Carson’s proposal is also expected to add work requirements for everyone who receives federal housing subsidies, according to the Washington Post. The latest figures show that about 75 percent of those receiving housing assistance are either working or recently worked.
This move comes as outgoing House Speaker Paul D. Ryan (R-Wis.) said in interviews that it is the social services network that has made a trillion-dollar federal debt “inevitable.” Ryan said, “These deficit trillion-dollar projections have been out there for a long, long time. Why? Because of mandatory spending which we call entitlements,” he told NBC’s Chuck Todd.
When President Donald Trump and the Republican Party pitched their bill to overhaul the American tax code, they promised voters that their plan was aa “middle-class tax relief.” As the law goes into effect, though, most Americans are seeing little benefit, while the big banks are raking in record profits.
In a Tax Day essay under the byline of Donald Trump, the USA Today newspaper has allowed the 45th president to tell an utterly misleading story about the tax “reform” law he signed into law in December. The calculated deceptions in this piece matter a lot because the front page of that same newspaper declares “Exclusive: GOP banks on tax cuts to keep majority in Congress.”
Well, that’s what the nonpartisan Congressional Budget Office (CBO) said this week, anyway. Without blatantly labeling the GOP tax cut as a con, the CBO did say that it would in no way, not ever pay for itself. It would, the CBO warned, dramatically raise the national budget deficit, year after year, for at least a decade.
Trump and Republican leadership have long touted their tax cuts as a massive boon to America’s working class, if not through direct tax reductions or refunds, then through the trickle-down effect of bonuses and wage increases from their employers who receive massive corporate cuts.
Sometimes, it’s useful to state the obvious. Here’s a fact, for example, that we all know to be true: America’s economy is enormous. It’s worth saying that out loud and repeating it to ourselves and others, because today’s Powers That Be (economic, political and media) are wrongly forcing a regime of austerity on our nation.
On Wednesday, China announced tariffs worth $50 billion in retaliation against Trump’s just-imposed tariffs on Chinese steel, aluminum and high-tech goods. The Chinese will impose a 25 percent tariff on 106 U.S. products including soybeans, cars and chemicals, it announced. It will also target U.S. corn, cotton, beef, orange juice, whiskey, tobacco, and several lubricants and plastic products.
Secretary of Commerce Wilbur Ross’ decision Monday to add a controversial question on citizenship to the 2020 census came in the face of opposition from career officials at the Census Bureau who fear it will depress response rates, especially from immigrants.
Peter G. “Pete” Peterson, the billionaire businessman and anti-government crusader, died last week at the age of 91. He leaves behind family and friends who will miss him, and a vast coterie of consultants and politicians who may miss his checks even more. They can take comfort from the words of Percy Bysshe Shelley: “He doth not sleep/he hath awakened from the dream of life …”
President Trump’s commitment to pull out of the Paris Agreement signaled what appeared to be the worst of times for a transition to a low-carbon future in the United States. But actions being taken by a significant number of cities could instead make it the best of times for renewable energy in America.
But he knew about bankers who regularly squeezed small-business families like ours with usurious interest rates. He knew how rough it was for a local business to fight off deep-pocketed chain stores that use predatory pricing and sledgehammer advertising budgets to seize local markets.
President Donald Trump picked well-known CNBC personality Larry Kudlow to become director of the National Economic Council, a man with a storied history of being spectacularly and consistently wrong in his economic forecasting. For starters, Kudlow has proudly proclaimed he’s been an advocate of the gold standard since the 1970s, a favorite proposal of economic cranks the world over.
Trump has chosen television host Larry Kudlow to be his new chief economic adviser. Kudlow doesn’t have an economics degree, but he does have a considerable track record of making woefully wrong economic predictions. But none of that is an obstacle for Trump, who plans to appoint him to head the National Economic Council.
The existence of the gender pay gap is a well-documented fact. Respected institutions from the Pew Research Center to the Senate Joint Economic Committee confirm that American women make about 77 cents to the average man’s dollar. For women of color, the disparity is even steeper.
Consider that the most common measurement that the media, politicians and corporations use to tell us whether our economy is zooming or sputtering is Wall Street’s index of stock prices. The media literally spews out some number every hour indicating that the Dow Jones Average of stock prices is up, down or sluggish — as though everyone is waiting breathlessly for that news.
As if to maximize the possibility of another major financial crisis, the Trump administration and the GOP have recently been busy undercutting the limited safeguards established a decade ago via Dodd-Frank. The latest example of this stealth attack on Wall Street reform is the Economic Growth, Regulatory Relief, and Consumer Protection Act, appropriately sponsored by Republican Senator Mike Crapo of Idaho, chairman of the Senate Banking Committee.
In Wisconsin, which went for Trump by the narrowest of margins, Republican Gov. Scott Walker has warned that tariffs could hurt the state’s canning and beer industries. Sen. Ron Johnson (R-WI) has also condemned the looming trade war. And Sen. Joni Ernst (R-IA) lamented how the White House doesn’t understand today’s global economy.
Trump economic adviser Gary Cohn resigned this week, and Trump bid him farewell by using what amounts to an anti-Semitic slur at a cabinet meeting. Cohn, who did not resign after Trump called Nazis “very fine people,” finally quit this week after Trump announced tariffs that could lead to a trade war.
Republicans are pushing for a bill that would start to roll back the landmark Dodd-Frank legislation that was passed in 2010 to rein in the financial sector after the misbehavior that led to the Great Recession. Now, just about 10 years after the financial crisis that destroyed millions of jobs and devastated the country, Republicans want to weaken Dodd-Frank and unleash some of the banks’ worst tendencies.
“Officials insisted there was no single factor behind the departure of Mr. Cohn,” The New York Times reported. Cohn had reportedly been considering quitting as early as August 2017 following Trump’s horrendous response to the white supremacist violence in Charlottesville. Cohn had even penned a resignation letter at that time.
Trump took to Twitter Saturday to threaten a trade war with the European Union after his proposal to hike tariffs on steel and aluminum was blasted by lawmakers on both sides of the aisle and in multiple countries, as well as trade groups, economists, and major U.S. employers.
Trump’s original spending proposal for fiscal year 2019, released last month, included major cuts to not just to the NIH, but the National Science Foundation as well. It is those two publicly funded entities—not Big Pharma—that support the bulk of the country’s basic research into diseases and pathways to new treatments.
Harley-Davidson and Trump have been enjoying something of a bromance for the last two years. But the red state motorcycle manufacturer may soon pay a big price for Trump’s latest, irrational policy plan. And they won’t be alone. During the 2016 campaign, candidate Trump tried to bask in an association with Harley riders.