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    Monday on Fox Business Network’s “Mornings with Maria,” Rep. Steve Scalise (R-LA) ripped the Democrats for their push to pass another massive social spending package. Scalise accused Democrats of going on a “drunken spending spree” with their spending plans while neglecting the “basic forms and functions of government.” “The Democrats have been on this big drunken spending spree, raising taxes, spending trillions of dollars, they’ve neglected to take care of the basic forms and functions of government, and that is with the House, Senate and White House all in Democrat hands,” Scalise lamented. “They still haven’t passed an appropriations bill to fund any of the agencies of government properly, through both chambers, so now we’re facing yet another crisis, another shutdown. You’ve got the debt ceiling looming. Because they’ve spent trillions more dollars, we’re about to max out our credit card again, and what is their answer? They passed over to the Senate trillions more in spending, Maria. And by the way, deficit spending, that will all go to the debt.” He continued, “They don’t care about who is going...
    London (CNN Business)News that prices for American consumers are rising at the fastest rate in three decades has spooked investors and economists, piling pressure on President Joe Biden and the Federal Reserve to respond more aggressively. What's happening: Biden and his team are now steeling themselves for high inflation to persist into 2022, a problem for Democrats ahead of next November's midterm elections. Senior Fed official Richard Clarida has indicated that if inflation stays elevated, the central bank could opt to hike interest rates next year.Inflation is currently "much more than a moderate overshoot" of the Fed's 2% target, he said earlier this week. "I would certainly not consider a repeat performance a policy success," he continued.Larry Summers, an economist who served in both the Obama and Clinton administrations, has been sounding the alarm on inflation for months."I think that the policymakers in Washington, unfortunately, have almost every month been behind the curve," Summers told CNN on Wednesday.Read MoreBut not everyone thinks the Fed and the Biden administration need to change course dramatically. In fact, former Fed economist Claudia Sahm,...
    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
    The poverty rate in the United States declined during 2020 - the height of the COVID pandemic's economic shutdown - because of trillions in government spending.  About 9.1 per cent of Americans were poor last year, the Census Bureau noted on Tuesday, down from 11.8 per cent in 2019. Poverty is defined as having an income of less than $26,200 a year for a family of four. That number is based on a measure of poverty that includes the impact of government aid programs, which got funding boosts last year because of the pandemic.  The government's official measure, which leaves out some major federal aid programs, rose to 11.4 per cent, from a record low 10.5 per cent in 2019. Still a drop in poverty during a major world pandemic and as the nation experienced the worst economic crisis since the Great Depression is an notable feat. In comparison, during 2010's Great Recession, the poverty rate rose to 15.1 per cent. The low number reflects the enormous government investment - including the $1,200 stimulus checks and extra $600 a week in jobless benefits - that...
    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...
    Former House Speaker Newt Gingrich pointed to the “stupid” Food and Drug Administration (FDA) not giving full approval to the COVID-19 vaccine as a reason not to give the federal government trillions of dollars in new funding. “We have hundreds of millions of cases now where people have been vaccinated. I’ve been vaccinated … and the Food and Drug Administration still hasn’t approved it?” Gingrich said Tuesday on Fox News’ “America’s Newsroom.” WATCH: “How stupid does the FDA bureaucracy have to be, to have this huge worldwide proof that it’s safe and yet clearly some people are not getting vaccinated because they’re waiting for the government? And that’s typical of what we’re seeing,” Gingrich continued. White House senior medical adviser Dr. Anthony Fauci has said that full FDA approval would probably result in more Americans getting vaccinated. The former speaker noted that in California and Washington billions of dollars were “stolen” from the state’s unemployment fund, and condemned Democratic plans to fund “an unreformed bureaucratic system that is incompetent [and] is riddled with corruption,” saying it is an instance...
    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...
    The movement to make the United States pay reparations to black descendants of slaves was given its most significant backing to date on Wednesday, as the House Judiciary Committee approved a proposal to begin studying the issue. The Committee's vote does not mean reparations are likely any time soon: their support for a new commission to investigate does not mean legislation to create the commission will make it to the House floor. Even if it does proceed to a vote, there is no guarantee that it would survive that vote, as the Democrats hold an extremely narrow majority.  There's even less of a chance it would make it through the Senate, as 10 Republicans would need to sign on to make it filibuster-proof.   However, supporters of reparations were celebrating, with Shelia Jackson Lee, the New York congresswoman who sponsored the bill, describing it as a triumph. Rep. Sheila Jackson Lee of New York, seen Wednesday, is the primary sponsor of the bill 'No such bill has ever come this far during Congressional history of the United States,' she said, following the...
