Whitt scores 14, Belmont beats Middle Tennessee 82-79After giving birth, I dressed in black to blend in with others. Now, my rainbow-inspired fashion brand makes millions.Ballard announces multiple orders totaling over 6 MW of fuel cell engines for European bus market
Alberta announces future coal mining policy plan, industry consultsDavid Hilzenrath, Jodie Fleischer, Cox Media Group | (TNS) KFF Health News In March, newly installed Social Security chief Martin O’Malley criticized agency “injustices” that “shock our shared sense of equity and good conscience as Americans.” He promised to overhaul the Social Security Administration’s often heavy-handed efforts to claw back money that millions of recipients — including people who are living in poverty, are elderly, or have disabilities — were allegedly overpaid, as described by a KFF Health News and Cox Media Group investigation last year. “Innocent people can be badly hurt,” O’Malley said at the time. Nearly eight months since he appeared before Congress and announced a series of policy changes, and with two months left in his term, O’Malley’s effort to fix the system has made inroads but remains a work in progress. For instance, one change, moving away from withholding 100% of people’s monthly Social Security benefits to recover alleged overpayments, has been a major improvement, say advocates for beneficiaries. “It is a tremendous change,” said Kate Lang of Justice in Aging, who called it “life-changing for many people.” The number of people from whom the Social Security Administration was withholding full monthly benefits to recoup money declined sharply — from about 46,000 in January to about 7,000 in September, the agency said. Asked to clarify whether those numbers and others provided for this article covered all programs administered by the agency, the SSA press office did not respond. Another potentially significant change — relieving beneficiaries of having to prove that an overpayment was not their fault — has not been implemented. The agency said it is working on that. Meanwhile, the agency seems to be looking to Congress to take the lead on a change some observers see as crucial: limiting how far back the government can reach to recover an alleged overpayment. Barbara Hubbell of Watkins Glen, New York, called the absence of a statute of limitations “despicable.” Hubbell said her mother was held liable for $43,000 because of an SSA error going back 19 years. “In what universe is that even legal?” Hubbell said. Paying down the overpayment balance left her mother “essentially penniless,” she added. In response to questions for this article, Social Security spokesperson Mark Hinkle said legislation is “the best and fastest way” to set a time limit. Establishing a statute of limitations was not among the policy changes O’Malley announced in his March congressional testimony. In an interview at the time, he said he expected an announcement on it “within the next couple few months.” It could probably be done by regulation, without an act of Congress, he said. Speaking generally, Hinkle said the agency has “made substantial progress on overpayments,” reducing the hardship they cause, and “continues to work diligently” to update policies. The agency is underfunded, he added, is at a near 50-year low in staffing, and could do better with more employees. The SSA did not respond to requests for an interview with O’Malley. O’Malley announced the policy changes after KFF Health News and Cox Media Group jointly published and broadcast investigative reporting on the damage overpayments and clawbacks have done to millions of beneficiaries. When O’Malley, a former Democratic governor of Maryland, presented his plans to three congressional committees in March, lawmakers greeted him with rare bipartisan praise. But the past several months have shown how hard it can be to turn around a federal bureaucracy that is massive, complex, deeply dysfunctional, and, as it says, understaffed. Now O’Malley’s time may be running out. Lang of Justice in Aging, among the advocacy groups that have been meeting with O’Malley and other Social Security officials, said she appreciates how much the commissioner has achieved in a short time. But she added that O’Malley has “not been interested in hearing about our feelings that things have fallen short.” One long-standing policy O’Malley set out to change involves the burden of proof. When the Social Security Administration alleges someone has been overpaid and demands the money back, the burden is on the beneficiary to prove they were not at fault. Cecilia Malone, 24, a beneficiary in Lithonia, Georgia, said she and her parents spent hundreds of hours trying to get errors corrected. “Why is the burden on us to ‘prove’ we weren’t overpaid?” Malone said. It can be exceedingly difficult for beneficiaries to appeal a