We used to have really good ones, then they showed up only on weekends, then when the shilling got outsourced they vanished. When Media Matters started shilling domestically again, they just didn't have any talent left
Flashback
How Much Money Has Congress Taken From Social Security
Garrett Parker Updated on April 17, 2023
There is an ongoing debate about whether the Federal government and its spending policies are responsible for the current projections that by the year 2034 the outflow of payments will exceed the inflow of tax revenues to fund the social security program. It will become necessary to reduce benefit checks by as much as 21 percent to keep the fund solvent. This number could actually be higher if inflations gets out of control or a reduction in tax revenues further reduces the amount of cash available.
What many people don’t know is how Social Security actually works. There is no cash in the bank to pay out monthly benefit checks. The Congress, those keepers of the financial retirement flame, have been using Social Security taxes to fund other parts of the government because, well the money is there.
Technically the government owes the Social Security fund an estimated $2.9 trillion, money that has been used and not repaid to the fund. The money is legally held in a special type of bond that by law cannot be used for any other purpose other than to put the money back into the fund. But the government, thrifty group that they are, didn’t cash the bonds in, they simply borrowed the money and promise to pat it back.
Not a permanent fix
This $2.9 trillion, put back into the fund, would solve the problem for another 5 or 10 years. Add to that time extension the falling number of recipients as the Baby Boomer generation passes on, and that number can be extended even further. That leaves the question of whether Congress can put the money back without damaging the national budget.
Most experts say no because it’s like the old saying of robbing Peter to pay Paul. Actually, the Social Security program has become much like a state lottery or casino because it depends on people playing, not to fund the intended program (education, assistance for the elderly) but to fill holes in the larger budget where overspending has occurred.
For example, the $4 million in state lottery revenues that was supposed to be added to the education fund eventually wound up being budgeted in the annual education budget. If the lottery inflow was reduced because of lower sales, then the general education allotment would suffer because there is no alternative source of funding. The Social Security program suffers from the same problem except on a much larger scale.
What about the younger generations?
Millennials and younger generations complain they are paying their taxes in just to finance the 63 million retirees, about half who depend on their Social Security check to pay part or all of their monthly bills. But when looking at that $2.9 trillion owed to the fund, and the fact that the fund actually has more money going in than coming out, the problem clearly lies with the government’s addiction to spending. Money is the drug of choice in Washington D.C., and whoever gets elected will get their fix sooner or later.
Which leaves the question of whether anything can be done to put the brakes on government spending. The recent shutdown made no difference to the overall spending because workers would get their back pay and the lights have been kept on so to speak.
There have been losses of research projects that will cost the government even more money in the future, but that is where the eyes of anyone connected with government spending fall. We can fix it tomorrow, but the problem is tomorrow is likely to have a different group of politicians who have yet to know the powerful drug they will be using every single day.
Conclusion
An odd thing is taking place in some financial and economic circles, where people are arguing that the problem of the $2.9 trillion is somehow not the government’s fault and is really not that big of a deal. The clock is running and no one seems to have a solution, yet all admit the government does owe the Social Security fund the money and that the government continues to borrow from the fund every year.
Maybe many of these so-called experts won’t be around in 2034 and can act as if the problem is not really a problem. The real problem is that neither the average person or the accountants and financial planners in the government actually understand what $1 trillion is in real money. Maybe someone could make $1 trillion in dollar bill sized pieces of paper and have them delivered to the Congress. But that would cost too much.
https://moneyinc.com/heres-how-much-money-has-congress-taken-from-social-security/
Canada #67
SELF-OWN: Mexican President Vows to Dig Her Country’s Grave by Imposing Retaliatory Tariffs On America in Response to Trump’s Bold Plan to Stop Illegal Migration
by Cullen Linebarger Nov. 26, 2024
As The Gateway Pundit reported, on Monday evening, President Trump on Monday announced he would slap a 25% tariff on all products from Mexico and Canada until the illegal migrant invasion is stopped. He also announced the US will be charging China an additional 10% tariff on all of their products coming into the US until the flow of fentanyl ends.
Trump wrote on Truth Social that the tariff would start on the first day of his administration and would apply to ‘ALL products coming into the United States, and its ridiculous Open Borders.’ It would then only be lifted when illegal aliens and drugs, particularly fentanyl, stop flowing into America.
