Summers: Another Trump term would bring ‘inflationary spiral,’ big deficits
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Former Treasury Secretary Larry Summers warned that a second Trump administration could lead to an 'inflationary spiral' and big deficits. Summers stated that Trump's populist economic policy could result in massive regulation, restrictions on buying products from abroad, and higher prices, leading to hyperinflation. He compared the potential economic collapse to 1950s Argentina and emphasized the importance of the United States in the world order. Summers has repeatedly urged voters to oppose Trump and has called the November election the 'most consequential' since World War II.
#LarrySummers #Inflation #Deficits #Populism #EconomicPolicy
https://thehill.com/homenews/campaign/4601150-summers-trump-term-inflationary-spiral/
US emissions increased 1 percent from 2021-2022 but fell 17 percent from 2005 levels: EPA
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According to the Environmental Protection Agency (EPA), US greenhouse gas emissions increased by 1 percent between 2021 and 2022, reaching a total of 5,489 million metric tons of carbon dioxide. The increase was primarily attributed to higher levels of fossil fuel combustion due to the economic rebound and lifting of pandemic-related restrictions. However, compared to 2005 levels, net emissions fell by 16.7 percent between 1990 and 2022. This decrease was partly due to a decline in emissions from industry, driven by factors such as the shift from a manufacturing-based economy to a service-based economy, improvements in energy efficiency, and transitions to lower-carbon fuels. Transportation accounted for the largest share of emissions in 2022 at 28.4 percent, followed by electricity generation at 24.9 percent and industry at 22.9 percent. Carbon emissions made up the majority of greenhouse gas emissions at 79.7 percent, followed by methane emissions at 11.1 percent. The remaining emissions came from nitrous oxide and a combination of other gases. The EPA's annual emissions inventory report is considered a comprehensive and transparent national greenhouse gas accounting model.
#UsEmissions #GreenhouseGasEmissions #EnvironmentalProtectionAgency #Epa
Justice Department publishes rule to close ‘gun show loophole’
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The Justice Department has submitted a final rule to the federal register to close the 'gun show loophole,' requiring sellers at gun shows, flea markets, and over the internet to obtain a federal firearms license and conduct background checks. The rule will go into effect in 30 days. The change was made possible by the Bipartisan Safer Communities Act, passed in 2022. The administration estimates that the rule will affect roughly 20,000 individuals engaged in unlicensed gun dealing, covering tens of thousands of gun sales each year. The rule is part of the Biden administration's efforts to curb gun violence and improve the background check system.
#JusticeDepartment #GunShowLoophole #BidenAdministration #GunViolence #BackgroundChecks
Schiff unveils AI training transparency measure
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Rep. Adam Schiff (D-Calif.) has introduced the "Generative AI Copyright Disclosure Act," which would require companies using copyrighted material to publicly disclose all the work they used to train their generative AI models. The bill would require people creating training datasets to submit a notice to the Register of Copyrights with a detailed summary of any copyrighted works used and the URL for any publicly available material. The notice must be filed within 30 days after the AI system is available to the public. The bill would apply retroactively to AI systems already publicly available. The Register of Copyrights would publish an online database with all the notices. The legislation aims to strike a balance between supporting innovation and respecting creativity. The bill comes in response to concerns about the negative effects of AI on artists and content creators, who often see their work used in generative AI systems without permission. Last week, over 200 artists, including Billie Eilish and the Jonas Brothers, penned an open letter calling for tech companies and AI developers to stop using AI over concerns about its impact on artists and songwriters. The bill also follows concerns raised by actors and artists in Hollywood about AI's impact on their unions.
https://thehill.com/homenews/house/4583318-schiff-unveils-ai-training-transparency-measure/
1 in 5 women have a personal connection to abortion restrictions: Poll
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Women living in states where abortion is restricted or banned are more likely to report difficulty accessing abortion services. 1 in 7 women of reproductive age said they or someone they know has had difficulty accessing an abortion due to restrictions in their state since Roe v. Wade was overturned. Women living in states where abortion is banned were twice as likely to report knowing someone who had difficulty accessing an abortion. Abortion is set to be a key issue in the 2024 election. Majorities of women across states think abortion should be legal. A number of states are also moving forward with ballot initiatives to protect abortion rights.
