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Missed News 170
August 26, 2019
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Budget Deficit on Path to Surpass $1 Trillion Under Trump
August 21, 2019
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The federal budget deficit is growing faster than expected as President Trump’s spending and tax cut policies force the United States to borrow increasing sums of money.
The deficit — the gap between what the government takes in through taxes and other sources of revenue and what it spends — will reach $960 billion for the 2019 fiscal year, which ends Sept. 30. That gap will widen to $1 trillion for the 2020 fiscal year, the Congressional Budget Office said in updated forecasts released on Wednesday.
The updated projections show deficits rising — and damage from Mr. Trump’s tariffs mounting — faster than the office had previously predicted. In May, the budget office said it expected a deficit of $896 billion for 2019 and $892 billion for 2020.
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CreditCreditAnna Moneymaker/The New York Times.
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Missed News 165A
August 19, 2019
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In order to understand the brutality of American capitalism, you have to start on the plantation.
August 17, 2019
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A couple of years before he was convicted of securities fraud, Martin Shkreli was the chief executive of a pharmaceutical company that acquired the rights to Daraprim, a lifesaving antiparasitic drug. Previously the drug cost $13.50 a pill, but in Shkreli’s hands, the price quickly increased by a factor of 56, to $750 a pill. At a health care conference, Shkreli told the audience that he should have raised the price even higher. “No one wants to say it, no one’s proud of it,” he explained. “But this is a capitalist society, a capitalist system and capitalist rules.”
This is a capitalist society. It’s a fatalistic mantra that seems to get repeated to anyone who questions why America can’t be more fair or equal. But around the world, there are many types of capitalist societies, ranging from liberating to exploitative, protective to abusive, democratic to unregulated. When Americans declare that “we live in a capitalist society” — as a real estate mogul told The Miami Herald last year when explaining his feelings about small-business owners being evicted from their Little Haiti storefronts — what they’re often defending is our nation’s peculiarly brutal economy. “Low-road capitalism,” the University of Wisconsin-Madison sociologist Joel Rogers has called it. In a capitalist society that goes low, wages are depressed as businesses compete over the price, not the quality, of goods; so-called unskilled workers are typically incentivized through punishments, not promotions; inequality reigns and poverty spreads. In the United States, the richest 1 percent of Americans own 40 percent of the country’s wealth, while a larger share of working-age people (18-65) live in poverty than in any other nation belonging to the Organization for Economic Cooperation and Development (O.E.C.D.).
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Lyle Ashton Harris for The New York Times
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Missed News 164
August 16, 2019
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The FCC fined ‘Jimmy Kimmel Live’ and ‘The Walking Dead’ six-figures over use of emergency tones
August 15, 2019
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An episode of “Jimmy Kimmel Live” last year featured emergency tones in a sketch mocking the presidential alert system. And it’ll cost parent company ABC dearly.
In a statement Thursday, the Federal Communications Commission said it hit the show with a $395,000 fine for misusing the tone from the emergency alert system..The emergency alert system (EAS) tone is used on television and cellphones to warn people of impending emergencies such as tornadoes and floods..To protect the purpose of the warning system, the agency has a rule against use of EAS tones or their simulations — except in actual emergencies, authorized tests or qualified public service announcements.
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Jimmy Kimmel
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Frightened by shootings, appalled at Trump, Americans are voting with their feet — to leave
August 15, 2019
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Eleanor Pelta has secured Polish passports for herself and her two sons. Stephanie Schwab is planning an escape route via Spain. Elie Jacobs has begun to keep enough cash on hand to buy last-minute plane tickets to Israel for his family. Alex and Aussa Lorens are applying for work visas in Australia, while Josh Lewin is aiming for New Zealand.
And Kami Lewis Levin already has her bags packed and tickets purchased. She leaves next week, with her husband, three children and a dog, for a new home in Costa Rica.
Americans are not flocking to the exits, but some of them are thinking about it, and some are talking about it, and at least a few are acting on the idea. Google searches for terms like “how to move out of America” spiked this past weekend to levels not seen since November 2016, right after the presidential election, and last seen a decade ago during the Great Recession. And in dozens of interviews after the massacres in El Paso, Texas, and Dayton, Ohio, people who were born here spoke of their crystallizing desire to leave.
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Black Farmers Shut Out Of $10 Billion Medical Marijuana Business
August 14, 2019
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National support for legalizing marijuana has been growing rapidly.
Now legalized in 23 states and the District of Columbia for medical use and four states — Colorado, Washington, Oregon, and Alaska — and DC for recreational use, cannabis is big business. Independent analysts have valued the legal industry at $3 billion and rising to $10 billion when including ancillary trades and services.
Cassandra Farrington, the co-founder and chief executive of Marijuana Business Media, puts the industry’s workforce at 60,000.
Others sates are expected to follow suit over the next couple of years, putting an end to cannabis prohibition. With the industry concentrating on making cannabis more of a mainstream and sellable product, a growing crop of businesses are expected to profit from the cultivation and distribution of marijuana.
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(Image: File)
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Reality TV star Todd Chrisley indicted on tax evasion and other charges
August 13, 2019
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Todd Chrisley, the star of the reality television show “Chrisley Knows Best,” was indicted Tuesday on tax evasion and other charges by a federal grand jury in Atlanta.
The 12-count indictment issued against Chrisley and his wife, Julie, also includes charges of wire fraud, conspiracy to commit bank fraud and conspiracy to defraud the United States, according to a copy obtained by NBC News.
The family accountant, Peter Tarantino, was also charged in Georgia’s Northern District.
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The World’s Wealthiest Family Gets $4 Million Richer Every Hour
August 12, 2019
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The numbers are mind-boggling: $70,000 per minute, $4 million per hour, $100 million per day.
That’s how quickly the fortune of the Waltons, the clan behind Walmart Inc., has been growing since last year’s Bloomberg ranking of the world’s richest families.
At that rate, their wealth would’ve expanded about $23,000 since you began reading this. A new Walmart associate in the U.S. would’ve made about 6 cents in that time, on the way to an $11 hourly minimum.
Even in this era of extreme wealth and brutal inequality, the contrast is jarring. The heirs of Sam Walton, Walmart’s notoriously frugal founder, are amassing wealth on a near-unprecedented scale — and they’re hardly alone.
The Walton fortune has swelled by $39 billion, to $191 billion, since topping the June 2018 ranking of the world’s richest families.
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From left: Jim Walton, Alice Walton, Jim’s wife Lynne McNabb Walton, Rob Walton’s wife Melani Lowman Walton and Rob Walton. Photograph: Rick T. Wilking / Stringer
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