decision. The alleged overpayments, which can reach tens of thousands of dollars or more, often span years. And people struggling just to survive may have extra difficulty producing financial records from long ago. What’s more, in letters demanding repayment, the government does not typically spell out its case against the beneficiary — making it hard to mount a defense. Testifying before House and Senate committees in March, O’Malley promised to shift the burden of proof. “That should be on the agency,” he said. The agency expects to finalize “guidance” on the subject “in the coming months,” Hinkle said. The agency points to reduced wait times and other improvements in a phone system known to leave beneficiaries on hold. “In September, we answered calls to our national 800 number in an average of 11 minutes — a tremendous improvement from 42 minutes one year ago,” Hinkle said. Still, in response to a nonrepresentative survey by KFF Health News and Cox Media Group focused on overpayments, about half of respondents who said they contacted the agency by phone since April rated that experience as “poor,” and few rated it “good” or “excellent.” The survey was sent to about 600 people who had contacted KFF Health News to share their overpayment stories since September 2023. Almost 200 people answered the survey in September and October of this year. Most of those who said they contacted the agency by mail since April rated their experience as “poor.” Jennifer Campbell, 60, a beneficiary in Nelsonville, Ohio, said in late October that she was still waiting for someone at the agency to follow up as described during a phone call in May. “VERY POOR customer service!!!!!” Campbell wrote. “Nearly impossible to get a hold of someone,” wrote Kathryn Duff of Colorado Springs, Colorado, who has been helping a disabled family member. Letters from SSA have left Duff mystified. One was postmarked July 9, 2024, but dated more than two years earlier. Another, dated Aug. 18, 2024, said her family member was overpaid $31,635.80 in benefits from the Supplemental Security Income program, which provides money to people with little or no income or other resources who are disabled, blind, or at least 65. But Duff said her relative never received SSI benefits. What’s more, for the dates in question, payments listed in the letter to back up the agency’s math didn’t come close to $31,635.80; they totaled about a quarter of that amount. Regarding the 100% clawbacks, O’Malley in March said it’s “unconscionable that someone would find themselves facing homelessness or unable to pay bills, because Social Security withheld their entire payment for recovery of an overpayment.” He said that, starting March 25, if a beneficiary doesn’t respond to a new overpayment notice, the agency would default to withholding 10%. The agency warned of “a short transition period.” That change wasn’t automated until June 25, Hinkle said. The number of people newly placed in full withholding plummeted from 6,771 in February to 51 in September, according to data the agency provided. SSA said it would notify recipients they could request reduced withholding if it was already clawing back more than 10% of their monthly checks. Nonetheless, dozens of beneficiaries or their family members told KFF Health News and Cox Media Group they hadn’t heard they could request reduced withholding. Among those who did ask, roughly half said their requests were approved. According to the SSA, there has been almost a 20% decline in the number of people facing clawbacks of more than 10% but less than 100% of their monthly checks — from 141,316 as of March 8 to 114,950 as of Oct. 25, agency spokesperson Nicole Tiggemann said. Meanwhile, the number of people from whom the agency was withholding exactly 10% soared more than fortyfold — from just over 5,000 to well over 200,000. And the number of beneficiaries having any partial benefits withheld to recover an overpayment increased from almost 600,000 to almost 785,000, according to data Tiggemann provided. Lorraine Anne Davis, 72, of Houston, said she hasn’t received her monthly Social Security payment since June due to an alleged overpayment. Her Medicare premium was being deducted from her monthly benefit, so she’s been left to pay that out-of-pocket. Davis said she’s going to need a kidney transplant and had been trying to save money for when she’d be unable to work. Related Articles National News | California case is the first confirmed bird flu infection in a US child National News | Colorado funeral home owners who let bodies decay plead guilty to 191 counts of corpse abuse National News | Another E. coli recall: falafel bites from Florida, California and 16 other states National News | US budget airlines are struggling. Will pursuing premium passengers solve their problems? National News | Hyundai, Kia recall over 