#Abortion #ReproductiveRights #Poll #RoeVWade #2024Election
Stock market today: Wall Street gains ground following surprisingly strong US jobs report
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Stocks rose on Wall Street and Treasury yields climbed following a hot U.S. jobs report. The S&P 500 rose 0.9% and the Dow Jones Industrial Average gained 279 points, or 0.7%. Technology companies led the march higher, with chipmaking giant Nvidia rising 2.1% and Google's parent company, Alphabet, rising 1.1%. U.S. employers added a surprisingly strong 303,000 workers to their payrolls in March. The strong job market has helped fuel consumer spending and earnings growth for businesses, amounting to strong economic growth overall. The robust job market has also sparked concerns about inflation creeping higher, which could delay any rate cuts by the Federal Reserve. However, Friday's report showed that wages rose a modest 0.3% for the month, which puts less upward pressure on inflation, and Wall Street still expects the Fed to begin cutting rates in June. Treasury yields climbed following the jobs report. The yield on the 10-year Treasury rose to 4.37% from 4.31% just before the report was released. The two-year yield rose to 4.73% from 4.65% just prior to the report. The stock market seems to be accepting the strong jobs report as good news, with consumer spending and corporate profits remaining important for investors.
#StockMarket #WallStreet #UsJobsReport
Stock market today: Wall Street gains ground following surprisingly strong US jobs report
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Stocks rose on Wall Street and Treasury yields climbed following a hot U.S. jobs report. The S&P 500 rose 0.9% and the Dow Jones Industrial Average gained 279 points, or 0.7%. Technology companies led the march higher, with chipmaking giant Nvidia rising 2.1% and Google's parent company, Alphabet, rising 1.1%. U.S. employers added a surprisingly strong 303,000 workers to their payrolls in March. The strong job market has helped fuel consumer spending and earnings growth for businesses, amounting to strong economic growth overall. The robust job market has also sparked concerns about inflation creeping higher, which could delay any rate cuts by the Federal Reserve. However, Friday's report showed that wages rose a modest 0.3% for the month, which puts less upward pressure on inflation, and Wall Street still expects the Fed to begin cutting rates in June. Treasury yields climbed following the jobs report. The yield on the 10-year Treasury rose to 4.37% from 4.31% just before the report was released. The two-year yield rose to 4.73% from 4.65% just prior to the report. The stock market seems to be accepting the strong jobs report as good news, with consumer spending and corporate profits remaining important for investors.
#StockMarket #WallStreet #UsJobsReport
Pope Francis makes appeal for peace in Gaza in Easter message
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Pope Francis made a strong appeal for a cease-fire in Gaza and the "prompt" release of all Israel hostages during his traditional Easter message. He also called for humanitarian aid to be "ensured to Gaza," for the "prompt" release of all Israeli hostages taken on Oct. 7, and for "an immediate cease-fire" in the Gaza Strip. Francis expressed his sympathies for those suffering throughout the world and called for a prisoner exchange between Russia and Ukraine. He also appealed for political leaders to combat human trafficking and dismantle networks of exploitation. The address came after Francis presided over Mass in the morning and made several loops around the piazza, greeting some of the tens of thousands of people in attendance. Francis appeared "in good form" after battling respiratory problems all winter. He also expressed grief for the suffering of the Haitians and the Rohingya and called for peace in Syria. The address was delivered from the central balcony of St. Peter's Basilica.
