Economists had been expecting 180,000 jobs and an unemployment rate of 4.1 percent.

The disappointing payroll growth and the sudden jump in unemployment suggest that the economy may be heading into a recession.

The 4.3 percent unemployment rate brings the three-month average 50 basis points above the lowest three-month average over the past 12 months, a threshold known as the “Sahm Rule” that historically has indicated the beginning of a recession.

Fed chairman Jerome Powell on Wednesday said that while recessions have typically followed a triggering of the Sahm rule, a recession was not guaranteeed.

“It’s not like an economic rule, where it’s telling you something must happen,” he said.

Continue reading HERE

Source: https://www.breitbart.com/economy/2024/08/02/disaster-u-s-economy-added-just-114000-jobs-in-july/

The post Disaster: U.S. Economy Added Just 114,000 Jobs in July, Unemployment Surges first appeared on Garner Ted Armstrong Evangelistic Association.

The numbers: The trade deficit in goods widened 5.7% in September to $92.2 billion as a strong dollar crimped exports. Yet a sharp decline in the trade gap since the spring is likely to help the U.S. economy post the first increase in quarterly growth since the end of last year.

The trade gap in goods rose from $87.3 billion in the prior month, the Census Bureau said. Exports fell and imports moved higher.

The post U.S. trade deficit in goods climbs for first time in five months as strong dollar dings exports first appeared on Garner Ted Armstrong Evangelistic Association.

Today is the day the mainstream has been dreading.  In actual fact, the abortion issue has been handed back to the states.  The 1973 ruling was invalidated as a matter of law.  The idea that the U. S. Constitution handed some sacred “right” to women was a fantastic reach in the first place.  Finally, nearly 50 years later, it’s been overturned.  Some “crowds” (to be charitable) have been parading, banging drums and chanting in front of the homes of Supreme Court Justices.  Who are these people?  Are they wearing masks outdoors for fear of COVID, or to hide their identities?

If the hard left gets its way, there will be all kinds of mayhem.  Nobody seems interested in prosecuting those trying to influence the decision, a crime though it may be.  They seem to be doing the dirty work we were promised.  Will it set off riots?  Maybe looting and burning?

It’s Trump’s fault, of course.  Him and his ultra-maga supporters.  Biden is mad,  Maxine Waters says they’re going to be out protesting in their thousands, or millions.  “We are going to make sure we fight for the right to control our own bodies.”  (Where was she during the mask mandate?)  They’ll defy the Supreme Court.  How, other than causing a ruckus, we’ll see.

Obama says the court has curtailed our freedoms.  Michelle is heartbroken.  It is a “horrifying decision.”  They’re both calling on people to join protests and give Planned Parenthood support.  The Justice Dept. says it will “use every tool at our disposal to protect reproductive freedom.”  It’s hard to know what that means, but the weeks ahead should give us some idea.   AOC is shown with her mouth wide open, talking about “birthing people” and  chanting with protesters.  I guess this is supposed to let us know she thinks men can get pregnant.  But sure enough, some states are announcing that abortion is illegal, as of today.

World leaders are appalled.  Especially Justin Trudeau of Canada.  He’s horrified and can’t imagine the fear and anger that it will cause.  Even Boris Johnson is bent out of shape.  Just when the whole world was seeing the light and liberalizing laws governing abortion.

It’s the second time this week they’ve seen the court rule against their  beloved philosophy.  First it struck down New York’s gun law.  So they were already ticked.  The abortion ruling though, just might drive them over the edge.  The police caught a guy who said he’d come to “kill Kavanaugh.”  No big deal, according to the mainstream media.  Hardly worth reporting.  But all bets are off as we wait to see how crazy the protesters will get.  This may well justify riots and looting.  Even if the rioters and looters don’t know what they’re mad about.  Riot police are staging outside the Supreme Court, just in case.  But not everybody is down in the dumps.  Some are celebrating.  Trump says to God be the glory.

What ever happened to Ukraine?  It’s not in the news much lately.  The last thing we heard was that we were going to send billions of dollars and more.  Apparently Russia has had to call in troops that were stationed in other hot spots.  Some are worried that this thing may drag on and that other countries may get involved causing an escalation that may get out of control.  We hope they’re wrong.

Meanwhile UN officials are warning of food shortages.  The pope is hinting at resignation.  Maybe he’s done enough damage.  The American economy is reeling from inflation being driven by the  pretend administration’s war on oil.  They want you to know there’s nothing more they can do.  But at least something’s gone right today.    Have a great Sabbath.

Mark

P.S. The new Feast brochures are printed and will be going out with the next letter, probably Monday or Tuesday.

Source: http://www.intercontinentalcog.org/fridayupdates.php

The post Weekly Update by Mark Armstrong – 24 June 2022 first appeared on Garner Ted Armstrong Evangelistic Association.

