One of the top stories that dominated headlines this week was updates on the $1 Trillion bipartisan infrastructure bill.
On Tuesday, Senate passed the bill, which includes $550 Billion in new funding for transportation, broadband, and utilities. Then on Wednesday, Senate approved a budget resolution, which is the first step in passing a $3.5 Trillion spending plan.
According to CNBC, Democrats see both as complementary planks of an agenda that aims to create jobs, slow climate change, and strengthen the social safety net.
However, these bills won’t hit Biden’s desk soon. The House needs to approve a budget resolution before Congress can craft and pass final legislation.
Committees have until September 15th to put together their portions of the bill.
In inflation news, officials report the Consumer Price Index (CPI) rose 5.4% in July. While prices for everyday items are still increasing, experts say it’s at a slower pace. And yet, the Fed still insists that they’re just temporary.
These prices are sure to keep investors, economists, and the Fed on their toes.
CNN reports, price stability is one of the central bank’s core mandates, and these jumps could force the Fed to rein in its easy money policy sooner rather than later.
The Associated Press reports the U.S. budget deficit hit $2.54 trillion for the first 10 months of this budget year. The increase was reportedly fed by pandemic support provided to the nation.
In other money-related news, 50 years ago, former President Nixon cut the last tie the U.S. dollar had to gold. Experts say the result that decision has had on your dollar savings and retirement is pretty grim.
The biggest takeaway is this: The founders of our nation went to great lengths to ensure that we would have a gold – and silver-based monetary system.
But for five decades, the government has destroyed the dollar’s purchasing power and imposed excess money printing, among other things, making it clear that it will not protect your money or wealth.
It’s now up to you! And one way you can help do so is by investing in precious metals.
We can help with that! Give us a call at 855-905-5317 for your free one-on-one consultation.