208,000 electric vehicles to fix problem that can cause loss of power A letter from the SSA dated April 8, 2024, two weeks after the new 10% withholding policy was slated to take effect, said it had overpaid her $13,538 and demanded she pay it back within 30 days. Apparently, the SSA hadn’t accounted for a pension Davis receives from overseas; Davis said she disclosed it when she filed for benefits. In a letter to her dated June 29, the agency said that, under its new policy, it would change the withholding to only 10% if she asked. Davis said she asked by phone repeatedly, and to no avail. “Nobody seems to know what’s going on” and “no one seems to be able to help you,” Davis said. “You’re just held captive.” In October, the agency said she’d receive a payment — in March 2025. Marley Presiado, a research assistant on the Public Opinion and Survey Research team at KFF, contributed to this report. ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC.References to Jerry Daniels removed from Southern Chiefs' Organization website following altercation in Ottawa
A Chinese film set during the Covid-19 pandemic won the top prizes in Taiwan's prestigious Golden Horse Awards, which saw the highest number of entries from China in recent years despite political tensions. Beijing banned its entertainers from joining Golden Horse -- dubbed the Chinese-language "Oscars" -- in 2019 after a Taiwanese director voiced support for the island's independence in an acceptance speech in 2018. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Science is meant to be logical, objective, and rooted in research and observable fact. It is how we learn and advance human knowledge. Wokeness -- and all the things that come with it -- is not rooted in facts, logic, or reason. It is based in emotions and feelings, and when it becomes the priority, it taints everything it touches. When you mix wokeness with science, you no longer get an objective discipline, but a quasi-religion. At the San Diego science museum, there's a 'Hall of Woke' demonstrating that reality. 1/🧵 Welcome to the Hall of Woke! The San Diego science museum opened its doors for December Nights and we took all the kids for the lights, food and fun. While the girls were using the restroom I was waiting in what appears to be the Hall of Woke - just outside. Get ready for... pic.twitter.com/zPoojAmQpG The post continues: Get ready for the ride. The wall was emblazoned with rainbows and portraits declaring: New Science! 'Queer and intersectional identities are revolutionizing how science gets done' Which is why 'science' says there are 57 genders, right? Or that there's no biological difference between male and female athletes? 2/ The hallway, featured a dozen of the craziest most aggressive intersectionality “science people” ever assembled. They even had a queer Sikh with a rainbow Turban: “To me, science is personal. I bring my multifaceted identity into the lab, and it informs the work I choose to do... pic.twitter.com/HWP09K7jgu Here's how intersectionality impacts science: To me, science is personal. I bring my multifaceted identity into the lab, and it informs the workI choose to do and the way in which I do it. I enjoy doing interdisciplinary work that combines different methods from neuropsychology and neuroimaging along with advanced quantitative approaches, and I think that this overall strategy comes from an understanding of individual people as layered. My expression of queerness is influenced by my Sikh values, which motivate me to be visible and work towards equity within science and beyond Science is directly at odds with equity. Nature, by design, is not equitable. You can have one or the other but not both. 3/ Then you come across the superhero known as shark-non-binary person! (They/Them pronouns on many posters). “Sharks and I share a similar story-we are both ambassadors of our own existence and we both fight against a dying world. As one of a handful of non-binary people of... pic.twitter.com/t4ndgXwDyN How does a shark-non-binary person see their role in science? As one of a handful of non-binary people of color in shark sciences, I continue to lead the way for diversity and inclusion in academia, not just out of passion, but survival. So scientific! 4/ Look, to each his/her/they/their own... but pretending that queerness informs a better scientific outcome is eye-rolling. It’s also annoying and also rans if I’m being honest. As Leftist Sam Harris notes: “With any luck, your sexuality with be the least interesting thing about... pic.twitter.com/sMgq2b6tFY Sam Harris is right on this. And, yes, believing 'queerness' helps scientific outcomes is eye-rolling: As Leftist Sam Harris notes: 'With any luck, your sexuality with be the least interesting thing about you. This next person hits all the notes of identity politics. If only she was disabled (sorry, differently abled): 'My journey to becoming a physicist wasn't easy. It took time for me to realize that if I don't fit the mold, I need to break the mold. I am a Black, Mexican, lesbian woman and proud of all the things that make me myself. My identity informs the physics that I do.' No, your identity can't 'inform' the physics you do. The formula for terminal velocity will always be the same, even if you're a Black Mexican lesbian. 