“The legislation, known as the Budget Control Act of 2011, initially increased the debt ceiling by $900 billion and guaranteed a similar amount in long-term savings across defense and non-defense expenditures. It also set up a super committee of lawmakers who were tasked with finding a set amount of additional spending cuts by late November, or automatic spending cuts would be triggered across the board.
By the time the bill passed, however, some of the economic damage was already done. Because the US was so close to default, the stock market had already dipped and the cost of borrowing had increased for the government as well. Higher borrowing costs effectively mean the government has to pay more for loans and has fewer resources to spend on public investments like infrastructure. Additionally, in part due to the brinksmanship involved, the credit rating agency S&P downgraded the country’s credit rating for the first time in US history, signaling to potential buyers that taking on US debt wasn’t as safe as it once was, and undercutting global trust in the country’s economy.
The outcome in 2011 revealed that even getting close to a default was dangerous and had a problematic impact on the economy, experts say. “This is an entirely human-made crisis that adds extra cost to the taxpayer, that can lead to market volatility, and that’s totally avoidable,” said David Vandivier, a former Treasury Department official.
“Repeating it doesn’t make sense,” emphasized Furman.
That warning may go unheeded, however. While Democrats have argued that the debt ceiling — which covers debts the US government has already incurred — should be separate from negotiations on the budget and spending, Republicans have indicated that they’re eager to use this opportunity to secure possible savings, even if it incurs risks that became apparent in 2011.”
“The Biden administration is expanding health coverage under Medicaid and the Affordable Care Act to beneficiaries of the Deferred Action for Childhood Arrivals program (DACA), delivering a long-sought victory for immigrant advocates.
The new rule means the 600,000 immigrants with active DACA status will be able to apply for coverage through their state Medicaid agencies and through the federal health insurance marketplace, where they may qualify for financial assistance based on income. But that victory might be short-lived if the DACA program itself is overturned in court, where it is currently under threat. If DACA is overturned, that could leave hundreds of thousands of DACA beneficiaries, or so-called “DREAMers,” at sudden risk of deportation.”
“The fires are part of a broader pattern of mass casualty events on factory farms, where 99 percent of America’s meat, dairy, and eggs are produced. Some are the result of human or mechanical error, but many stem from natural disasters, such as hurricanes, blizzards, and extreme temperatures, like last summer’s scorching heat wave in Kansas that killed thousands of cows who were subsequently dumped in a landfill. Disease outbreaks, too, result in mass death or culling on farms.”
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“High death tolls could be more likely in the future as mega-factory farms proliferate, packing ever more animals into cramped warehouse-sized sheds. From 1992 to 2017, the number of US farms with 1,000 or more dairy cows has more than tripled, even as the total number of dairy cows has remained about the same.”
“two years on, 3,000 civilians have reportedly been killed by the Tatmadaw, though the number of civilian deaths caused by both the junta and the resistance is likely higher. The airstrike is also indicative of the junta’s determination to retain power no matter the cost, despite its inability to maintain territorial control.
Though Myanmar has a long history of brutal and repressive military rule, the stunning violence of the current regime has made it “the worst regime in Southeast Asia since the Khmer Rouge,” according to former US Ambassador to Myanmar Scot Marciel, referring to Pol Pot’s murderous dictatorship of the 1970s and 1980s.
The junta, or Tatmadaw as it’s called in Myanmar, has solidified the country’s status as a pariah state with its repressive tactics and scorched-earth military attacks. Yet it has stated its plans to hold elections this year in order to legitimize its control of the government on the international stage — or at least make an attempt to do so.”
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“opposition to military rule has morphed from protests to outright conflict, as armed factions aligned with Myanmar’s many ethnic groups battle government forces for territorial control. Though many groups fight under the banner of the shadow government, the National Unity Government (NUG), the opposition has thus far proven ineffective at — and perhaps uninterested in — building the coalitions necessary to create a future democratic government, according to David Scott Mathieson, an independent analyst.”
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“Given that the Tatmadaw controls all of Myanmar’s state enterprises, including the oil, mining, and timber industries, it can — and will — continue its horrific campaign as long as those resources hold out, even as that battle plunges the country into extreme poverty.
