Skyrocketing U.S. Debt, EU Told Amazon "No" and Waiting Fed Decision

The U.S. debt is skyrocketing. It surged to $34,135,530,482,291.88 trillion last week on Thursday according to the Treasury Department, which means it is up $41.1 billion from the previous day. If the U.S. continues on this trajectory, it will nearly double in size over the next three decades and become a burden far exceeding previous levels. John and Lee discuss their opinions on the matter and who's to blame and who could fix it, and if it will be fixed at all. 

 

The U.S. stocks haven't changed much as everyone waits for news from the Fed regarding interest rates, and news concerning the U.S. jobs report. Big tech, however, A.I. and corporate profits are up, which is a good sign for the economy, at the moment. John shares his feelings on what possible consequences we will see in the near future from the COVID payments. 

 

The European Union told Amazon they could not proceed with their acquisition of the company iRobot which makes smart vacuum cleaners. Amazon was looking to expand their in-home smart technology but now that they are not able to proceed with the deal, iRobot has laid off 31% of its workers and struggling. This topic brings up the question of how big does a company get to where it becomes a monopoly, and must be stopped before buying out the competition? 

 

Lee and John also respond to a viewer's question on when exactly the recession started: was it during covid, or are we currently in a recession now, or have we avoided it? 

 

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