Justice is fallen in the streets.  I guess you heard about the acquittal in what looked like a slam-dunk case.  It has political overtones, but it threatened to answer most of the questions that were obvious to those watching.  If it had gone the other way, it would have been fun to see how the mainstream handled it.  If the truth ever spills in to the mainstream we’re going to find out a litany of things that we already knew but the mainstream will never report.  Is that it?  All these years of investigations and the only case brought goes down in flames?  Oh there’s more, lots more.  We’re just wondering if any of it will ever see the light of day.  So far it looks like the goon squad may get away with what they did.  They used the power of government and some agencies in particular to carry out operations against their perceived enemies.  Will it ever get straightened out?  It’s looking doubtful.

We’ve been grappling with what to do with the next WATCH magazine cover.  No, I’m not going to give it away.  But it’s looking like the government can do whatever they want to beat down and impoverish the citizens, and nothing is their fault.  It’s Putin’s fault.  The gas prices?  Yep, Putin.  Food shortages?  They’ve been predicted, now it looks like all the stops will be pulled out to make that come true.  Oh, that’s the corporations.  Corporations that are determined to play government ball at any cost.

We’re drowning in crises.  Well, crises to us anyway.  The politicians are strutting around like they’re saving the planet.  Gas has gone over budget, way over.  Food is following suit, and we haven’t seen anything yet.  That will be Putin’s fault too, wait and see.  The only silver lining is that America-haters have to buy gas and groceries too.  They’re going to react when they figure out they’ve been slapped back a peg or two.  They’ll probably get some government handout to ease the pain.  Maybe their student debt will be canceled.  Yeah, the people who work can pick that up.  The government is spewing money as fast as they can print it, in spite of roaring inflation.  But act like they don’t have a clue.

You can’t have missed the monumental amount of military aid for Ukraine.  So what’s the goal?  There is no plan?  You mean…  Who can stand it?  Apparently they’re cleared to make life miserable for citizens, and they couldn’t be any happier.  Who’s they?  They’re at the microphones telling us how proud they are.  You can’t miss them.  You’d think Ukraine was attached to government somehow.  You’d be right.  The same lame-brains are trying to put us all back in masks, those that ever wore them.  The cancellation of the “mandate” for airlines is being appealed.  Never mind that Europe has canceled theirs.  Since when have the nations of Europe ever been a model for us?  We’re not who we thought we were, not since the pretender and his handlers started calling the shots.  Obama is so jealous?  No, Obama is taking the stairs two, maybe three at a time.  He had to pretend to be on our side.  The pretender doesn’t.

Not to alarm you, but a Russian TV show is talking about how easy it would be to take out the eastern seaboard of the United States.  Putin apparently is getting treated for some ailment, maybe cancer.  It probably wouldn’t pay to play chicken with him, having nothing to lose and all.  That would spell tribulation all right, and it’s the last thing we’re rooting for.  Pray that we get through this intact, and emerge as the nation we were intended to be.  Sounds like a long shot, but it is our hope.

Mark

Source: http://www.intercontinentalcog.org/fridayupdates.php

The post Weekly Update by Mark Armstrong – 3 June 2022 first appeared on Garner Ted Armstrong Evangelistic Association.

You can’t escape the news of the school shooting in Uvalde, TX.  But the story has taken several surprising twists.  Apparently there are protocols for this kind of thing.  Police don’t just storm in and take control of the situation.  Despite the fact that the shooter was inside the school, killing children, police were outside arguing with distressed parents.  There’s plenty of video of the police holding panicked parents at bay while nobody knew what was going on inside.  We don’t have the whole story.  It will trickle out through eyewitnesses in the days ahead.  But the press conferences and explanations as to the actions of law enforcement don’t sound very good.  We support law enforcement and expect them to take action against the shooter immediately, especially when the lives of little children are at stake.  Listening to the spokesmen talk about the need for “specialized equipment” while seeing parents held at bay by police is not a very good look.

We have yet to feel the brunt of inflation.  It may cost $100 to fill your tank, but everything we buy is on the rise.  With fuel costing double already, the increase will be applied to every single thing we buy.  We may already be in recession, but it’s not official yet.

You’ve noticed that news from the war in Ukraine is dying out.  Our tormentors voted to insert $40 billion of U. S. aid into the fray.  Surely some of that must go to replace America’s dwindling supply of some items.  Who knows.  At the rate things are going we might need them.  The pretender seemed to say that we’d intervene if China tries to take Taiwan militarily.

Maybe it wasn’t the smartest thing in the world to outsource the production of electronic chips to a country China says belongs to the regime.  We don’t even want to have to imagine what life will look like if manufacturing is dependent on items that are unavailable.

There is growing evidence that the short supply and soaring prices of gas and diesel is intentional.  It’s looking, and sounding, more and more like this is part of the plan to “save the planet” by forcing everyone into modes of transportation that are impractical, expensive, and anything but “green.”  It’s unbelievable that everybody’s been thrown into an economic tailspin due to canceled pipelines and oil exploration  being placed off limits.  The last thing we need is some nonsense speech about “when this is all over.”  We can’t help but wonder what the world will look like once they’ve “saved the planet.”