According to a 2022 report from the UN OHCHR, the Tatmadaw government “has collapsed in many areas nationwide, the public health system has effectively broken down, and more than half of all school-aged children have not accessed education for two academic years.” Ye Myo Hein, a global fellow at the Wilson Center and visiting fellow at the United States Institute of Peace, tweeted in late March regarding the fuel cuts and energy crisis affecting Myanmar, noting that, “The country has been experiencing increasingly frequent and disruptive power cuts — up to 14 and 15 hours a day in some areas.”
But neither side has the impetus to negotiate a solution so that Myanmar can rebuild its society and economy, nor does either have a particularly convincing vision for the future. If the Tatmadaw does manage to hold elections, they will be a sham and will convince few besides themselves of their mandate to govern.
Should the resistance somehow outlast or defeat the regime, it will have to grow from a symbolic government-in-exile to a unifying political force capable of not only rebuilding the nation and its economy, but also establishing a diverse governing coalition that reflects the Burmese people’s interests.”
“Russia’s full-scale invasion of Ukraine has prompted the North Atlantic Treaty Organisation to restore its own military capabilities to Cold War-era levels, as well as to reconsider its approach to deterrence on its eastern borders.
Source: The New York Times
Details: As The New York Times wrote, NATO is rapidly moving from what the military calls deterrence by retaliation to deterrence by denial.
Previously, in the event of a Russian invasion, member states had to hold out until allied forces, mainly the US, came to their aid and retaliated to push the Russians back.
But after the Russian atrocities in areas it occupied in Ukraine, Poland and the Baltic countries no longer want to risk any period of Russian occupation. As in the first days of the Ukrainian invasion, Russian troops took land larger than some Baltic nations.
“Deterrence by denial” means, on the contrary, the permanent location of allied troops near the border with the Russian Federation, more integration of American and allied war plans, more military spending and more detailed requirements for allies to have specific kinds of forces and equipment to fight, if necessary, in pre-assigned places.”
“Supreme Court Justice Clarence Thomas has accepted luxury trips from a major Republican donor — and failed to disclose them — for over two decades, according to a bombshell ProPublica report that was published in early April. A second ProPublica report revealed that the same donor’s company purchased a house and two vacant lots from Thomas, a financial exchange he also did not disclose. And a Washington Post investigation found Thomas has repeatedly claimed income from a real estate company that no longer exists.
Thomas’s lack of disclosure about these trips and property sales is a clear violation of government ethics law, according to legal experts. A mistake may be behind the issue with his income statements — a new company with a similar name was formed after the first’s dissolution. That error, however, is reflective of a pattern of shoddy adherence to disclosure rules that has Thomas and his commitment to ethical conduct under new scrutiny.
Federal judges, including Supreme Court justices, are required to disclose such gifts and transactions under the Ethics in Government Act, which establishes rules for federal officials regarding what’s acceptable. As detailed by the law, transportation gifts, and most real estate sales above $1,000, need to be disclosed.
The recent reports follow Thomas’s refusal to recuse himself from litigation related to the January 6, 2021, Capitol insurrection, even as his wife, Ginni Thomas, played a direct role in trying to overturn the 2020 election results. More broadly, they serve as reminders that Supreme Court justices face limited oversight or accountability — and have long refused to publicly engage with calls for stricter ethics rules.
In the past, lodging and food provided on someone’s property have been exempted from disclosure requirements, but transportation, which Thomas accepted, has not been. Per ProPublica, the “extent and frequency” of gifts that Thomas received from Republican megadonor Harlan Crow — which included flights on private jets and trips on luxury yachts — have “no known precedent in the modern history of the U.S. Supreme Court.” The property sales that Thomas made would also not be exempted from such laws.”
“JPMorgan Chase bought most of the assets of First Republic Bank in a deal announced early Monday, just after the federal government seized control of the troubled regional bank.
First Republic is the second-largest bank failure in US history, following Washington Mutual which collapsed in 2008 and was also acquired by JPMorgan. It comes after the failure of Silicon Valley Bank (SVB) and Signature Bank in March, which were the third and fourth largest US banks to fail, respectively.
Like Signature Bank and Silicon Valley Bank before it, First Republic saw a mass exodus of depositors to larger institutions, who feared that the bank would not have the capital to cover huge unrealized losses on its books due to rising interest rates. If it’s a signal of a larger banking crisis, it seems to be one that’s unfolding slowly, but it’s certainly possible that more banks could fail.”