…While Canadian Prime Minister Justin Trudeau called Trump in a panic two hours after the president-elect announced his massive tariffs, far-left Mexican president Claudia Sheinbaum had a more defiant response and threatened economic suicide for her country in the process.
As TGP readers may know, Sheinbaum is a typical leftist who blames ‘neoliberal economic policies’ (which in Latin America means Capitalism) for poverty, promises a ‘strong welfare state’, and means to ‘guarantee the minimum rights to all residents.’ Moreover, she is into the ‘climate change’ cult and locked down Mexico City when she was mayor during the COVID-19 pandemic.
Sheinbaum was livid over Trump’s bold move to hold her nation accountable for permitting the invasion and threatened to impose tariffs in response. She read aloud from a letter she wrote to Trump regarding the tariffs during a news conference on Tuesday in Mexico City.
“To one tariff will follow another in response and so on, until we put our common businesses at risk,” Sheinbaum said.
Sheinbaum then went on to blame America for rampant cartel violence in Mexico and the fentanyl crisis.
“We do not produce these weapons, nor do we consume synthetic drugs,” she said. “Tragically, it is in our country that lives are lost to the violence resulting from meeting the drug demand in yours.”
Sheinbaum also stated she wanted a call from Trump and would send a letter to Trudeau.
If Sheinbaum were to follow through with the retaliatory tariffs, she would be digging her nation’s grave. As the Financial Times notes, roughly 83% of all of Mexico’s exports are sent America. These come primarily from cars, trucks, and electronic goods.
In addition, the Mexican peso has fallen almost 20% since April and collapsed another 1.7% against the dollar following Trump’s tariff threat. William Jackson, chief emerging markets economist at Capital Economics, told the Financial Times that if Trump followed through on his tariffs, the peso could fall as much as 25%.
If Sheinbaum is smart and loves her country, she will look to cooperate with Trump and strengthen ties between Mexico and the U.S. However, her ego and hatred of Trump prevail at the moment.
https://www.thegatewaypundit.com/2024/11/self-own-mexican-president-vows-dig-her-countrys/
Trump’s Trade War Redux: Meet the New Architect of America’s Tariff Agenda
By David Lawder Reuters November 27, 2024
WASHINGTON, Nov 26 (Reuters) – President-elect Donald Trump on Tuesday chose trade lawyer Jamieson Greer as his new U.S. trade representative, elevating a key veteran of his first-term trade war against China to execute a sweeping tariff agenda that promises to upend global trade.
“Jamieson will focus the Office of the U.S. Trade Representative on reining in the Country’s massive Trade Deficit, defending American Manufacturing, Agriculture, and Services, and opening up Export Markets everywhere,” Trump said in a statement.
Greer, 44, served as chief of staff to Trump’s former U.S. trade representative, Robert Lighthizer, the architect of Trump’s original tariffs on some $370 billion worth of Chinese imports and the renegotiation of the North American free trade deal with Canada and Mexico.
In this role, Greer participated with Lighthizer in all negotiations with Chinese officials through the signing of a “Phase 1” trade deal with Beijing in January 2020. Under that agreement, China pledged to buy some $200 billion worth of U.S goods over two years, a goal never achieved, partly due to the COVID-19 pandemic.
Greer, who previously worked with Lighthizer at the law firm Skadden, Arps, Slate, Meagher & Flom, on steel trade remedy cases, left USTR in May 2020 to join the King & Spalding law firm in Washington. There, he has represented clients including domestic manufacturers in trade remedy cases, export and import compliance and investment security matters.
Lighthizer called Greer an “excellent choice” for USTR.
“He knows the law and has great judgment. He works around the clock and he agrees with and is loyal to the president,” Lighthizer said in an emailed statement. Greer “has spent decades preparing for this opportunity to lead the trade issue for the next four years.”
Trump had previously named Wall Street CEO Howard Lutnick to lead his trade strategy as head of the Commerce Department, including “direct responsibility” for USTR.
EARLY TARIFF BROADSIDE
Trump got off to an early start on specific tariff plans, vowing on Monday to impose duties of 25% on imports from Mexico and Canada and 10% on Chinese goods unless they halt flows of the deadly opioid fentanyl and illegal migrants into the U.S. The threat has drawn warnings of retaliation.