#PopeFrancis #Gaza #Easter #Ceasefire #Hostages #HumanitarianAid #Russia #Ukraine #HumanTrafficking #Syria
US judge in Nevada hands wild horse advocates rare victory in ruling on mustang management plans
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A US District Court Judge in Nevada has ruled that the Bureau of Land Management (BLM) failed to adopt a legal herd management plan or conduct the necessary environmental review before 31 mustangs died during a roundup of more than 2,000 horses in Nevada last summer. The judge ordered the BLM to complete a formal herd management plan for the Pancake complex in eastern Nevada by March 24, 2025, and to reopen an environmental assessment to include the potential impact of roundups on wildfire risks. The ruling sets a precedent that will provide more protection for mustangs roaming federal lands in the West. The BLM is reviewing the ruling but has no immediate comment.
#WildHorses #Mustangs #BureauOfLandManagement #HerdManagementPlan #EnvironmentalReview
DEI practices at Boeing targeted in Texas AG probe
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Texas Attorney General Ken Paxton is targeting diversity, equity, and inclusion (DEI) practices at Boeing as part of a probe into the major aerospace company following a series of accidents. Paxton ordered Spirit AeroSystems to turn over documents related to manufacturing defects that led to the grounding of dozens of Boeing planes, as well as documentation concerning the company's decision to fire whistleblower Joshua Dean after he reported them. Paxton's request for information suggests that the company's DEI policy may be linked to a recent string of dangerous mishaps. Paxton demanded the company substantiate its claim that a diverse workplace improves product quality and enhances performance. Four of Paxton's 14 demands for information from Spirit concern company diversity and hiring programs.
#Boeing #Texas #Dei #Probe
Powell: ‘No reason’ to think economy is close to recession
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Federal Reserve Chair Jerome Powell stated that there is 'no reason' to believe that the U.S. economy is close to a recession. Powell made this statement at a conference in San Francisco, emphasizing that the economy is in a good place and growth is strong. The U.S. economy has defied expectations over the past year and a half, avoiding a recession that many economists predicted. Inflation has come down significantly without causing a major economic downturn, and the labor market has remained resilient despite interest rate hikes by the Fed. The unemployment rate is at 3.9 percent, and the economy added 275,000 jobs in February. The Fed has opted to hold its baseline interest rate steady and Powell has stated that the central bank needs to see more positive data before considering rate cuts. Powell also mentioned that inflation is still too high and the path forward is uncertain. However, he expects inflation to gradually come down on a sometimes bumpy path. The latest data on inflation, including the consumer price index (CPI) and the personal consumption expenditures (PCE) price index, are in line with the Fed's expectations.
#JeromePowell #FederalReserve #Inflation #InterestRates #Recession
https://thehill.com/business/4564032-powell-no-reason-to-think-economy-is-close-to-recession/
New Hampshire House passes AI election rules after Biden deepfake
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The New Hampshire state House passed a bill that would require political ads using deceptive artificial intelligence (AI) to disclose the use of the technology. The bill advanced after New Hampshire voters received robocalls in January that included an AI-generated voice depicting President Biden. The bill would require disclosure when deceptive AI is used in political advertising within 90 days of an election. The bill includes exemptions for satire and parody. This is part of a growing trend of states taking on bills aimed at adding AI regulations for election-related content. The Federal Election Commission (FEC) has not announced any further action on updating a rule about fraudulently misrepresenting candidates to include deceptive AI in campaigns.
#2024Campaign #Ai #ArtificialIntelligence #JoeBiden #NewHampshire
New Hampshire House passes AI election rules after Biden deepfake
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The New Hampshire state House passed a bill that would require political ads using deceptive artificial intelligence (AI) to disclose the use of the technology. The bill advanced after New Hampshire voters received robocalls in January that included an AI-generated voice depicting President Biden. The bill would require disclosure when deceptive AI is used in political advertising within 90 days of an election. The bill includes exemptions for satire and parody. This is part of a growing trend of states taking on bills aimed at adding AI regulations for election-related content. The Federal Election Commission (FEC) has not announced any further action on updating a rule about fraudulently misrepresenting candidates to include deceptive AI in campaigns.