The WEF (World Economic Forum) has been meeting in Davos, Switzerland.  The globalist institution has our future all planned for us.  They’d have to run over the Constitution, but there’s not much else standing in their way.  Apparently the powers that be want to give enormous powers over to a global body, one that sees the United States as racist, bigoted and unfair.  We hope there will be another chapter where we become the light of the world.  After all, it’s not the pretender who’ll be around to suffer what he’s wrought.  It’s our kids and grandkids.  They’ll never forgive us if we allow some jaundiced institution like the WEF to eradicate freedom in the United States.

Maybe they’ll be chasing us around about monkey-pox next.

Mark

Source: http://www.intercontinentalcog.org/fridayupdates.php

The post Weekly Update by Mark Armstrong – 27 May 2022 first appeared on Garner Ted Armstrong Evangelistic Association.

There has to be an explanation for the attack on the very core of what made America a great country.  A possible answer is, they’re just trying to tick us off.  The speeches, the decisions, the whimsical  creation of a truth governance.  The appointment of a truly comical figure, one who has humiliated herself publicly on many an occasion, and been flat wrong in public pronouncements.  But then again, she says what her employers want us to hear.

We can only assume the ludicrous move was an attempt to calm the hurt feelings of those who have seen themselves losing control.  If twitter won’t brand, ban, and de-platform the purveyors of “misinformation,” at least the state is moving in to fill the void.  That ought to fix the ultra-whack jobs who think free speech should be allowed.  The Constitution itself has become the enemy, and all attempts to align with it must be stopped!

It’s an obvious response to the purchase of twitter, and the bitter tears.  A stranger female couldn’t have been chosen to head up the new bureau .  We know it, and they know we know it.  That’s why the obvious conclusion is that they’re just trying to irritate us.  We’ve been irritable about the obvious corruption too many times.  This time we have to recognize it for what it is, an obvious ploy that has no chance of passing Constitutional muster.  The great villains of history have all employed such an agency, and this one will be ridiculed, lampooned and ignored.

Everything is settled science, and we’ll either acknowledge that 2+2 equals five, or suffer the wrath of agencies corrupted to protect the establishment.  They know global warming doesn’t hold water.  That’s why they won’t discuss it further.  Especially after the main “scientists” got caught making up the “proof.”  If you’re a “denier,” you can’t be a serious individual.  Who comes up with these monikers?  It wouldn’t matter, except the media repeats terms that are meant to demean.  They’ve stopped trying to prove their point.

The life-blood of the economy is oil.  It’s in almost everything, to one degree or another.  So that’s been made the enemy.  It’s destroying the planet!  They’ve got to stamp out oil production to save the planet.  It defies imagination.  Words that can’t be said unfortunately come to mind.

The same thing happened with religion a long time ago.  A party line has been established, and any variance with it will result in instant dismissal.  It’s such a joke.  Empty churches are thriving because they’re getting paid to settle migrants.  They make them disappear, and get paid.   Watching, as I did years ago, one of the famous TV preachers trying to explain the doctrine of the trinity, he fell all over himself.  Finally, in exasperation he said, “It’s a sign of your faith that you believe it even though you can’t understand it.”  Oh, that’s great.  In the statement was the “doctrine” that you can’t be a Christian if you refuse to sign on to the un-explainable belief.  There you have it.  Either sign on,  or you can’t be in good standing with the rest of the believers.  They can’t explain it either, but they’re all about getting rid of you if you won’t “confess” like they’ve all done.  It seemed a small price for admission into the “Christian” fraternity.

Garner Ted Armstrong said that God is logical.  Everything makes sense.  The complexities of nature strain our ability to understand, but everything makes perfect sense.  He controls our environment, regardless of the ignorant rantings of those paid to be lunatics.  If some outfit claims they stand for diversity, inclusion, and are busily saving the planet, it’s time to cut bait.

Monday, May 1 came the revelation that the Supreme Court is about to reverse the federal abortion law.  The one that found a Constitutional “right” for abortion at any stage.  It’s been almost fifty years, and finally a case has been considered.  It’s been opined that the release of this “draft” decision of the Supreme court was leaked in order to blunt the effect, and throw shade on the release of the movie 2000 Mules.  The chief Justice confirmed that the draft is legitimate.  Stand by for the rage of the main characters.  “Pocahontas” nearly burst a blood vessel, she was so mad.  Somewhere along the line the word “doxxing” got invented.  It took place long before the internet, but we’re being told to treat it like it’s a new invention.  Now they’ve published the physical addresses of the Supreme Court justices.  Surely they’ve got protection, but can you imagine the scene?

Apparently this is the hill the idiots have chosen to die on.  The trinity of politics is seen as under assault.  “How dare they!” Kamala demands.  The pretend administration is going to do everything within its power to see that this precious “right,” sloppily asserted amid the feminist wave of the ‘70’s, is upheld if they have to pass a law!  That would do it.  Pass a law, that will then be challenged all the way to the same court.  Now that will have to be carefully written.

