Economy

Irma, Harvey forecast to do $290 billion in economic damage

Irma, Harvey forecast to do $290 billion in economic damage

For the first time in recorded history, the U.S. was slammed with back-to-back Category 4 hurricanes from the Atlantic in the same year, straining relief funds as large swaths of Texas and Florida wrestle with flooded streets, scattered debris and damaged homes and buildings. The economic costs associated with the natural disasters are still rolling in but are expected to ...

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US government has more than $20 trillion in debt

US government has more than $20 trillion in debt

For the first time in its history, the US federal government has more than $20 trillion in outstanding debt. The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by ...

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Chinese National Congress meeting will matter for US markets

Chinese National Congress meeting will matter for US markets

The Chinese National Congress is set to meet in mid-October, and some predict the session will have wide-reaching implications for global markets and the economy. Discussions around the growth of the country’s debt in recent years will be particularly consequential, said Chad Morganlander, portfolio manager at Washington Crossing Advisors. “One critical thing to watch is how they rebalance their economy. ...

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Billionaire Branson stays on his island amid devastating arrival of Hurricane Irma

Billionaire Branson stays on his island amid devastating arrival of Hurricane Irma

British billionaire and adventurer Sir Richard Branson will stay on his private Caribbean island, Necker, for the potentially devastating arrival of Hurricane Irma, the founder of the Virgin group of companies said on Tuesday. Packing 185 mph (295 kph) winds, Hurricane Irma is due to reach the British Virgin Islands on Wednesday before grinding west across Haiti and Cuba then ...

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Ending DACA is a bad economic policy

Ending DACA is a bad economic policy

Finding qualified and available candidates is a major challenge for companies. Some have cut back on hiring as a result. Many businesses — from farmers to Facebook — plug the gap with some of the 27 million foreign-born workers living in the United States. President Trump’s decision to repeal DACA, or the Deferred Action for Childhood Arrivals program, risks the ...

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Israel to donate $1 million to Houston, but just to Jewish community

Israel has said it will help in the post-Harvey relief efforts by donating $1 million in emergency aid to Houston’s Jewish community. The donation will benefit the more than 60,000 member Jewish community in order to help repair and rebuild schools, synagogues and a community center that was damaged during Harvey, the country’s Diaspora Affairs Minister Naftali Bennett said. “For ...

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Houston’s mayor: our city is “open for business” despite difficulties

Houston’s mayor: our city is “open for business” despite difficulties

Houston’s mayor says Houston  is “open for business” but more than a week after Harvey parts of the city remain flooded, up to 500,000 vehicles have been damaged, floodwaters contain a toxic brew of chemicals and the total cost of repairs could exceed $180 billion. Harvey, which roared ashore as a Category 4 hurricane, brought 52 inches of rain to ...

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US could end up crippling largest banks in the world as it takes on NK

US could end up crippling largest banks in the world as it takes on NK

As the U.S. mulls its next move against North Korea, some have suggested that sanctioning the major Chinese banks could be the most effective way to pressure the rogue nation into halting its nuclear program. Targeting the big lenders from the world’s second-largest economy is not a new idea. And it would not necessarily just be a way to lash out at Beijing for ...

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Kudlow: the president is “absolutely committed to tax plan

Kudlow: the president is “absolutely committed to tax plan

Conservative economic analyst Larry Kudlow on Sunday expressed optimism in a tax cut plan from President Trump, saying the president is “absolutely committed” to the plan. “I think the president is absolutely determined and committed to get this done. I was in with him a few weeks ago, and I saw it is different than health care, John. He is ...

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