Adams unveils blueprint for 2024 budget
The budget would force city agencies to use fewer people to do the same jobs, CBS2's Marcia Kramer reports.
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Bill Gates says 'China's rise' is a 'huge win for the world'
Bill Gates said that China's rise is a 'huge win for the world' during an interview in Australia earlier in the week, adding that the U.S. is in a politically weaker state than it has been.
- INSIDER
Republicans' plans to slash Social Security and Medicare are becoming clearer: 'We have no choice but to make hard decisions'
Republicans have indicated that they're willing to hold off on raising the debt ceiling in order to secure cuts to Medicare and Social Security.
- The Daily Beast
Fox’s ‘Straight News’ Anchor Harris Faulkner Lets Rick Scott Peddle His Medicare Lie
Fox NewsFox News anchor Harris Faulkner on Thursday allowed Sen. Rick Scott (R-FL) to repeatedly push the lie that Democrats slashed hundreds of billions of dollars in funding for Medicare—even though that spurious claim had been debunked months ago.In fact, not only did Faulkner—often labeled one of Fox’s “straight news” anchors—allow Scott’s falsehood to slide, she wondered how the Florida lawmaker would be able to work with Democrats since they’re “incapable of telling the truth.”With the GOP
- INSIDER
Kevin McCarthy reportedly agrees to leave cuts to Social Security and Medicare off the table in debt ceiling negotiations
Sen. Joe Manchin told reporters that Kevin McCarthy has agreed to leave cuts to Medicare and Social Security out of the debt limit talks.
- TheStreet.com
Billionaire Barry Sternlicht Thinks He Knows When Recession Will Hit
2023 is shaping up to be a rough year for Americans and Barry Sternlicht has a timeline for when a recession might reach our shores.
- CBS MoneyWatch
Iowa wants to ban food-stamp users from buying meat and flour
Some Iowa Republicans say entitlement programs are sapping the state's budget, despite nearly $2 billion surplus.
- Business Insider
Russia's $45 billion stash of Chinese yuan is helping Moscow weather massive plunge in energy revenues
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How 2023 Recession Will Differ From 2008 and How You Should Prepare Differently
The hyperinflation of the early 1980s provided a blueprint for the Fed's action today. To cool an overheated economy, the Fed raises interest rates and tightens the money supply. That causes economic...
- Bloomberg
Exodus of Wealthy Chinese Accelerates With End of Covid Zero
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Column of the Day: Republicans Have No Viable Plan to Balance the Budget
Led by newly empowered firebrands, Republicans in the House are working on a plan to slash spending and balance the federal budget within 10 years. According to The Washington Post’s Catherine Rampell, there are several problems with this effort, not least the fact that Republicans seem to have no idea how they can accomplish their goal. “They say they want to reduce deficits,” Rampell writes in an op-ed Tuesday, “but meanwhile have ruled out virtually every path for doing so (cuts to defense, c
- CBS MoneyWatch
Here's how Republicans' proposed Fair Tax Act would work
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- Barrons.com
Money Supply Shrinks for the First Time. What It Says About Inflation and the Economy.
The growth of M2—a measure of money supply in the economy that includes currency in circulation, balances in retail money-market funds, and savings deposits, and more—showed a decline in December. The money supply growth rate for last month was a negative 1.3% versus a year ago, the lowest ever and marking the first-ever decline in M2 based on all data available. The Federal Reserve faces a momentous decision next week.
- The Hill
Rand Paul: GOP should give up ‘sacred cow’ and trim military spending
Sen. Rand Paul (R-Ky.) on Wednesday pushed Republicans against taking military spending off the table as the party looks for ways to tackle government funding in talks on how to address the debt limit this year. While speaking at a press conference on Wednesday afternoon, Paul framed the partisan battle over the nation’s debt limit…
- Business Insider
Elon Musk is trying to raise up to $3 billion to pay off expensive Twitter debt amid struggles to keep advertisers: WSJ
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- Fortune
The U.S. economy avoided a recession in 2022 because of ‘shockingly’ resilient consumers—but they’re just about spent
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BofA warns that the US economy will begin to lose 175,000 jobs per month in Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why
Things might look fine now. BofA says not for long.
- Reuters
U.S. economy posts strong growth in Q4, but with underlying weakness
The U.S. economy grew faster than expected in the fourth quarter, but that likely exaggerates the nation's health as a measure of domestic demand rose at its slowest pace in 2-1/2 years, reflecting the impact of higher borrowing costs. The Commerce Department's advance fourth-quarter gross domestic product report on Thursday showed half of the boost to growth came from a sharp rise in inventory held by businesses, some of which is likely unwanted. While consumer spending maintained a solid pace of growth, a big chunk of the increase in consumption was early in the fourth quarter.
- The Hill
Senators eye Social Security reforms as some in House GOP consider cuts
Some senators are eyeing a divided Congress as an opportunity to tackle reforms to Social Security, as the program faces significant solvency issues in little more than a decade. Changes to Social Security are a perpetually heavy lift for Congress, but they’ve gained traction as some House Republicans float cuts to it as part of…
- Tallahassee Democrat
After $22B loss, state workers pension system rebounding, facing new investing restrictions
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