It’s a doctrine that justifies the “re-imagining” of the Supreme Court, or at least it’s packing with like-minded nitwits, like the one just appointed to head the truth commission.  Howling at the sky is also a perfectly reasonable option, preferably on the front lawn of a Supreme Court justice.  You can’t underestimate the dignity of the people on the ground.  Incredibly, the red-headed spokes-lady is justifying the “protests” before they happen.  You might say she’s calling for them.  “As you know, the United States has a long history of protests, and we certainly encourage people to keep it peaceful…” So a mob shows up in front of your house, bullhorns blaring, chanting like a bunch of magpies. I think they just proved the opening point.  They’re just trying to tick us off.  Not that some can’t be paid to make a nuisance of themselves.  When someone calls the police, is that what they’re going to be told, “There’s a proud tradition of protest?”

Somehow the whole concept has been corrupted.  What was intended as a conversation with your representative has turned into mob intimidation.  The red head is all for it.  That means whoever is authoring the teleprompter is all for it.  You’d think the sky was falling when the states will call their own shots.  Can you believe the list of major corporations lining up to pay for travel expenses?  It seems like all the big names are hurrying to let us know they too are on board with whatever drives you to distraction.  Make them go broke.  They worship money.  Maybe they’ll change their tune when they realize the majority is not moved by all their self-righteousness.

Mark

Source: http://www.intercontinentalcog.org/fridayupdates.php

The post Weekly Update by Mark Armstrong – 6 May 2022 first appeared on Garner Ted Armstrong Evangelistic Association.

But as unfathomable as this number is, the national debt can impact ordinary Americans’ lives.

Daniel Rodriguez, COO at Hill Wealth Strategies, says that if the government wants to maintain the same level of benefits and services to Americans and its international allies without running up both the deficit and the national debt, more revenue will be required.

“The only way to get more revenue is to increase taxes on the American people or reduce spending,” he says. “The government may choose to reduce spending on things like infrastructure, social safety nets, first responders, and education. Those programs have direct impacts on Americans’ day-to-day lives.”

Here’s what the national debt is, the factors responsible for making it rise and fall and how it can impact your life.

What Is the National Debt?
Just like the debt you have is a figure that represents how much you owe your creditors, the national debt represents how much the United States government owes its creditors.

When the U.S. government spends more money than the revenues it brings in each year, it creates an imbalance called a budget deficit. The government must then borrow money to cover its expenses.

It’s more common than not for the government to run a deficit, regardless of which party is in charge. In fact, the government has run a deficit for 77 of the past 90 years and first carried debt after the Revolutionary War in 1790.

How Could the National Debt Impact Consumers?
Congress is responsible for ensuring the government stays funded, but you might still be curious about the national debt and how it relates to the federal deficit.

Here are six ways the rising national debt could potentially impact Americans.

1. Higher Interest Rates
When the government needs to borrow more, they’ll need to increase yields on Treasury bills, I Bonds and other fixed-income instruments to make those investments attractive to investors. And while this can translate into higher yields on savings accounts, it also means higher mortgage rates, making the housing market unaffordable to some Americans. Consumers will likely pay more in interest on their credit cards and other loans as well, since those interest rates rise when the Fed raises interest rates, too.

2. Higher Product Prices
While America’s grappling with paying more at the grocery store, the national debt at current levels could cause inflationary trends to continue.

Increased Treasury yields could make American businesses appear to be riskier investments abroad, which could force companies to raise yields on new bonds to make them attractive investments. The more companies have to pay to keep their debts in good standing, the more pressure to increase product prices. Higher product prices mean higher revenues, which is how companies can pay their debt obligations.

3. Lower Home Prices
As interest rates go up, Americans will likely qualify to borrow less since more of their payment each month goes to interest and less toward principal. Thus, buyers won’t be able to afford as many homes as they would when interest rates are lower. This will place downward pressure on home prices, which can impact the equity of all homeowners.

4. Less to Spend on Other Government Initiatives
The more money the U.S. has to spend on meeting its debt obligations as interest rates increase, the less financial capacity it could have to fund programs focused on education, veterans benefits and transportation.

This breakdown of the 2019 Federal Budget from the Council on Foreign Relations shows how the budget pie is only so big, so when one area increases (like interest payments), another must decrease.

5. National Security Issues
The higher the national debt becomes, the more the U.S. is seen as a global credit risk. This could impact the U.S.’s ability to borrow money in times of increased global pressure and put us at risk for not being able to meet our obligations to our allies—especially in wartime. This could negatively impact the U.S.’s position as a global political, economic and social power.

6. Lower Returns on Your Investments
Bonds issued by the Treasury are typically seen as low-risk investments. When interest rates rise, the yield on these low-risk investments also rises, making them more attractive investments for income-minded investors over other riskier income-generating investments like corporate bonds.

This could leave companies that typically rely on bonds short on the loans they need to finance expansions and operations and translate into lower returns for equity investors when companies fail to meet revenue targets.

What Causes the National Debt to Increase?
Sometimes the government needs to increase spending to stabilize the economy, and protect Americans and businesses from unexpected economic conditions.