5/ They couldn’t get this intersection Chief Technology Officer to smile. Based on the bio - she’s sadly angry at life it seems: “Feeling invisible in Silicon Valley and tired of suppressing the impact of repeated assaults against my Black, female, and queer identities, I decided... pic.twitter.com/vjxjprwXLX 'Repeated assaults.' Oh! Found her! The trifecta, double-ethnic lesbian disabled they/them! “I've lived my whole life outside of the status quo. I am a queer, disabled, woman of color, half Asian and half Latina. I look at each day as a chance to break down barriers and stereotypes that people hold... pic.twitter.com/M2VKqtiGJx The holy grail of intersectionality. I’m guessing this exhibit might be a few years old. I get the sense that this type of woke queer fanfare is becoming passé. Thoughts? I hid the names. I don’t want these guys to get harassed. I just find it incredibly illustrative of why the Left continues to lose Americans from... This is precisely why Americans are turning away from the Left. We hope it's become passé; that's long overdue.More than 20 states and cities designate December as Osteopathic Medicine Month
Inter take Serie A lead as AC Milan and Juve bore in stalemateYOURSAY | M'sians always step up in times of disaster
Canadians respond to Trump's offer of huge tax cuts to become 51st state: 'Sounds good to us!' READ MORE: Donald Trump makes astonishing offer to people of Canada By JAMES REINL, SOCIAL AFFAIRS CORRESPONDENT, FOR DAILYMAIL.COM Published: 20:12 GMT, 26 December 2024 | Updated: 20:23 GMT, 26 December 2024 e-mail View comments While left-leaning Canadians are balking at the idea of a Trump take-over, some say they'd jump at the chance to have the Donald in charge. The US president-elect this week made his strongest bid yet to take over Canada , offering its people a 60 percent tax cut if they agree to join the US and become the 51st US state. While Trump's offer was theoretical, many Canadians who are sick and tired of left-leaning Trudeau said they'd welcome him with open arms. They say they'd appreciate the tax break and other perks from joining the world's biggest economy. Maxime Bernier, founder and leader of the right-wing People's Party of Canada, told DailyMail.com that some Canadians look to Trump after a decade of ' woke ' liberal rule. Among the Canadians who have backed Trump's plan is Bruce McGonigal, who says it would herald an 'economic boom' for Canada. 'We would be able to keep emergency rooms open,' McGonigal posted on X. 'The dollars we earn would also have way more value than the weak Canadian dollar.' Self-styled 'Maple MAGA' TikToker Mario Zelaya says Trump's Canadian tax cut 'sounds pretty good' Alberta independence activist Terris Kolybaba says it would be easier to own guns in a Canada that follows US laws Mario Zelaya, who dubs himself a 'maple MAGA', posted that a 60 percent tax cut 'sounds pretty good.' Another Canadian conservative, Melissa Rogers, asked: 'Who can say no' to Trump's offer. Other Canadians seek fewer restrictions on gun ownership, lower immigration, and other policies aligned with the incoming Trump administration. Terris Kolybaba, from an Alberta independence group, said 'everything will be cheaper' if the US joins Canada. 'You'll have the rights to bear arms, which you should have: the right to protect yourself,' Kolybaba told CBC News. 'Across the border, it's no problem.' Despite their enthusiasm, a survey of 1,520 people by Leger found that 82 percent of Canadians were against becoming the 51st state, while 5 percent said they did not know. Support for a merger was higher among men, younger Canadians, and those living in the provinces of Alberta, Manitoba, and Saskatchewan. Given the low support for a policy that to many Canadians sounds unpatriotic, no major political party there has endorsed Trump's plan. Bernier, a renegade conservative who formed his offshoot party in 2018, says his party is firmly against seceding Canadian independence. But some of his countrymen looking to Trump after years of Prime Minister Justin Trudeau 's liberal leadership, he told DailyMail.com. 