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    On Thursday’s broadcast of the Fox Business Network’s “Kudlow,” Sen. Bill Hagerty (R-TN) argued that whatever the final dollar amount of the budget reconciliation bill is, the bill is “broadening social programs to an extent that they’ll never be cut back” and will “be denominated in the tens of trillions of dollars by the time this is moved through the system.” Hagerty said, [relevant remarks begin around 1:20] “[W]hether the number is five trillion, three trillion, or two trillion that they come up with, that’s only the beginning of this. Because what they’re talking about doing is broadening social programs to an extent that they’ll never be cut back. This is going to burden our children and our grandchildren. It’s going to be inherently more inflationary. And this is something that’s going to be denominated in the tens of trillions of dollars by the time this is moved through the system.” Follow Ian Hanchett on Twitter @IanHanchett
    Fox Business Network host Larry Kudlow torched the Democrats over their $6 trillion worth of spending plans, saying Americans "don't want it" or need it, despite its advocates claiming it will cost nothing. The host of "Kudlow" warned on "America's Newsroom" on Tuesday the massive spending will significantly damage the economy and the workforce if passed.  PSAKI ACKNOWLEDGES BIDEN SPENDING CARRIES A COST, SAYS WEALTHY TO ‘PAY MORE’ TO COVER EXPENSE LARRY KUDLOW: Here's the point so far, what we know about this bill, which is a terrible bill, save America kill the bill, but so far what we know is that the House Budget Committee mark, is 4.3 trillion in new spending. The House Ways and Means Committee tax increase mark scored by the Joint Tax Committee is two trillion. I think it's unassailable logic that 4.3 trillion in spending is higher than two trillion in taxes by 2.3 trillion. It's not free. It's not cost-free, and by the way, it will do great damage to the economy, to the workforce, to basically a new big government, socialism, welfare...
    U.S. military planes have carried the last U.S. service members and diplomats from Kabul's airport, ending America's longest war. Ordinary Americans closely watched the chaotic withdrawal from Afghanistan, as they did the start of the war nearly 20 years ago, in the weeks after the 9/11 attacks. But Americans often tended to forget about the Afghanistan war in between, and it received measurably less oversight from Congress than the Vietnam War did. But its death toll for Afghans and Americans and their NATO allies is in the many tens of thousands. And because the U.S. borrowed most of the money to pay for it, generations of Americans to come will be paying off its cost, in the trillions of dollars.  A look at the U.S.-led war in Afghanistan, by the numbers, as the last Americans deployed there departed.  Much of the data below is from Linda Bilmes of Harvard University's Kennedy School and from the Brown University Costs of War project. Because the United States between 2003 and 2011 fought the Afghanistan and Iraq wars simultaneously, and many American troops...
    U.S. military planes have carried the last U.S. service members and diplomats from Kabul’s airport, ending America’s longest war. Ordinary Americans closely watched the chaotic withdrawal from Afghanistan, as they did the start of the war nearly 20 years ago, in the weeks after the 9/11 attacks. But Americans often tended to forget about the Afghanistan war in between, and it received measurably less oversight from Congress than the Vietnam War did. But its death toll for Afghans and Americans and their NATO allies is in the many tens of thousands. And because the U.S. borrowed most of the money to pay for it, generations of Americans to come will be paying off its cost, in the trillions of dollars. A look at the U.S.-led war in Afghanistan, by the numbers, as the last Americans deployed there departed. Much of the data below is from Linda Bilmes of Harvard University’s Kennedy School and from the Brown University Costs of War project. Because the United States between 2003 and 2011 fought the Afghanistan and Iraq wars simultaneously, and many American troops...
    A woman reacts as she gets inoculated with a dose of the Covishield vaccine against Covid-19 at a vaccination center in Mumbai on August 12, 2021.PUNIT PARANJPE | AFP | Getty Images The world economy is set to lose trillions in GDP because of delayed vaccination timelines, with developing economies bearing most of the losses due to the uneven rollout, the Economist Intelligence Unit said in a report. Countries that are not able to inoculate 60% of their population by mid-2022 will lose $2.3 trillion between 2022 and 2025, the EIU predicted. "Emerging countries will shoulder around two-thirds of these losses, further delaying their economic convergence with more developed countries," wrote Agathe Demarais, the EIU's global forecasting director.There is little chance that the divide over access to vaccines will ever be bridged.Agathe DemaraisEconomist Intelligence Unit global forecasting directorAsia will be "by far the most severely affected continent" in absolute terms, with losses projected to reach $1.7 trillion, or 1.3% of the region's forecasted GDP. Countries in sub-Saharan Africa will lose around 3% of their forecasted GDP, the highest in percentage terms,...