During The Great Recession (Dec. 2007 to Jun. 2009), for example, Congress passed legislation injecting $1.8 trillion into the economy. But that pales in comparison to the $4.5 trillion the Trump and Biden administrations have pumped into the economy since the Covid pandemic began in March 2020.

However, there are other reasons the national debt increases, even during years where spending is moderate and the economy is in good shape.

Tax Cuts
On one hand, tax cuts can stimulate the economy and put more money in Americans’ bank accounts every payday. But those same tax cuts mean the federal government brings in less revenue across the board.

For example, the Tax Cuts and Jobs Act of 2017 slashed taxes for individual and corporate payers, but created a $275 billion shortfall in revenue even though the economy grew. The Act caused revenue from corporate taxes to decrease by $135 billion, a 40% reduction from projected revenue.

Rising Healthcare Costs
According to data from the nonpartisan Peter G. Peterson Foundation, per capita healthcare spending in the U.S. is three times higher than in comparable developed nations like the United Kingdom and France. As America’s population ages, more people enroll in Medicare—and older Americans typically require more care. This translates to the federal budget bearing the burden for rising healthcare costs.

Interest Costs
If you’ve ever had a car loan or mortgage, you’re familiar with how much of your payment each month goes toward interest. The same is true of the federal government’s debts. As the national debt rises, the government will pay more interest to keep those debts in good standing.

Using data from the Congressional Budget Office and the Office of Management and Budget, the Peter G. Peterson Foundation estimates that the government will pay a staggering $5.4 trillion in interest over the next 10 years.

Who’s Responsible for the Current National Debt?
In short? Pretty much every administration.

“Regardless of political affiliation, parties in power have run up the deficit through higher spending and lower revenue collection,” says Brian Rehling, head of Global Fixed Income Strategy at Wells Fargo Investment Institute.

While it’s easy to say a particular president or president’s administration caused the federal deficit and national debt to move a certain direction, it’s important to note that only Congress can authorize the type of legislation with the most impact on both figures.

Here’s a look at how Congress acted during four notable presidential administrations and how their actions impacted both the deficit and national debt.

Franklin D. Roosevelt
As the nation’s last four-term president, FDR helped Americans weather an abundance of economic crises. His presidency spanned The Great Depression and his signature New Deal economic recovery package helped lift America out of financial rock bottom. But the most significant increase to the national debt was the cost of World War II, which added roughly $186 billion to the national debt between 1942 and 1945. Congress added $236 billion to the national debt during FDR’s terms, representing an increase of 1,048%.

Ronald Reagan
During Reagan’s two terms, Congress enacted two historic tax cuts that decreased government revenue: the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. These Acts passed by Congress decreased revenue as a percent of the GDP by 1.7% between 1982 and 1990, creating a revenue shortfall that contributed to the national debt increasing 261% ($1.26 trillion) during his administration, from $924.6 billion to $2.19 trillion.

Barack Obama
Over two terms, the Obama administration oversaw both The Great Recession due to the collapse of the mortgage market and the ensuing recovery. In 2009, Congress passed the Economic Stimulus Act, which helped countless Americans save their homes from foreclosure, pumping $831 billion into the economy. Congressional tax cuts accounted for another $858 billion added to the national debt when passed by a strong bipartisan showing. All in all, Congressional action increased the national deficit by 74 percent and added $8.6 trillion to the national debt during Obama’s two terms.

Donald Trump
During his single term, Congress passed the Tax Cuts and Jobs Act in 2017, which slashed corporate and personal income tax rates. Considered by many a boon for the wealthiest Americans and corporations, at the time of its passage, the Congressional Budget Office estimated the cuts would increase the federal deficit by $1.9 trillion.

While the Treasury Secretary estimated that the tax cuts would decrease the federal deficit, the deficit increased from $665 billion in 2017 to $3.13 trillion in 2020. The tax cuts drove some of this increase but multiple Covid relief packages were responsible for the majority of the increase.

The federal debt held by the public increased from $14.6 trillion in 2017 to over $21 trillion in 2020. Public debt and intragovernmental debt (the amount owed to federal retirement trust funds like the Social Security Trust Fund) make up the national debt. It’s the amount of money the U.S. owes to outside debtors such as U.S. banks and investors, businesses, individuals, state and local governments, Federal Reserve and foreign governments and international investors like Japan and China. The money is borrowed to raise the cash needed to keep the U.S. operating. It includes Treasury bills, notes, and bonds. Other holders of public debt include Treasury Inflation-Protected Securities (TIPS), U.S. savings bonds and state and local government series securities.

“The national debt continues to grow as it has not for decades,” says James Cassel, chairman and co-founder of investment bank Cassel Salpeter. “This is the result of this simple concept of spending more money than you have in revenue.” Cassel also mentions that both major political parties have, at times, spoken seriously about a commitment to reduce the national debt yet conversations and strategy remain stalled.

However, the national debt is more commonly used as a bargaining chip when both parties posture about raising the debt ceiling each year. Without raising the debt ceiling, the U.S. would default on its debt obligations. Thus, Congress always votes to raise the debt ceiling (how much money the U.S. government can borrow), but not before parties negotiate on other legislation.