'The people who are saying yes to that crazy idea coming from Trump, it's maybe because they are so upset about the Trudeau Government, all the wokeism,' he said. They're worried about 'open borders, the big deficit, huge taxes and inflation ,' he added. Still, Bernier said he did not believe support for a merger was growing in Canada. Trump has in recent days suggested a territorial expansion into Canada, Greenland and Panama, and has mocked prime minister Trudeau by calling him 'governor .' On Christmas Day, he escalated his campaigns against the governments of both Panama and Canada. 'Merry Christmas to all, including to the wonderful soldiers of China , who are lovingly, but illegally, operating the Panama Canal (where we lost 38,000 people in its building 110 years ago), always making certain that the United States puts in Billions of Dollars in 'repair' money, but will have absolutely nothing to say about 'anything,'' Trump wrote on Truth Social on Wednesday. 'Also, to Governor Justin Trudeau of Canada, whose Citizens' Taxes are far too high, but if Canada was to become our 51st State, their Taxes would be cut by more than 60%, their businesses would immediately double in size, and they would be militarily protected like no other Country anywhere in the World. 'Likewise, to the people of Greenland, which is needed by the United States for National Security purposes and, who want the U.S. to be there, and we will!' Trump recently posted that 'Canadians want Canada to become the 51st State' and offered an image of himself superimposed on a mountaintop surveying surrounding territory next to a Canadian flag. Trudeau has suggested that Trump was joking about annexing his country, but the pair met recently at Trump's Mar-a-Lago club in Florida to discuss Trump's threats to impose a 25 percent tariff on all Canadian goods. Public Safety Minister Dominic LeBlanc, who attended the Friday dinner at Trump's Mar-a-Lago club, said Trump's comments were in jest. 'The president was telling jokes. The president was teasing us. It was, of course, on that issue, in no way a serious comment,' LeBlanc told reporters in Ottawa. Trump made the stark declaration on Sunday night that he would like to purchase Greenland as he announced his pick for ambassador to Denmark, PayPal co-founder Ken Howery. 'For purposes of National Security and Freedom throughout the World, the United States of America feels that the ownership and control of Greenland is an absolute necessity,' he wrote on Truth Social. Trump recently posted that 'Canadians want Canada to become the 51st State' and offered an image of himself superimposed on a mountaintop surveying surrounding territory next to a Canadian flag The pair met recently at Trump's Mar-a-Lago club in Florida to discuss Trump's threats to impose a 25 percent tariff on all Canadian goods Trump expressed interest in buying Greenland, an autonomous territory of Denmark, during his first presidential term. He was publicly rebuffed by Danish authorities - who reiterated the island was 'open for business, not for sale' - before any conversations could take place. The Danish Prime Minister's Office said in its own statement that the government is 'looking forward to welcoming the new American ambassador. And the Government is looking forward to working with the new administration.' 'In a complex security political situation as the one we currently experience, transatlantic cooperation is crucial,' the statement said. It noted that it had no comment on Greenland except for it 'not being for sale, but open for cooperation.' Trump again having designs on Greenland comes after the president-elect suggested over the weekend that the US could retake control of the Panama Canal if something isn't done to ease rising shipping costs required for using the waterway linking the Atlantic and Pacific oceans. Panama President José Raúl Mulino responded in a video that 'every square meter of the canal belongs to Panama and will continue to ,' but Trump fired back on his social media site, 'We'll see about that!' Canada Share or comment on this article: Canadians respond to Trump's offer of huge tax cuts to become 51st state: 'Sounds good to us!' e-mail Add commentNamibian elections conducted fairly, says Oshana regional electoral officerAP Sports SummaryBrief at 6:30 p.m. EST
KIM RICE There will be plenty of palace intrigue at the State House Wednesday with former House Speaker Pro Tem Kim Rice, R-Hudson, deciding to try and deny incumbent Rep. Sherman Packard, R-Londonderry, a third term as leader of the New Hampshire House of Representatives. Voters returned Rice, 58, to a seat in the House last month, this time representing both Hudson and Litchfield, after she voluntarily took a two-year hiatus from the Legislature. From 2014-22, Rice held one of the six seats that voters in Hudson and Pelham elected to the House. Rice had no public comment about her campaign. “I just don’t want this to play out in the press,” she said Monday. Rice did take to social media last week to fire back at some who’ve anonymously been critical of her bold challenge. “If people want to lie