    "Sunday Morning Futures"host Maria Bartiromo told "America's Newsroom" on Monday that the proposed $3.5 trillion budget and infrastructure bill could cost trillions more than the Democrats claim. BUTTIGIEG SAYS INFRASTRUCTURE BILL WILL AFFECT ‘EVERY AMERICAN’ MARIA BARTIROMO: Let me just say that there are so many gimmicks in that $3.5 trillion bill. It is not three and a half trillion, it’s actually five and a half trillion, according to the Committee for a Responsible Budget. There are gimmicks in there, they are making assumptions that these welfare issues will go away midway through the 10-year period, but they won’t go away. Once you give people things like child care, health care, free college, checks in the mail, amnesty, et cetera, it is hard to take those things back.  WATCH FULL VIDEO BELOW: Video This article was written by Fox News staff.
    U.S. consumer prices surged in April, with a key measure of underlying inflation blowing past the Federal Reserve's 2 percent target and posting its largest annual gain since 1992. In the 12 months through April, the personal consumption expenditures price index vaulted 3.1 percent, the most since July 1992, after rising 1.9 percent in March, data on Friday showed.  A massive increase in the money supply to fund COVID stimulus, disruptions in the supply chain causing shortages, and pent up consumer demand as the pandemic wanes are all being blamed as reasons for the surge in inflation.  Though the new inflation measure exceeded economists' forecasts, Fed Chair Jerome Powell has repeatedly insisted that higher inflation will be transitory, and the news is expected to have no impact on monetary policy. The U.S. central bank slashed its benchmark overnight interest rate to near zero last year and continues to flood the economy with money through monthly bond purchases.  The Fed has signaled it could tolerate higher inflation for some time to offset years in which inflation was lodged below its 2 percent...
    President-elect Joe Biden's coronavirus economic relief package is expected to cost trillions, and on Tuesday, transition officials briefed Democratic congressional staff about his priorities for the massive stimulus bill, two people familiar with the plans told CBS News.   Elements of the package considered by Mr. Biden to be "critical" include $2,000 stimulus payments for Americans, more money for cities and states to boost their response to COVID-19 and to improve vaccine distribution and provide more funding for schools.  Mr. Biden also wants to see another extension and increase of enhanced unemployment insurance payments, which were extended last month and are currently slated to last until mid-March.   How will Biden convince Congress to pass this bill?The Biden White House is looking for bipartisan support for its the COVID-relief package, which could mean significant changes to the legislation in order to attract more Republican support. This goal was also communicated to the congressional aides on Tuesday.  If Mr. Biden cannot reach a deal with Senate Republicans, this package could pass under reconciliation, a process sometimes used for spending measures....
    Fatal police shooting sparks protest in Philadelphia A New Website Tracks Broken McFlurry Machines, Because Weve All Been Heartbroken Before A lack of common travel protocols could cost the world trillions of dollars, Dubai Airports CEO says Countries still have not agreed on quarantine, testing and travel protocols. This could cost the global economy trillions of dollars, according to Paul Griffiths of Dubai Airports. He also said governments were not focused on the economic and social benefits of managing the virus in a practical way. Countries have not yet come to a consensus on how to safely restart travel amid the coronavirus crisis, and this could cost the global economy trillions of dollars, according to the chief executive of Dubai Airports. Load Error "We don't have an agreed testing procedure for a reliable, accurate and scalable test, and that needs to happen," Paul Griffiths told CNBC's Hadley Gamble on Monday. "Secondly, there's no harmonization between the control measures and the need to have a quarantine regime that is both effective and non-intrusive," he said. Dubai...
    The world could face trillions of extra economic damages according to a new study. The study, led by Georgetown University and published in Nature Communications, shows that current economic forecasting models fail to account for the “irreducible uncertainty” associated with known levels of rising temperatures. “When we cause a system like the Earth’s climate to warm, it does not warm smoothly and uniformly. Changes in the Earth’s temperature translate into economic damages and our work estimates the additional economic damage that we can expect due to these fluctuations in earth’s global mean temperature on top of the smooth gradual increase due to increasing CO2 in the atmosphere,” said co-author Professor Sandra Chapman from the University of Warwick Department of Physics. Even small fluctuations could create trillions of dollars of additional economic damages, the study finds. “Our study identifies a new category of economic costs—those arising from the unpredictable, but unavoidable fluctuations in global climate that we’re bound to face,” said Georgetown’s McCourt School of Public Policy Professor Raphael Calel, an economist and co-author of the study. “To prevent these losses,...
    Relentless cyberattacks against organizations across the United States have cost over $1.8 trillion and exposed more than 7.8 billion consumer records over the last two years, according to ForgeRock’s 2020 Consumer Identity Breach Report. Eve Maler is a 20-year veteran of the identity industry and is the chief technology officer at ForgeRock. In an interview with Fox News, she explained that the main form of cyberattack (40 percent of the data breaches last year) takes place as so-called unauthorized access attacks. “Unauthorized access means that cybercriminals were actually getting into people's online accounts using previously stolen usernames and passwords or possibly other personal data about them,” said Maler. She underscored that the health care industry was the most hard hit, with 45 percent of attacks occurring in the sector in 2019. Unfortunately, Maler said that the health care records of Americans are still vulnerable as ever in 2020. “The data is unfortunately getting worse for the first quarter of 2020, and the health care industry is once again a big target,” said Maler. “Over 50 percent of the data breaches so...
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