#2024Campaign #Ai #ArtificialIntelligence #JoeBiden #NewHampshire
Kamala Harris is gravely wrong about rescheduling marijuana
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Vice President Kamala Harris believes that "no one should be jailed for simply using" marijuana and thinks it's "absurd" that marijuana is a Schedule I drug. However, rescheduling marijuana would be an abandonment of President Biden's efforts to keep drugs off the streets. Marijuana fails to meet the statutory requirements for any schedule other than Schedule I and is more dangerous than people think, with its addictive potential increasing due to commercialization. The rise in potency has corresponded with an increase in addiction, and research shows that marijuana can worsen anxiety, depression, post-traumatic stress, and even schizophrenia. Reclassifying marijuana to Schedule III would benefit the industry by allowing it to market addiction more often in more places. Biden has long favored striking a balance between public health and criminal justice, and it's disappointing that Harris's roundtable did not balance these ideas.
#KamalaHarris #Marijuana #Rescheduling #CriminalJusticeReform #DrugPolicy
Nobelist Daniel Kahneman, a pioneer of behavioral economics, is dead at 90
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Daniel Kahneman, a psychologist and Nobel Prize winner in economics, has died at the age of 90. Kahneman, along with his collaborator Amos Tversky, revolutionized the field of economics by challenging the assumption that people are rational actors in decision-making. Their research focused on the influence of neurological biases on decision-making processes. Kahneman's best-selling book 'Thinking, Fast and Slow' explained their findings to a wider audience. One of their key insights was the phenomenon of 'loss aversion,' which explains why people react more strongly to losses than to equivalent gains. Kahneman received the Nobel Prize in economics in 2002 for his contributions to the field of behavioral economics. His partner, Barbara Tversky, confirmed his death but did not disclose the cause or location. Kahneman and Tversky began their partnership in 1969 and made significant contributions to the study of decision-making over several decades.
#DanielKahneman #BehavioralEconomics #NobelPrize #Decisionmaking #LossAversion
China’s Xi holds all-male meeting with US business leaders
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Chinese President Xi Jinping held an all-male meeting with several US business leaders in Beijing. The meeting aimed to strengthen ties between the two largest economies in the world. Attendees included Blackstone founder Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, Bloomberg Chair Mark Carney, and FedEx President Rajesh Subramaniam. Xi emphasized that the relationship between China and the US is mutually beneficial and has an impact on the well-being of both peoples. The meeting follows a sit-down between Xi and President Biden in San Francisco and indicates improved relations between the two countries. Trade and tariffs have been a focus in the run-up to the US presidential election, where Biden is likely to face former President Trump, who has spoken highly of Xi and other authoritarian leaders.
#China #Us #XiJinping #BusinessLeaders #Economy #Trade #Tariffs
China’s Xi issues a positive message in meeting with U.S. business leaders as relations improve
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Chinese President Xi Jinping called for closer trade ties with the U.S. during a meeting with top American business leaders in Beijing. Xi emphasized the mutually beneficial economic ties between the two countries, despite U.S. tariffs on Chinese imports and accusations of undue Communist Party influence and unfair trade barriers. China's economy has struggled to recover from self-imposed COVID-19 restrictions but is now contributing to world economic growth. Xi stated that Sino-U.S. relations are crucial and have an impact on the well-being of both peoples and the future of mankind. The meeting included Stephen A. Schwarzman, the head of investment firm Blackstone. China's economy has been affected by a crisis in its property market, an aging population, and high youth unemployment. However, foreign firms, including Apple, rely on China-based manufacturers and its consumer market. China's tone towards the U.S. has softened in recent months, and officials from both countries have engaged in visits and meetings. However, China maintains a hard line on issues it considers its 'core interests,' such as its claims in the South China Sea, Taiwan, Hong Kong, Tibet, and Xinjiang. Xi aims to maintain strict party control while attracting foreign investment to support the economy.
