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Jackson Park trees: Another premature destruction

“Maybe the silence of the right wing is because first two Trump budget deficits (estimated), are far larger than any of the last three fiscal year Obama budget deficits” writes Letters To The for suntimes.com. During the Obama presidency, there was unrelenting criticism (some deserved) from the right wing over the size of budget deficits and the national debt. Source: suntimes.com Share This:

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Conservatives call for constitutional intervention

“Unity among conservatives seeking an article V intervention is paramount” writes Jamiles Lartey for theguardian.com. Kentucky (like every other state besides Vermont) has a balanced budget clause in its state constitution, but lawmakers routinely find ways around.A coalition seeking just the balanced budget amendment currently has 28 out of the required 34 state legislatures on board, with active bills calling for a convention. Source: theguardian.com Share This:

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Federal budget deficit increases 79% in July

“The numbers: The federal government ran a monthly budget deficit of $77 billion in July, up 79% over the same month a year ago” writes Robert Schroeder for marketwatch.com. The Congressional Budget Office predicts trillion-dollar deficits will return in 2020.Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate.Big picture: Congressional budget analysts predict the deficit for the full year will be about 19% bigger than last year’s shortfall, the result of both the Republican tax law and spending boosts approved by lawmakers earlier this year.What happened:…

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Italy is fast approaching a key deadline that will test its market credibility 

“Italy has the second-largest public government debt pile in the euro zone, at about 130 percent of its gross domestic product (GDP)” writes Tony Gentile for cnbc.com. The debt problem became particularly acute over the last year or so, particularly in the aftermath of March’s general election.Lawmakers have to approve a budget for the coming year and send it to the European Commission before mid-October.The Italian government has an important task ahead that could ultimately bring about further market turmoil.The financial plan will be closely scrutinized by European authorities, but,…

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Trump’s funny math on tariffs and the debt

“President Trump inherited a monstrous problem: $20 trillion in debt” writes Paul Brandus for marketwatch.com. That’s why Trump said in 2016, and continues to say now, that trade deficits are the reason for the hole we’re in.I’m so old I can remember when Republicans squawked that 1) deficits and the debt were bad and 2) that tariffs were harmful to the economy. Source: marketwatch.com Share This:

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U.S. debt set to be twice economy if Congress extends current policies

“Federal debt would grow to double the size of the economy in 30 years if Congress extends tax cuts and continues the recently enacted spending increases, budget analysts said Wednesday” writes Robert Schroeder for marketwatch.com. Put another way, debt would go to 210% of GDP by 2048, noted Tyler Evilsizer of the CRFB in a tweet.If the tax and spending policies are extended, the deficit in 2038 would be 10.5% of GDP, instead of the 7.1% under current law, the CRFB said in a blog post.That deficit would be the…

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Britain’s foreign aid budget will be used to help hurricane hit overseas territories, Penny Mordaunt says

“Britain’s foreign aid budget will be used to fund disaster relief for people devastated by hurricanes in the UK’s overseas territories, the International Development Secretary has announced” writes Tim Stanley for telegraph.co.uk. Last year the Government was forced to find £57million in additional funding to help overseas territories including Anguilla and the British Virgin Islands after they were devastated by Hurricane Irma.International aid rules meant that the overseas territories were considered too wealthy to receive emergency foreign aid, leaving the Treasury to find additional funding. Penny Mordaunt, the International Development Secretary,…

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One of the largest banks issued an alarming warning that Earth is running out of the resources to sustain life

“But it’s far less common to see multinational banks sound the alarm about climate change so explicitly in their equity research” writes Jeremy Berke for businessinsider.com. Jason Lee/Reuters One of the world’s largest banks says the planet is running out of resources and warns that neither governments nor companies are prepared for climate change.To calculate Earth’s natural resource budget, GFN considers the demand for natural resources — which includes food, forests, and marine products — as well as humans’ effects on the environment from factors like carbon emissions. Source: businessinsider.com Share…

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28-year-old with $250,000 in savings: Budgeting is overrated—do this instead 

“He didn’t invest in bitcoin or inherit any money” writes Kathleen Elkins for cnbc.com. In fact, “I think budgeting is overrated,” Sean tells CNBC Make It.Achieving such a high savings rate didn’t require following a strict budget.For starters, sitting down and making a budget can be “an extremely intimidating process if you’re not used to it,” he says.What he does do is save and invest a considerable chunk of his $80,000 income: more than 60 percent. Source: cnbc.com Share This:

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