Read more: The Debt Ceiling Fight Could Bruise Your Finances. Here’s How.

Are We Helpless When It Comes to the National Debt?
In some ways, yes. But there are actions you can take to mitigate the effect of the national debt on your life.

Pay your taxes: According to the IRS, the federal government loses $1 trillion each year due to unpaid taxes.

Put pressure on your Congressional reps: Call or write to your Representatives and Senators in support of tax code reform, increased funding for the IRS to track down tax cheats and closing loopholes that give the country’s most profitable companies tax bills that are lower than most Americans.

Follow your reps’ voting history: If you’re curious how your Representatives and Senators have voted on fiscal policy issues, that’s easy to check. You can use voting history to back up your concerns when writing or calling your reps.

Learn about healthcare reform: While national healthcare remains a contentious topic, it could pay to learn how other countries control healthcare costs and how those policies could benefit you, your neighbors and the impact rising healthcare costs has on the national debt.

Rehling from Wells Fargo Investment Institute says that while the national debt has increased substantially over the past decade, the U.S. isn’t unique in this regard. The rest of the developed world has seen similar trends.

“While these budget trends are unsustainable over the long run, there is no indication that current debt levels are overly worrisome,” he says.

Ed. note: This article has been corrected to more accurately reflect the U.S. national debt increased numbers.

Source: US Debt Clock

Source: https://www.forbes.com/advisor/personal-finance/u-s-national-debt-surpasses-30-trillion-what-this-means-for-you/

The post U.S. National Debt Surpasses $30 Trillion: What This Means For You first appeared on Garner Ted Armstrong Evangelistic Association.

By the time this is published the average gas price in Texas will have likely set a new record high. At the time of writing, it was just seven cents off the old record and had risen 60 cents from the previous week.

President Joe Biden is looking for every excuse to ignore the powers he has but refuses to use to help bring prices down.

“Can’t do much right now,” he told reporters. “Russia is responsible.”

GAS PRICES: BIDEN RELIES ON NYT FACT CHECK, WAPO OP-ED TO DEFLECT GOP CRITICISM OF ENERGY POLICY

He accused oil companies of exercising “excessive price increases or padding profits” and exploiting American consumers.

But the trends are clear. After gas prices crashed following the onset of the COVID-19 pandemic, they stabilized around $2.20 through 2020.

From the beginning of 2021 through the middle of May of that year, prices spiked from $2.25 to over $3.00. From there, gas prices rose steadily hitting $3.40 in mid-November, dipping slightly as the country dealt with the Omicron variant, only to continue upward for most of 2022.

All that occurred before Russia invaded Ukraine. The president has only himself and his opposition to domestic energy production to blame.

RUSSIA INVADES UKRAINE: LIVE UPDATES

In the first week of his new administration, the president signed an executive order to “pause” oil and gas leasing on federal land. By the end of the year the Interior Department was recommending new regulations and fees that would drive up the cost of onshore drilling and dissuade companies from leasing the land all together.

In his second month in office, Biden reinstated the “social cost of carbon” to $51 per metric ton from $8, which is largely a made-up figure but allows the government to regulate – and prevent – domestic production much more aggressively.

The administration was begrudgingly forced into auctioning offshore leases last year, but only after a federal judge said the initial ban was illegal. Yet the ban received new life in January when a D.C. District Court judge invalidated the entire sale. There are no signs Biden will appeal the ruling.

BIDEN CLAIMS ‘INFLATION IS LARGELY THE FAULT OF PUTIN,’ NOT DEMOCRATIC SPENDING

In the summer, Biden reversed efforts to reduce the time it takes to build infrastructure projects, like energy production facilities, as well as reimposing methane restrictions that provide no environmental benefit but do raise the cost of creating energy here at home.

Oddly, Biden is pretending to care about increasing oil supply by suggesting he would ease sanctions on Venezuela, begging Saudi Arabia to open the spigot, and seeking a deal with Iran. Meanwhile, the Keystone pipeline, a project in conjunction with our friendly neighbors to the north, remains canceled. Keystone would increase capacity by 500,000 barrels of oil per day.

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Biden has apparently submitted his early entry to PolitiFact’s Lie of the Year contest: “It’s simply not true that my administration or policies are holding back domestic energy production.”

That’s undeniably false. And it is certainly true that his administration is not actively pursuing an increase in domestic energy production, which, unlike war in Ukraine or running an oil company, is something he does control.
Announcing today that the U.S. will make every effort to increase domestic oil supply would send the right signals to the market and start to put downward pressure on prices. Biden could immediately instruct his administration to prioritize lease sale approvals and remove the self-imposed regulatory barriers causing unnecessary delays. The president could approve pending pipeline and LNG export permits, and suspend the antiquated Jones Act that prohibits domestic port-to-port shipping.

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If he doesn’t, gas prices – along with already punishing inflation – will continue to anger and frustrate the American people. Eventually, Biden’s blame game won’t matter, because Americans will know exactly who is responsible.

Greg Sindelar is the CEO of the Texas Public Policy Foundation.