    THE HOUSE Judiciary Committee has backed a slavery reparations commission that would award trillions of dollars to Black Americans. The committee voted 25 to 17 on Wednesday to advance a bill that would create a commission to study reparations for Black Americans who are descendants of slaves. 1Representatives Joyce Beatty and Sheila Jackson Lee talk after the Committee vote to create a slavery reparations commissionCredit: AP "No such bill has ever come this far during Congressional history of the United States," said Texas Representative Sheila Jackson Lee, one of the sponsors of the bill. The bill was originally introduced in the House in 1989 but never made it to committee vote. More to follow... For the latest news on this story keep checking back at Sun Online. The Sun is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video. Download our fantastic, new and improved free App for the best ever Sun Online experience. For iPhone click here, for Android click here.  Like us on Facebook at www.facebook.com/TheSunUS and follow...
    The equity markets preferred to focus Thursday on the prospects for recovery in the United States and good manufacturing indices rather than on the new restrictions announced in Europe before a long Easter weekend. From opening to closing, optimism reigned over the main European stock markets: Frankfurt ended up 0.66%, after setting a new high in the session, at 15,110.92 points. Paris gained 0.59%, London (+ 0.35%) and Milan (+ 0.25%). Despite the surprise increase in weekly jobless claims, which passed the 700,000 claims mark, last week in the United States, Wall Street preferred to celebrate the rise above expectations in the manufacturing sector in March and the prospects for recovery. Earlier, Asia had ended up in the green. Reconfinement and new restrictions? Not even afraid! Western stock markets will be closed on Friday and Monday due to the Easter weekend. The “new restrictions linked to the rise in infections do not destabilize investors,” comments Timo Emden, independent analyst. “Despite the resurgence of the coronavirus pandemic in several countries, global activity remains vigorous and the outlook remains favorable”, recalls...
    President-elect Joe BidenJoe BidenCapitol Police officer dies following riots Rep. Joaquin Castro wants to prevent Federal government from ever naming buildings, property after Trump Tucker Carlson: Trump 'recklessly encouraged' Capitol rioters MORE on Friday previewed a COVID-19 relief bill that he said would be "in the trillions," setting the stage the first major legislative battle of his presidency. "As I’ve said before, the bipartisan COVID relief package passed in December is an important step, but just a downpayment," Biden said in a speech announcing new Cabinet nominees. "Next week, I will be laying out the groundwork for the next COVID economic relief package that meets this critical moment for our economy and country," he added. Biden outlined several provisions of the bill, which appear to line up with some of his campaign promises on coronavirus relief. Among them was "billions of dollars" to improve the vaccine rollout, extending unemployment benefits set to expire in March and April, action on housing and sending out $2,000 stimulus checks. Biden criticized the size of the direct payments from the $900 billion relief bill...
    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,...
    Cardinals activate Dexter Fowler, make other moves Rare dog breeds youve never heard of Banks handled trillions of dollars in "suspicious" transactions A congressional investigation into the 2016 U.S. presidential election has unearthed evidence that major banks processed $2 trillion in transactions despite suspecting they were connected to illegal activity. © JOHANNES EISELE US-CITYSCAPE-ARCHITECTURE-JPMORGAN CHASE So-called suspicious activity reports, filed by banks with government regulators, indicate the banks were concerned the transactions would help suspected terrorists, drug dealers, corrupt foreign officials and other bad actors move trillions of dollars around the world. The private reports, which covered 1999 through 2017, were obtained by BuzzFeed News and shared with the non-profit International Consortium of Investigative Journalists.  Load Error The two organizations published their investigations into the documents over the weekend, but did not publish the complete reports. Both also declined to make public most of the information contained in the reports, including the customers who the banks suspected of illegal activity. Corporate watchdogs said the reports show that the U.S. government and banks need to do more to combat...