about me, have the courage to put your name next to your quote. You’re a coward,” Rice posted Nov. 30 on X. This move likely means the 400 elected to the House will get to choose for speaker between 17-term Rep. Packard, new House Democratic Leader Alexis Simpson of Exeter and Rice. Before that first meeting of the new House, Republicans and Democrats an hour earlier will separately caucus in private. The self-anointed campaign manager for Rice's effort, three-term Rep. Aidan Ankarberg, I-Rochester, has had plenty to say about the effort on social media. Ankarberg claimed on Facebook that he talked Rice into becoming the candidate after Packard won the nomination of his party over Rep. Leonard Turcotte, R-Barrington, who got more than 40% of the vote during a secret ballot GOP caucus last month. “Kim Rice isn't doing anything here. I recruited her, I've done the work of contacting the Democrats and I have been whipping votes amongst the Republican caucus to ensure Sherm Packard and (Majority Leader) Jason Osborne never again hold leadership positions in the New Hampshire House,” Ankarberg said on Facebook. In a statement Monday, Osborne said after growing the GOP majority last month that Packard has more than earned another term as House speaker. “Speaker Packard is the Republican nominee for Speaker. As a proven and tested leader of our diverse membership through many historic challenges, he has earned our commitment to secure his victory on Wednesday,” Osborne said. Rice has made no public invitation to win over House Democrats. Simpson, former House Democratic Leader Matt Wilhelm and the House Democratic staff did not respond to a request for comment Monday. Rice has long been a GOP loyalist, having served as House GOP policy leader and chairman of the House Children and Family Law Committee before Republicans took back control of the House in 2020. In this election cycle, Rice was an early supporter of Republican presidential contender and former South Carolina Gov. Nikki Haley and a fixture at many of Haley’s grassroots events. Early on in 2024, Rice got behind former U.S. Sen. Kelly Ayotte of Nashua to become the next elected governor, replacing Chris Sununu who did not seek a historic, fifth term. In March 2023, Ankarberg resigned a position in the House GOP leadership team citing conflicts with undisclosed members of Packard’s group. Then after winning a third term to his House seat on Nov. 5, Ankarberg became the first House member to change his party affiliation to independent. This leaves the House makeup with 221 Republicans, 178 Democrats and one independent. Rice, 58, will try to duplicate an outside-the-box feat that two Republicans did in their own speakership coup victories, 10 years apart. In 2004, then House Speaker Gene Chandler, R-Bartlett stepped aside and after pleading guilty to a single misdemeanor that he had failed to report $64,000 in donations to an annual “corn roast” fundraiser on his behalf. Chandler endorsed Majority Leader Mike Whalley, R-Alton, who had the majority of Republicans on his side. But former Speaker Doug Scamman, R-Stratham, returned to power with the help of Democrats and a small band of Republicans. In the next election, Republicans lost control of the House with Portsmouth Rep. Terie Norelli becoming the first Democratic speaker chosen in 84 years. In 2014, firebrand conservative Speaker Bill O’Brien, R-Mont Vernon, failed to win a majority vote before the full House. House Speaker Sherman Packard, R-Londonderry, was the choice of House Republicans to remain as its leader for a third term but former House Speaker Pro Tem Kim Rice, R-Hudson, has agreed to put her name forward as an alternative when the full House meets on Wednesday. House Democratic Leader Alexis Simpson of Exeter is also likely to permit her name to come forward as well though Republicans outnumber Democrats, 228-178 with one independent. Hudson Republican Rep. Shawn Jasper quickly stepped up and took the gavel from O’Brien by getting all the Democrats along with a group of dissident Republicans. In 2017, a GOP-divided House failed to pass a state budget, and Jasper lashed out at 32 House Republicans who rejected the leadership’s spending plan. Months later, Sununu nominated Jasper to be state agriculture commissioner, and the House chose Chandler to serve as a caretaker speaker until the next election when Democrats again took back control. Privately, there’s some resentment in Packard’s inner circle that this challenge is coming from Rice, who Packard had kept on as the third-ranking Republican. Rice did have one notable policy break with Packard in 2022. She refused to support a parental rights bill after the Attorney General’s office civil rights division raised concerns it could conflict with the state’s anti-discrimination laws. “There are a lot of great parents