At the Cato Institute, Michael Chapman discusses GOP presidential primary candidate Vivek Ramaswamy's intent to cut federal government spending, and the detailed plan created by Cato's Chris Edwards. Chapman writes: In a recent speech, GOP presidential contender Vivek Ramaswamy outlined a multi‐year plan to reduce the federal workforce by 75 percent, slash regulations, and “shut down redundant federal agencies,” if elected. While Ramaswamy’s goals may seem fantastic, scholars at the Cato Institute have presented detailed policies for reducing the size of the federal government and its … [Read more...]
Saudi Oil Supply Cuts Pushing Up Prices at the Pump
Voluntary crude oil production cuts by Saudi Arabia are crimping supply in the market, and pushing up prices. Yusuf Khan reports in The Wall Street Journal: Saudi Arabia’s decision to extend cuts to its crude-oil output until the end of the year is likely to lead to a significant supply shortfall for the rest of the year, keeping prices higher at the pump, according to the International Energy Agency. In its monthly report, the IEA said cuts from the Organization of the Petroleum Exporting Countries, a cartel of oil-producing nations where Saudi Arabia is the largest producer and de facto … [Read more...]
Inflation Is Spreading Poverty in Turkey
Over the last two years, Americans have experienced inflation greater than any they've faced in some time, but it's been nothing compared to what the citizens of Turkey have faced. Inflation in Turkey exceeded 85% in October. The inflation forcing Turkey's people into poverty. Stefanie Glinski reports for Foreign Policy's DISPATCH: ISTANBUL—On a wide staircase across the street from a popular bar in Turkey’s biggest city, crowds of people sit in the sunset, enjoying cheap drinks and snacks they brought from home. They used to go to the bar, and they’d still like to. They just can’t afford … [Read more...]
CAT 5: Prepare for Hurricane Lee
Hurricane Lee has strengthened to a Category 5 storm and is barreling through the Atlantic on course to hit America's East Coast. Right behind Lee is Tropical Storm Margot, which is also expected to reach hurricane levels. First Coast News reports: It's very active across the Atlantic basin, but thankfully there are no local threats in Jacksonville within the next week. Remember to stay updated this time of year as the historical peak of the Atlantic hurricane season is approaching. Tropical Depression 13 has formed in the Atlantic, and it is forecast to become a major hurricane by … [Read more...]
Biden Making Homeownership Harder for Americans
At Heritage.org, economist Stephen Moore explains how Joe Biden is making homeownership more difficult for Americans. He writes: In boasting about “Bidenomics” two weeks ago in Milwaukee, President Joe Biden declared that his policies are “restoring the American dream.” Then he went into his creepy whispering mode and assured us “it’s working.” Huh? Isn’t a big aspiration of the American dream owning a home? Biden keeps making first-time homeownership harder for young families for two reasons. One is that the overall jump in inflation and the slower increase in wages and salaries means … [Read more...]
India Burns Coal as Europe Strangles Its Economy for “Net Zero”
In the pursuit of lower emissions, European nations have strangled themselves with economy-crimping restrictions on businesses and individuals. In India, power plants are burning more coal than ever as its economy grows. As its economy grows, India is on course to soon permanently produce greater emissions than Europe. Reuters's Gavin Maguire reports: India's power sector emissions from fossil fuels exceeded those of Europe's for the first time in April, May and June of this year, and are on course to permanently eclipse Europe's power pollution totals due to diverging trends in fossil fuel … [Read more...]
Fresh Pressure from OPEC+ Pushes Oil Prices Higher
New voluntary commitments on reductions in crude oil production by Saudi Arabia and Russia, members of OPEC+, have pushed up prices. Reuters's Mike Dolan reports: Falling energy prices have been a disinflationary tailwind for world markets for most of the year, but rebounding crude and fading annual base effects suggest an oil slick up ahead. And for investors searching for the sharp end of fractious geopolitics, look no further. The energy price shock surrounding a pandemic reboot and Russia's invasion of Ukraine early last year had almost disappeared, offering significant relief to … [Read more...]
Will the Federal Reserve Cut Rates Next Year?
In Morningstar, Sarah Hansen and Caryl Anne Francia discuss the predictions that the Federal Reserve will cut rates as many as five times next year. They write: We may be savoring the final days of summer, but market watchers are looking ahead to 2024 for clues about the path interest rates will take. That will depend largely on the trajectory inflation takes. Economists expect the Federal Reserve to begin cutting interest rates at some point next year, but there’s no clear consensus on when, or by how much. The Fed began a steady campaign of rate hikes in March 2022, when inflation was … [Read more...]
American Security Officials Concerned by New Chinese Chip Technology
Joe Biden's National Security Advisor Jake Sullivan has raised the alarm over the unveiling of new chip technology by China's smartphone manufacturer, Huawei. Bloomberg's Jenny Leonard, Michelle Jamrisko, and Debby Wu report: The US is working to establish the full details of Huawei Technologies Co.’s advances in chip technology, news of which has stoked Chinese nationalism and ignited speculation about the effectiveness of Washington’s curbs on the country’s vast technology sector. US National Security Advisor Jake Sullivan said on Tuesday the government wanted to know the precise … [Read more...]
Americans Just Keep Buying, but for How Long?
Americans have been on a spending binge since Covid lockdowns began, defying many predictions with their persistence. Can it keep going? Robin Wigglesworth reports in the Financial Times: The biggest driver of the surprisingly resilient US economy has been the ability and willingness of Americans to shrug off the bad vibes and buy “everything that isn’t nailed down”, as Chris Rupkey puts it. Consumer spending doesn’t seem to be slackening much either. Quarter-on-quarter growth did slow from a blockbuster 4.2 per cent in the first three months of 2023 to 1.7 per cent in the second quarter, … [Read more...]
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