    A congressional investigation into the 2016 U.S. presidential election has unearthed evidence that major banks processed $2 trillion in transactions despite suspecting they were connected to illegal activity. So-called suspicious activity reports, filed by banks with government regulators, indicate the banks were concerned the transactions would help suspected terrorists, drug dealers, corrupt foreign officials and other bad actors move trillions of dollars around the world. The private reports, which covered 1999 through 2017, were obtained by BuzzFeed News and shared with the non-profit International Consortium of Investigative Journalists.  The two organizations published their investigations into the documents over the weekend, but did not publish the complete reports. Both also declined to make public most of the information contained in the reports, including the customers who the banks suspected of illegal activity. Get Breaking News Delivered to Your Inbox Corporate watchdogs said the reports show that the U.S. government and banks need to do more to combat money laundering. Profiting from "dangerous players"In its report, BuzzFeed said the documents show "how the giants of Western banking move trillions of dollars in suspicious...
    VIDEO1:1901:19A 'very bullish' John Stoltzfus predicts rally setbackTrading Nation Market bull John Stoltzfus is bracing for a rough patch, but he sees reasons to stay optimistic. According to the Oppenheimer Asset Management chief investment strategist, the market rally off the March 23 low has a long runway ahead of it. "We remain very bullish on this market," Stoltzfus told CNBC's "Trading Nation" on Wednesday.  His optimism is punctuated by the trillions of dollars parked on the sidelines, and the idea the U.S. will successfully get the coronavirus pandemic under control. "You're going to see money beginning to further move out of the bond market, and it makes all the sense in the world to be positioned in equities," Stoltzfus said. Yet, he acknowledges near-term risks associated with the second stimulus package being debated on Capitol Hill, the country's virus spikes and uncertainty surrounding the presidential election. "In terms of downside risks, we'd say anywhere from 4% to 6%," he said. "This has been a remarkable resurgence in the price of stocks on back of expectations that we will get to...
    Central banks and governments have funneled record amounts of money into their economies to fight the global recession triggered by the coronavirus pandemic.  The Federal Reserve's balance sheet has ballooned from $4 trillion in mid-March to roughly $7 trillion. Congress has passed trillions of dollars in stimulus funding, with more likely on the way. The infusion of cash into the financial system has renewed concerns that inflation could surge. "People who espouse that view of, as Milton Friedman said, inflation is always and everywhere a monetary phenomenon, if you believe that you look at the central bank balance sheets exploding right now and you say there's going to be inflation," Citi global chief economist Catherine Mann told CNBC. Supply shocks have driven up prices for some goods in recent months. Yet many economists expect consumer prices will stay low despite trillions of dollars in government stimulus. "While there certainly is quite a lot of disruption to the supply side of the economy, that's likely to be dominated by the huge hit to aggregate demand," said Evercore ISI Vice Chairman Krishna...
    Reuters July 9, 2020 0 Comments U.S. House of Representative Speaker Nancy Pelosi said on Thursday that the next coronavirus relief legislation will need to include trillions of dollars in aid for state and local governments, struggling workers and their families and medical efforts to contain the virus. “We need $1 trillion for state and local. We need another $1 trillion for unemployment insurance and direct payments. Something like that, but probably not as much, for the testing, tracing, treatment,” Pelosi told reporters, amid growing signs that momentum is gathering in Congress for a new legislative package. She also said the Democratic-led House would address President Donald Trump’s “senseless” withdrawal from the World Health Organization in a forthcoming appropriations bill but provided no details. (Reporting by David Morgan and Makini Brice; Editing by Chizu Nomiyama) Categories: News Tagged: Congress, Coronavirus Outbreak, Nancy Pelosi Responses Cancel replyYou must be logged in to post a comment. © 2020 - IJR GDPR Privacy policy Terms of Service Agreement Pelosi Says She Wants Trillions of Dollars in Next Coronavirus Aid Bill
    Before the police killing of George Floyd in Minnesota and before Covid-19 forced corporate America into lockdown, companies were being singled out for social responsibility. It's a trend that began to accelerate well before the current crises, and has now gone mainstream. "Investors were really flocking to ESG strategies," said Valerie Grant, senior portfolio manager of responsible investing at AllianceBernstein. "For ETFs, there were $8 billion inflows into ESG strategies. And for mainstream funds, the flows were $12 billion." ESG is a catch-all term for investing strategies that consider a company's environmental, social and governance factors. While critics have called ESG investing vague and even a fraud, analysts predict it will double in 2020 and become integrated into the investment decisions of every investor. Watch the video above to find out how ESG investing could transform the financial sector.Related Tags Corporate governance Workplace diversity Social diversity Diversity & Equality Alternative and sustainable energy
    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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