The threat comes on top of Trump’s vow to impose tariffs of 60% on Chinese imports and 10% to 20% on all goods from elsewhere. Economists say that the actions will reorder trade flows and raise costs, but Trump argues it will rebuild the U.S. industrial base
Greer’s views on China are firmly aligned with both Trump and Lighthizer and on the need for strong actions against China to counter its state-driven efforts to dominate global industries and protect U.S. jobs and industries.
During testimony in May before the U.S.-China Economic and Security Review Commission, Greer argued in favor of “increased tariff usage” to level the trade playing field between the U.S. and China, along with stronger export controls to safeguard sensitive U.S. technologies.
He applauded President Joe Biden’s steep tariff increases on Chinese imports to shield strategic industries such as electric vehicles, batteries and semiconductors, but said stronger action was needed.
“I’m gravely concerned not only with Chinese efforts to dominate global markets and some of the most important technologies and advanced manufactured goods, but also with the Chinese government’s use of trade investment to support its state-owned enterprises, its military, and then to drive an economy that appears to be gearing up for conflict with the United States and others,” Greer said.
Greer said during a February trade forum that his clients have been seeking to diversify their supply chains away from China, partly a result of the tariffs imposed on Chinese imports during Trump’s first term.
https://gcaptain.com/trumps-trade-war-redux-meet-the-new-architect-of-americas-tariff-agenda/
Big Oil seems a bit concerned
Trump’s Tariff Plan Has No Exemption for Oil Imports
By Jarrett Renshaw Reuters November 27, 2024
Nov 26 (Reuters) – U.S. President-elect Donald Trump does not intend to spare crude oil from his planned 25% import tariffs on Canada and Mexico, sources told Reuters on Tuesday, as the oil industry warned the policy could hurt consumers, industry and national security.
Canada and Mexico are the top sources of U.S. crude oil imports, together accounting for around a quarter of the oil U.S. refiners process into fuels like gasoline and heating oil, according to the U.S. Department of Energy.
The U.S. and Canadian oil industries had been optimistic that Trump’s broad plans for protectionist trade measures would spare oil imports because many U.S. refineries rely on the two countries and have equipment designed to process their oil types.
Two sources familiar with Trump’s plans said that oil would not be exempted from the plan. They asked not to be named due to the sensitivity of the issue.
America’s top oil trade groups, meanwhile, said imposing the tariffs would be a mistake – exposing a rare moment of discord between the industry and Trump.
“Across-the-board trade policies that could inflate the cost of imports, reduce accessible supplies of oil feedstocks and products, or provoke retaliatory tariffs have potential to impact consumers and undercut our advantage as the world’s leading maker of liquid fuels,” said a spokesperson for the American Fuel and Petrochemical Manufacturers group, which represents oil refiners.
The AFPM said its industries would “continue urging officials to veer clear of any policies that could disrupt America’s energy advantage.”
The American Petroleum Institute, meanwhile, said in response to a question about the threatened tariffs that keeping up the trade of energy across borders is important.
“Canada and Mexico are our top energy trading partners, and maintaining the free flow of energy products across our borders is critical for North American energy security and U.S. consumers,” said API spokesperson Scott Lauermann.
Oil industry analysts and traders also warned the move would likely raise oil prices for U.S. refiners, squeezing margins and driving up the cost of fuel.
The U.S. imported about 5.2 million barrels of crude and petroleum products per day (bpd) from Canada and Mexico in 2024, with more than 4 million of that from Canada, data from U.S. government’s statistical arm showed.
The biggest impact would come from the levies on Canadian crude oil, which is an important source of supply to refineries in the U.S. Midwest.
“The Midwest will have to deal with higher gasoline prices as it will be difficult to replace the Canadian crude that they are using currently,” ship tracking firm Vortexa analyst Rohit Rathod said.
“Applying tariffs on over 4 million barrels per day of crude from your leading supplier seems self-destructive,” said Matt Smith, an analyst at ship tracking service Kpler.
U.S. refiners have a capacity to process more than 18 million bpd of crude oil in total, but often run at lower rates due to maintenance and other issues.
While the U.S. is the world’s top oil producer, with output at a record 13.5 million bpd of crude, much of it is light in density and not compatible with domestic refineries that are largely configured to refine heavy crude like Canadian and Mexican oil.
Converting units to run lighter crudes economically would require investing in new equipment.
