Trillion in Just 63 Days!
Unsustainable!
12 June, 2020
Those of you receiving government checks every month, MUST prepare to lose those monthly funds. The debt of the federal government topped $26 trillion for the first time on Tuesday, when it climbed from $25,960,547,920,986.11 to $26,003,751,512,344.91, according to data released today by the Treasury Department. This amount of debt is unsustainable. The government does not have enough funds to pay the interest, never mind pay down the debt.
The United States Government is heading for complete economic collapse.
When that collapse takes place, there will be no money to pay any federal program: No Social Security, No Medicare, No Food Stamps, No Section 8 Housing, . . . nothing.
The federal debt had topped $24 trillion for the first time on April 7, 2020.
It then climbed another trillion dollars in just 28 days, topping $25 trillion for the first time on May 5.
Only 35 days had elapsed from when the debt topped that $25-trillion threshold on May 5 to yesterday, when it topped $26 trillion for the first time.
The chart below shows the date on which the federal debt surpassed each trillion-dollar threshold from $5 trillion to $26 trillion:
The 28-day climb from $24 trillion in debt to $25 trillion and the 35-day climb from $25 trillion to $26 trillion are the two fastest periods in which the federal debt has risen from one trillion-dollar threshold to another.
For the record, there is only ONE entity in the entire federal government, that is constitutionally empowered to spend money: The US House of Representatives. No other branch of government can originate a spending Bill.
Put simply, the people DIRECTLY AND PERSONALLY RESPONSIBLE for this are __your__ members of Congress.
You would do well to research who they are, where they live, and what they look like so when the system collapses from their reckless spending, you can head over to their house and do what needs to be done.
Heads Up! Over 25,000 Stores Are Now Expected to Close Forever This Year
The United Kingdom
UK economy shrinks by record 20 per cent in April as lockdown hits business
New Zealand
Very little acknowledgement here.
https://www.newshub.co.nz/home/money/2020/06/coronavirus-up-to-120-000-kiwis-predicted-to-lose-jobs-economist.html
https://www.newshub.co.nz/home/money/2020/06/coronavirus-no-new-jobs-for-a-year-in-new-zealand-economist.html
Russia
https://www.worldfinance.com/featured/on-thin-ice-thawing-permafrost-dampens-russias-economic-growth-prospects?fbclid=IwAR0W8V86nuHoHxkT9C6E3XISXErwvnoITyJmMCx2cDahJ2c5RayIyUZTzaI
Wall Street yesterday
https://www.news.com.au/finance/markets/world-markets/wall-street-plunges-as-virus-fears-return/news-story/82c8ca91523d0dc321e254cf5f104668?fbclid=IwAR0VCPDfHQLKbMX9fkn4JMUUSW543LraWTv5phxrAbC-KB7p1snaHWnrB_0
Australia
The Australian share market plunged nearly 3 per cent lower at the open of trade today following Wall Street deep into the red after a rise in coronavirus cases in the United States sparked fears the worst of the pandemic is yet to pass.
News of 44.2 million job losses in the world’s largest economy also landed a dagger to the optimistic belief of some investors who had hoped global growth would recover sharply from the economic shock of the deadly virus.
By midday, the ASX200 had pared losses and was 2.5 per cent lower at 5819.3 points.
New Zealand
This is the full text from Pravda (aka, RNZ)
The benchmark top-50 index ended the day down 2.2 percent, having fallen as much as 4.5 percent in early trading after opening 3 percent down.
Local investors were spooked by a plunge of more than 5 percent in US stocks overnight on fears of a resurgence of Covid-19 cases and the likelihood of a slower than expected economic recovery.
Brokers have been warning markets were looking overheated and were due for a correction, as investors got too carried away on expectations of recovery from the pandemic.
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