Source: https://www.foxnews.com/opinion/biden-high-gas-prices-blame-himself

The post Biden can only blame himself for high gas prices first appeared on Garner Ted Armstrong Evangelistic Association.

“If Russia decides to invade, that would also have consequences here at home. But the American people understand that defending democracy and liberty is never without cost,” President Biden said in a speech Tuesday. “I will not pretend this will be painless.”

Russia says it is not preparing to invade, and it is not a certainty that Russian President Vladimir Putin will decide to do so. World leaders are continuing diplomatic talks this week in a high-stakes effort to avoid that outcome.

Still, the possibility of an invasion has raised the specter of consequences — sanctions, countersanctions, energy supply issues, a flood of refugees — that would be felt far beyond Ukraine’s borders.

Here’s what to know.

The U.S. has promised severe sanctions if Russia invades — and Russia could retaliate
“If Russia proceeds, we will rally the world and oppose its aggression. The United States and our allies and partners around the world are ready to impose powerful sanctions and export controls,” Biden said Tuesday.

Those sanctions could include restrictions on major Russian banks that would dramatically affect Russia’s ability to conduct international business. Severe U.S. sanctions could drive up prices for everyday Russians or cause Russia’s currency or markets to crash.

Because the U.S. does not rely much on trade with Russia, it is somewhat insulated from direct consequences. Europe is more directly affected. But certain sectors of the U.S. economy rely on highly specific Russian exports, primarily raw commodities.

“The premise of sanctions is to hurt the other guy more than you hurt your own interests. But that does not mean there will not be some collateral damage,” said Doug Rediker, a partner at International Capital Strategies.

Energy prices could soar
Russia is a major exporter of oil and natural gas, especially to Europe. As a result, officials have reportedly shied away from severe sanctions on Russian energy exports.

But there are other ways the energy market could be disrupted.

For one, Russia could choose to cut off or limit oil and gas exports to Europe as retaliation for sanctions. Nearly 40% of the natural gas used by the European Union comes from Russia — and no European country imports more than Germany, a key ally of the United States.

Even if Russia chooses not to limit exports, supplies could still be affected by a conflict in Ukraine because multiple pipelines run through the country, carrying gas from Russia to Europe. “They could simply be casualties of a military invasion,” Rediker said.

Either way, if Europe’s natural gas supply is pinched, that could cause energy prices — which have already been climbing — to rise even further. And even though the U.S. imports relatively little oil from Russia, oil prices are set by the global market, meaning local prices could rise anyway. On Tuesday, Biden promised to work with Congress to address “the impact of prices at the pump.”

Other industries, from food to cars, might also be hurt

Russia is a major exporter of rare-earth minerals and heavy metals — such as titanium used in airplanes. Russia supplies about a third of the world’s palladium, a rare metal used in catalytic converters, and its price has soared in recent weeks over fears of a conflict.

And a major conflict in Ukraine would disrupt Ukrainian industries too. Ukraine is a major source of neon, which is used in manufacturing semiconductors.

As a result, U.S. officials have warned various sectors to brace for supply chain disruptions, including the semiconductor and aerospace industries.

Fertilizer is produced in major quantities in both Ukraine and Russia. Disruptions to those exports would mostly affect agriculture in Europe, but food prices around the world could rise as a result.

The shock to international stability could hit global markets

Beyond sanctions and countersanctions, global financial markets would likely have a negative reaction to a European military invasion of a scale not seen since World War II.

Americans with exposure to the stock market — like those with 401(k)s and other retirement accounts — could feel an effect, though it would most likely be short term.

“Markets are fundamentally not prepared for a land war in Europe in the 21st century,” Rediker said. “It’s something people just have not contemplated.”

The U.S. stock market has already been unusually volatile in recent weeks, churning over inflation, possible moves by the Federal Reserve and the possible conflict in Ukraine.

Historically, the market has bounced back relatively quickly after geopolitical events. That’s what’s most likely today too, analysts say.

But if a major Russian invasion and subsequent conflict cause long-lasting disruption of energy markets and other exports, investors could rethink that conventional wisdom.

“You’re potentially at a point where not only are we looking at Russia potentially invading Ukraine and sanctions and countermeasures, but you are also looking at a rise of China that doesn’t necessarily agree with the American perspective on the world anyway,” Rediker said. “Are we looking at a point in which some of the major premises that people take for granted have to be reassessed?”

Russia might respond with disruptive cyberattacks on U.S. targets

Another way Russia could respond to U.S. sanctions is through cyberattacks and influence campaigns.

Various federal agencies, including the Treasury and the Department of Homeland Security, have warned of possible cyberattacks on targets like big banks and power grid operators. And just last week, U.S. cybersecurity officials held a tabletop exercise to ensure that federal agencies are prepared for possible Russian retaliation, The Washington Post reported.

“They have been warning everyone about Russia’s very specific tactics about the possibility of attacks on critical infrastructure,” Katerina Sedova, a researcher at Georgetown University’s Center for Security and Emerging Technology, told NPR.