#China #XiJinping #UsBusinessLeaders #TradeTies #EconomicRelations #Tariffs #Covid19 #Blackstone #PropertyMarket #ForeignInvestment
China’s Xi issues a positive message in meeting with U.S. business leaders as relations improve
==========
Chinese President Xi Jinping called for closer trade ties with the U.S. during a meeting with top American business leaders in Beijing. Xi emphasized the mutually beneficial economic ties between the two countries, despite U.S. tariffs on Chinese imports and accusations of undue Communist Party influence and unfair trade barriers. China's economy has struggled to recover from self-imposed COVID-19 restrictions but is now contributing to world economic growth. Xi stated that Sino-U.S. relations are crucial and have an impact on the well-being of both peoples and the future of mankind. The meeting included Stephen A. Schwarzman, the head of investment firm Blackstone. China's economy has been affected by a crisis in its property market, an aging population, and high youth unemployment. However, foreign firms, including Apple, rely on China-based manufacturers and its consumer market. China's tone towards the U.S. has softened in recent months, and officials from both countries have engaged in visits and meetings. However, China maintains a hard line on issues it considers its 'core interests,' such as its claims in the South China Sea, Taiwan, Hong Kong, Tibet, and Xinjiang. Xi aims to maintain strict party control while attracting foreign investment to support the economy.
#China #XiJinping #UsBusinessLeaders #TradeTies #EconomicRelations #Tariffs #Covid19 #Blackstone #PropertyMarket #ForeignInvestment
My plan to protect Americans’ financial privacy in a digital economy
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Rep. Tom Emmer (R-Minn.) discusses his plan to protect Americans' financial privacy in a digital economy. He criticizes the concept of a central bank digital currency (CBDC) as being antithetical to American values of privacy, individual sovereignty, and free market competitiveness. He warns that a CBDC could give the federal government the ability to surveil and restrict Americans' transactions. Emmer highlights examples of governments using their financial systems to control citizens' access to funds. He expresses concern about the Biden administration's interest in creating a surveillance-style CBDC to compete with other nations. Emmer introduces the CBDC Anti-Surveillance State Act, which aims to prevent the issuance of a digital financial surveillance tool and protect digital dollar innovation. The bill has gained momentum and support from industry stakeholders, and a Senate companion bill has been reintroduced by Sen. Ted Cruz (R-Texas). Emmer emphasizes the importance of upholding American values and ensuring that the digital economy is designed with privacy and individual sovereignty in mind.
#FinancialPrivacy #DigitalEconomy #CentralBankDigitalCurrency #Cbdc #AmericanValues #Surveillance #Privacy #IndividualSovereignty #FreeMarketCompetitiveness #Legislation #DigitalDollar #BidenAdministration #TomEmmer #TedCruz
Venezuela’s coming electoral farce could double its emigration to the US
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Venezuela's upcoming presidential elections are expected to be an electoral farce, leading to a wave of emigration. The Chavez-Maduro dictatorship has announced the elections, which are likely to generate political change. The lack of economic opportunities and political repression in Venezuela are driving emigration to the US. The US Southern Command reports that more than 7.7 million Venezuelans have fled the country since 2013. Efforts to democratize Venezuela have failed, and the Maduro regime has not complied with agreements for free and fair elections. Maduro is accused of drug trafficking and is blacklisted for human trafficking. The regime is intentionally promoting the infiltration of criminal groups among migrants crossing the border. The migration strategy is designed to destabilize the US. The response to Venezuela's dictatorship will have a direct impact on the new migration wave.
#Venezuela #Emigration #Elections #PoliticalRepression #EconomicOpportunities #UsSouthernCommand #NicolasMaduro #TrenDeAragua #MigrationStrategy #NationalSecurity #ForeignPolicy