Economy

Trump’s budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

Trump’s budget cuts Medicare, Medicaid, and Social Security, breaking core campaign promise

When he began his presidential campaign, Donald Trump promised to “save Medicare, Medicaid and Social Security without cuts.” This is a promise, however, President Trump would like to break. Trump’s 2018 budget proposal would cut all three programs, which help the most vulnerable in American society, by billions of dollars. Fox News’s website tells readers that Medicare is spared “as ...

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Pelosi Statement on Trump Budget and Infrastructure Plan

Pelosi Statement on Trump Budget and Infrastructure Plan

Democratic Leader Nancy Pelosi issued this statement after President Trump released his budget blueprint, which calls for staggering cuts to domestic health, education and economic initiatives for working and middle class families: “The budget is a statement of our values, but the President’s brutal collection of broken promises and staggering cuts shows he does not value the future of seniors, ...

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White House plan calls for $1.5 trillion in investments to fix nation’s infrastructure

White House plan calls for $1.5 trillion in investments to fix nation’s infrastructure

The White House Monday will unveil the main objectives it wants Congress to include in a legislative plan to try to tackle the nation’s crumbling infrastructure. A senior administration official told reporters Saturday that President Donald Trump will call for $200 billion in new federal funds that the administration anticipates will “stimulate $1.5 trillion in new investment in infrastructure” – ...

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In America, Being Poor Can Cost a Fortune

In America, Being Poor Can Cost a Fortune

The ink is barely dry on a trillion-dollar tax cut for multinational corporations, and one of its largest beneficiaries is already looking for more. Earlier this month, Bank of America announced it would be applying a $12 monthly surcharge for e-banking, a policy that disproportionately affects its poorest customers. For lower-income earners, it’s merely the latest reminder that trickle-down economics ...

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U.S. trade deficit rises to nine-year high on robust imports

U.S. trade deficit rises to nine-year high on robust imports

The import-driven surge in the trade gap reported by the Commerce Department on Tuesday also suggests 3 percent annual economic growth may be hard to achieve. Imports, which subtract from gross domestic product, could get a further boost from a $1.5 trillion tax cut package that became effective in January. The fiscal stimulus comes with the economy almost at full ...

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House of Representatives passes budget bill in bid to avoid another closure

House of Representatives passes budget bill in bid to avoid another closure

The House of Representatives passed a short-term budget bill, moving Congress closer to averting another government shutdown. With a Thursday deadline drawing closer, the vote kicks action over to the Senate. The House will need to vote again if the Senate makes anticipated changes. While the House bill would fund the military for a full year, it would keep the government open ...

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Switzerland & U.S. the world’s most corrupt nations

Switzerland & U.S. the world’s most corrupt nations

A new study from advocacy group Tax Justice Network reveals that Switzerland is the world’s most-corrupt country, with a “high secrecy score of 76.” It’s followed by the US and the Cayman Islands. “Switzerland is the grandfather of the world’s tax havens, one of the world’s largest offshore financial centers, and one of the world’s biggest secrecy jurisdictions or tax ...

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Dow plunges 666 points — worst day since Brexit

Dow plunges 666 points — worst day since Brexit

Wall Street just suffered the worst day of the Trump presidency. The Dow closed down 666 points, or 2.5%, its biggest percentage decline since the Brexit turmoil in June 2016 and steepest point decline since the 2008 financial crisis. A strong jobs report showed wage growth is finally starting to pick up. That’s great news for workers, but it reinforced ...

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Treasury: government borrowing will hit 8-year high

With the government’s budget deficit rising, the Treasury Department announced Monday that it expects to borrow $441 billion in the current January-March quarter, the largest amount in eight years. The Treasury said this figure compares to actual borrowing of $282 billion in the October-December quarter. It will be the largest borrowing need since the government borrowed $483 billion in the ...

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China blasts Trump’s tariffs on solar panels and washing machines

China blasts Trump’s tariffs on solar panels and washing machines

China is upset over President Trump’s decision to impose tariffs on U.S. imports of solar panels and washing machines. The Chinese Commerce Ministry on Tuesday expressed “strong dissatisfaction” over the move, saying it “aggravates the global trade environment.” The tariff of 30% on foreign solar panels is a blow for China, the world’s biggest supplier of the products. Beijing has ...

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