_{ECONOMIC INSIGHTS}

Bidenomics: National Debt Skyrockets by Half-Trillion in Just 20 Days - A Financial Catastrophe Looms

In just 20 days, the Biden administration has added another half-trillion dollars to the national debt, pushing it from $33 trillion on September 15 to over $33.5 trillion by October 5. The rapid increase in debt highlights the administration's heavy borrowing and spending practices. Since June, the national debt has surged due to rebuilding cash reserves after the debt ceiling fight and continuous federal spending.

As of October 5, the debt stands at $33.51 trillion, exceeding the combined GDPs of China, Japan, Germany, and the UK. To cover this debt, the US economy would need to grow by 33.5%. Every US citizen would need to write a $99,839 check, and each taxpayer is responsible for $258,257.

The federal government's spending addiction is evident, with $527 billion spent in August alone. Additionally, proposals to send aid to Israel and Ukraine amid Middle Eastern conflicts further strain the budget. Interest payments on the debt are skyrocketing, with the government paying over half a trillion dollars in fiscal 2023. Interest expenses are now over 35% of total tax receipts and are set to climb higher as old low-yield debt is replaced with high-yield bonds.

Despite a seemingly strong economy, the debt increase continues unchecked, propped up by fiscal stimulus. This relentless rise in debt is a ticking time bomb, with interest expenses potentially becoming one of the top three federal expenses if interest rates remain elevated or continue to rise. Read More.

_{FINANCIAL FOCUS}

Private Sector Job Growth Plummets in July to Just 122K, Far Below Expectations

Hiring by U.S. companies slowed significantly in July, with only 122,000 jobs added, missing the predicted 150,000, according to the ADP National Employment Report. Wage growth also decreased, with a 4.8% increase, the slowest in three years, and job changers seeing a 7.2% rise. Job growth was mostly in the services sector, particularly in trade, transportation, and utilities. However, professional and business services saw a notable decline. This slowdown comes amid the Federal Reserve's interest rate hikes, with potential rate cuts anticipated later this year as inflation cools. The data precedes the Labor Department's upcoming jobs report. Read More.