Why Federal Debt Is Damaging

The U.S. Treasury reports that the federal budget deficit was $779 billion in fiscal 2018. The deficit is caused by spending in excess of tax revenues and is financed by borrowing from foreign and domestic creditors. Federal spending in 2018 was $4,108 billion and tax revenues were $3,329 billion, so Congress financed 19 percent of its spending with borrowing. Did ...

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McConnell calls rising budget deficit ‘very disturbing’

Reuters Senate Majority Leader Mitch McConnell Senate Majority Leader Mitch McConnell pinned the U.S.’s rising budget deficit on big federal spending programs and said the red ink is not a problem for only one party to solve. ‘It’s very disturbing.’ Senate Majority Leader Mitch McConnell Calling the growing federal deficit and debt “very disturbing” in ...

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Gold Traders’ Report – October 17, 2018

Gold was a little choppy overnight in a range of $1220.65 -$1228.30.  It slipped to its $1220.65 low during Asian hours, fading a move up in the US dollar (DX from 95.05 – 95.26).  The dollar was boosted from some weakness in the yen (112.20 – 112.42, improving risk appetite), the euro ($1.1580 – $1.1548), and the pound ($1.3192- $1.3160). ...

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Gold firm as technical gains give support against strong dollar

Gold edged higher on Thursday, supported by an improved technical outlook that helped the metal hold out against a stronger dollar. Spot gold rose 0.34 percent to $1,226.40 an ounce. U.S. gold futures settled at $1,230.10 per ounce, up $2.70. “Overall, we have been technically breaking above the previous highs, so it will be difficult for gold prices to move ...

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China stocks plunge amid heavy selling in the energy sector and growing worries about the economy

More than 637 billion shares worth 4.44 trillion yuan ($639.86 billion) were pledged for loans as of Oct. 12, according to Reuters’ calculations based on data from the China Securities Depository and Clearing Co.(CSDC). Chinese stocks have fared worse than other stock markets in Asia this year, particularly in recent weeks as global equities bear the brunt of a simmering ...

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Here’s what Wall Street isn’t paying attention to from the Fed

Market experts chose to focus on the inflation part. Going above the so-called neutral rate “is contingent [on] keeping inflation from overheating,” wrote Jim Caron, managing director at Morgan Stanley Investment Management. “Only” a few members thought policy would need to become restrictive, noted Paul Ashworth, chief U.S. economist at Capital Economics, who added that most members want to hike ...

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This is the tightest labor market I’ve ever seen

Former Federal Reserve Chairman Alan Greenspan told CNBC on Thursday the United States currently has the tightest labor market he’s ever seen. Greenspan, 92, suggested the nearly 50-year low unemployment rate coupled with American corporations clamoring for workers will force up wages and inflation. “Ultimately prices take hold,” he said. “This is the tightest market, labor market, I’ve ever seen, ...

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