Russian cyberattacks have targeted Ukraine relentlessly in recent years, including attacks on the capital city of Kyiv’s power grid in 2015 and 2016. But a major escalation could shift focus to U.S. targets.

Sedova pointed to the Russian state-backed attack on the IT software company SolarWinds and a ransomware attack that shut down the Colonial Pipeline for six days as examples of how major Russian cyberattacks could disrupt U.S. operations. (The Biden administration said it does “not believe the Russian government was involved” in the pipeline attack.)

Power grids, hospitals and local governments could all be targets, she said.

For now, Sedova said she is more worried about subtler attacks — like influence campaigns that aim to “sow discord between us and our allies in our resolve” to act jointly against Russia.

“Oftentimes, cyber-operations go hand in hand with influence,” she said. “They’re targeting a change of decision-making, a change in policy in that direction, a change in public opinion.”

A major invasion would likely spark a refugee crisis

A full Russian invasion could send 1 million to 5 million refugees fleeing Ukraine, U.S. officials and humanitarian agencies have warned.

“It will be a continent-wide humanitarian disaster with millions of refugees seeking protection in neighbouring European countries,” Agnès Callamard, secretary-general of Amnesty International, said last month in statement.

Poland, which shares a border with Ukraine and is already home to more than a million Ukrainians, would likely see the most refugees. Over the weekend, Polish Interior Minister Mariusz Kaminski said his country was preparing for an “influx of refugees” from Ukraine.

The U.S. military says that the thousands of soldiers deployed to Poland this month are prepared to assist with a large-scale evacuation.

“Assistance with evacuation flow is something they could do, and could do quite well. They are going to be working with Polish authorities on what that looks like and how they would handle that,” Defense Department spokesperson John Kirby said this week.

At the largest scale, a refugee crisis would not be contained to Europe — the U.S. would likely see refugees seeking asylum too.

Source: https://www.npr.org/2022/02/16/1081185004/russia-ukraine-invasion-us-impact

The post Biden says a Russian invasion of Ukraine would hurt Americans. Here’s how first appeared on Garner Ted Armstrong Evangelistic Association.

Inflation surged more than expected in January, notching another four-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans.

The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.

Economists expected the index to show that prices surged 7.3% in January from the previous year and 0.5% on a monthly basis.

So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.

“U.S. annual CPI is the highest since 1982, and what’s worse is that this likely isn’t the peak,” said Seema Shah, chief strategist at Principal Global Investors. “Higher-than-expected monthly gains in core CPI indicate continued underlying heat and will do nothing to relieve pressure on the Fed to tighten sharply and urgently.”

Stocks declined after the report, with tech leading the broad market selloff.

Rising inflation is eating away at strong wage gains that American workers have seen in recent months: Real average hourly earnings rose just 0.1% in January from the previous month, as the 0.6% inflation increase eroded the 0.7% total wage gain, according to the Labor Department. On an annual basis, real earnings actually declined 1.7% in January.

Price increases were widespread: Although energy prices rose just 0.9% in January from the previous month, they’re still up 27% from last year. Gasoline, on average, costs 40% than it did last year. Food prices have also climbed 7% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 40.5%. Shelter costs jumped 0.3% for the month and 4% year-over-year.

The inflation spike has been bad news for President Biden, who has seen his approval rating tumble as consumer prices rise. The White House has blamed the price spike on supply-chain bottlenecks and other pandemic-induced disruptions in the economy, while Republicans have pinned it on the president’s massive spending agenda and his energy policies targeting the oil and gas industries.

The eye-popping reading – which marked the eighth consecutive month the gauge has been above 5% – could also amp up pressure on the Federal Reserve to kick off its interest rate increases next month with a half-basis point hike. Raising interest rates tends to create higher rates on consumers and business loans, which slows the economy by forcing them to cut back on spending.

Traders are now pricing in over a 44% chance of a hefty half-point rate jump when policymakers meet next month, instead of a more modest quarter-point increase. It would mark the first time since 2000 that the U.S. central bank raised the federal fund rate by 50 basis points. The Fed has not raised rates since December 2018. The odds of a sixth quarter-basis point hike this year, meanwhile, jumped to 63% after the inflation report.

“At this point it’s not a question of will they, won’t they – it’s a question of how many hikes we’ll see in 2022, and what the magnitude and pace will be,” said Mike Loewengart, managing director of investment strategy at E*Trade. “Given views on these aspects are all over the map at this point, there is a lot for the market to be uncertain about.”

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Fed Chairman Jerome Powell has left open the possibility of a rate hike at every meeting this year and has refused to rule out a more aggressive, half-percentage point rate hike, but said it’s important to be “humble and nimble.”

“We’re going to be led by the incoming data and the evolving outlook,” he told reporters during the central bank’s policy-setting meeting last month.

Source: https://www.foxbusiness.com/economy/consumer-price-index-inflation-january-2022?test=38861ea43380e1402f1c90f21546ad4b

The post Inflation accelerates 7.5% in January, hitting a fresh 40-year high first appeared on Garner Ted Armstrong Evangelistic Association.