Asked about the inclusion of oil imports, the Trump transition team noted that tariffs against China created jobs, spurred investment and resulted in no inflation.
“President Trump will work quickly to fix and restore an economy that puts American workers first by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy,” said Trump transition spokeswoman Karoline Leavitt.
https://gcaptain.com/trumps-tariff-plan-has-no-exemption-for-oil-imports/
Oh, so 8kun is going to get declared a terrorist organization?
Gorka is not a good choice for Dog Catcher
WTF?
Trump Nominates Financier John Phelan as Navy Secretary
Mike Schuler November 26, 2024
President-elect Donald Trump has nominated John Phelan, a prominent figure in private investment and art who has no prior military experience, as the next Secretary of the Navy.
In his announcement, Trump introduced Phelan as the founder Rugger Management LLC and co-founded MSD Capital, LP, the private investment firm of Michael Dell, who brings with him an extensive business acumen, including an MBA from Harvard Business School.
“[Phelan is] a true champion of American enterprise and ingenuity,” Trump declared, positioning the nomination as a key component of his “America First” agenda.
The nomination signals a potential shift in military leadership philosophy, with Trump emphasizing that Phelan will prioritize the “business of the U.S. Navy above all else.” The President-Elect also expressed confidence that this appointment would “bring transformative results to the Navy and enhance the lives of its servicemembers”.
However, the nomination is surely to face potential challenges in the Senate confirmation process over his background in finance and private investment, rather than traditional military service.
While Phelan’s financial acumen is undeniable, his lack of direct military experience may raise concerns as the Navy faces significant challenges, including a deteriorating fleet, escalating tensions in the Indo-Pacific and Red Sea, and the need for modernization to counter rival powers such as China and Russia.
https://gcaptain.com/trump-nominates-financier-john-phelan-as-navy-secretary/
U.S. Sets Up Task Force to Back Philippines in South China Sea
Reuters November 21, 2024
MANILA, Nov 21 (Reuters) – The U.S. military is supporting Philippine operations in the South China Sea via a special task force, a U.S. embassy official said on Thursday, an initiative Manila said involves intelligence, surveillance and reconnaissance.
Task Force-Ayungin, named after the Philippine designation for the contested Second Thomas Shoal, was first mentioned this week by U.S. Defense Secretary Lloyd Austin during a visit to the Philippines.
“Task Force-Ayungin enhances U.S.-Philippine alliance coordination and interoperability by enabling U.S. forces to support Armed Forces of the Philippines activities in the South China Sea,” said U.S. embassy spokesperson Kanishka Gangopadhyay.
“This initiative aligns with multiple lines of cooperation between U.S. and Philippine forces,” he said, without elaborating on what kind of support the task force provides.
Defense ties between the Philippines and the United States have strengthened rapidly in the past few years, frustrating Beijing, which has a huge presence and vast claims in the South China Sea and sees Washington as an interfering power.
The United States says it has legitimate interests in ensuring peace and freedom of navigation in Asia’s most contested waters, through which more than $3 trillion of trade passes each year.
U.S. Indo-Pacific Command and China’s embassy in Manila did not immediately respond to a request for comment on the task force.
National Security Adviser Eduardo Ano said Philippine activities in the South China, including its missions to resupply troops at the Second Thomas Shoal, remain a “purely Philippine operation.”
“They are providing support to us, for example, ISR (Intelligence, Surveillance, Reconnaissance), maritime domain awareness, but on actual direct participation, its purely a Philippine operation,” Ano told reporters, referring to the U.S. task force.
The Philippine ambassador to the United States has previously said the Philippines has not asked Washington for support in resupplying its troops, and the U.S. was providing only “visuals” to help.
Confrontations between Beijing and Manila have been frequent of late, with China irked by Philippine resupply missions to soldiers on the Sierra Madre, a rusty warship that was intentionally grounded on the shoal 25 years ago to reinforce a territorial claim.
Tensions there have boiled over several times, with China’s coast guard accused of ramming vessels and using water cannon, injuring Filipino personnel.
China says the Philippines is intruding on its territory and claims indisputable sovereignty over the reef, located 1,300 km (808 miles) off its mainland and about 200 km from the Philippine coast.
The two countries have since reached a “provisional arrangement” for the resupply missions, with no altercations reported so far.
https://gcaptain.com/u-s-sets-up-task-force-to-back-philippines-in-south-china-sea/