out there,” Rice said, declaring she could not reconcile the problems with the bill at such a late juncture. “Unfortunately, there are also some not-so-great parents out there and those are the kids that are the most vulnerable, and that I am deeply concerned about.” A week before this election, Rice said voters were turning to Republican women leaders who remained true to their values, but could forge consensus. “Ultimately, Republican women exemplify the balance between traditional values and modern leadership, unafraid to make difficult decisions that protect the nation’s core principles while advocating for progress within the bounds of conservative ideology,” Rice wrote in a Union Leader op-ed. klandrigan@unionleader.comWith the 2024 election in the rearview mirror and Donald Trump set to take office on January 20, 2025, what will his second term mean for America? Let’s review the good, the bad and the ugly to prepare you for what’s coming: The Good Trump will pursue a twenty-first-century version of what was originally known as the American System. This system relied on the following policies: To the extent there was government spending, it was for productive projects such as canal and road building and later to support railroads. To the extent that early central banks existed, they were for secure lending to sound entities (including the U.S. government) and not for purposes such as printing money, fixing interest rates or “stimulus.” The entire system could be summarized as sound money, smart investment and a strong military in the service of high-paying American jobs. The American System prevailed from 1790 to 1962 with occasional periods of agrarian ascendency and some disruptions such as the Civil War. Beginning after World War I, the neo-liberal movement of Austrian economists and libertarians began to promote globalist policies of open borders, open capital accounts and free trade. Of course, free trade is a myth because of subsidies and non-tariff barriers. Comparative advantage is obsolete because the factors of production are highly mobile. Taiwan had no comparative advantage in semiconductors in 1979, but today they dominate global production. They made that happen through a Taiwanese version of the American System. In contrast, the neo-liberals were living an ideological fantasy in which globalism was to displace sovereignty. At a minimum, their goal was encasement of sovereigns in a larger orb of multilateral institutions such as the IMF, World Bank, WTO and the United Nations. Beginning with the Trade Expansion Act of 1962, the Trade Act of 1974 and successive rounds under the General Agreement on Tariffs and Trade (today the WTO), the U.S. embraced the neo-liberal consensus including drastic tariff cuts. As jobs moved offshore to take advantage of cheap labor, capital followed as direct foreign investment. The result was the hollowing-out of U.S. manufacturing, wage stagnation, slower growth, greater debt and a succession of failed wars. The open border policy of Biden-Harris is consistent with neo-liberal views on the end of sovereignty but is a death knell for American jobs and social cohesion. Trump and his economic team will return the United States to the pre-1962 glory days with the revival of the American System. Foreign companies will be free to sell goods to Americans but only if they are manufactured in the U.S . This will lead to a wave of inbound investment in the U.S., a reduction in U.S. trade deficits, a stronger dollar (as the world demands dollars to invest here), and higher wages for U.S. workers. Higher wages will raise real incomes, stimulate consumption, decrease income inequality and expand the tax base to help reduce deficits without raising tax rates. It’s a win for American manufacturing and a win for the American people. The Bad But before we get there, expect a tough economic (and market) environment at the beginning of Trump’s term. Administrations matter, personnel matters, policy matters, but there’s something bigger than Trump in the White House. It’s called the economy. The economy goes its own way. Business cycles have not been erased. The transition from Biden to Trump will bring economic pain as Trump inherits Joe Biden’s mess. There are ample signs that the economy is headed for a recession (or may already be in one) including higher unemployment, lower interest rates (low rates are not “stimulus;” they are associated with recessions and depressions), flattening yield curves, negative swap spreads, collateral shortages in Eurodollar markets, reductions in China’s reserve positions (not a sign of “dumping” Treasuries but a sign of a dollar shortage and a need to provide liquidity to banks), declining oil prices (despite output reductions), and others. The emerging recession will cause a stock market drawdown as earnings are revised downward, consumer confidence crumbles, consumer discretionary spending hits a wall and precautionary savings rise. The world will not bail out the U.S. economy because China, Japan, Germany and the UK are all slowing economically at the same time or already in contraction. The U.S. economy (in contrast to economists) does not pay that much attention to elections or new administrations. It’s too big and moves to its own complex tempo. Investors may cheer the Trump policies and his reelection, but it will be a very bumpy ride in the first year of Trump 2.0. The Ugly Don’t underestimate “The Resistance.” Because it’s out there and can do a lot of damage in a couple of months before Inauguration Day. What are they up to? Biden and company are trying to Trump-proof the presidency by signing contracts. Let me explain. Remember the famous Inflation Reduction Act? Despite its name, the act actually increased inflation by being the Green New Scam in disguise. There was about $850 billion for garbage like windmills, solar modules, and green initiatives. A lot of the money went to the Democrat’s favorite contractors and electric vehicle makers. That passed in August of 2022, but guess what? Most of the money hasn’t been spent yet. So, now there is a mad scramble to sign contracts. You actually can’t spend the money that fast, but you can sign a contract with a five-year or three-year life saying you’ll spend it over three years. And the idea is to sign the contract now so that even when Trump becomes president, even though the money hasn’t been spent, it has been appropriated and it’s contractually bound. And that’s the key. Bind the spending in contractual form so Trump can’t do anything about it. There’s a lot of wasteful government spending that’s in the pipeline. The Democrats are also going to try to tie up as much federal land as they can to take it out of circulation to stall oil and natural gas production as well as mining. The Resistance will try to get as much money to Ukraine as they can. They will try to appoint as many judges as they can. The Republicans can gum up the works a little bit, but the Democrats still have the majority in the Senate right now. And the one useful role of Kamala Harris left is being a tie-breaking vote in the Senate if needed. The Resistance could cause havoc in the months leading up to Trump taking office and beyond, depending on how much damage they do. It won’t be a pretty picture for markets with so many companies impacted by their actions on top of a recession. Bottom Line After taking office, Trump’s agenda will incentivize billions of dollars of investments in U.S. energy and manufacturing jobs. He will make domestic oil drilling and refining a top priority which will provide America with energy independence. This will also benefit companies (and provide more jobs) in the energy sector. But there will be plenty of minefields for markets to deal with in the first year as the transition takes place.Patterson says journalist’s murder a wake-up call for Jamaica
The Brics countries – Brazil, Russia, India, China, and South Africa, in addition to a few recently added economies – are far from a financial alliance. The idea that they can create a common currency to take on the US dollar is pure fantasy. While Russian President Vladimir Putin has flirted with the idea by showing off a colourful Brics banknote at a recent summit in Kazan this year, he was quick to clarify that the group is not considering a new currency. The member states are unified by a shared discontent with the US-led world order and belief that their voices do not get the attention they deserve. Still, the group lacks influential institutions or capabilities. The Shanghai-based New Development Bank, formerly the Brics Development Bank, is unlikely to assume the role of central bank. The group’s annual summit offers a new chance for state leaders to mingle and provides a stage to make symbolic political gestures, but little else. Despite the undertone of resentment towards US hegemony, the term Bric was first published by American investment bank Goldman Sachs. The acronym was coined by British economist Jim O’Neill to inform clients about trading and investment patterns, like the Pigs tag for Portugal, Italy, Greece and Spain during the European debt crisis. The term Bric started to gain political weight after the G8 summit in Japan in 2008. One unconfirmed story is that Japan listed G8 members as honoured guests while the five invitees – China, Brazil, Mexico, India and South Africa – were peripheral. The G8+5 global governance was quickly discarded for a more equal and inclusive G20, and Bric states started to develop some camaraderie. The first Bric summit was in 2009, before South Africa’s inclusion in in 2010 added the “S” to the name.
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