“Biden’s administration did nothing to bring about the deficit’s decline. Credit really goes to large increases in tax revenues as the economy rebounded combined with the decision by Sens. Kyrsten Sinema (D–Ariz.) and Joe Manchin (D–W.Va.) and their Republican colleagues to block Biden’s expensive “Build Back Better” proposal. BBB would have made permanent many of the emergency programs created or expanded during the pandemic, and had it passed, government spending and deficits would be heading even higher than they are today.
That said, the still-too-close-to-$1 trillion deficit for FY 2022 is inexcusably large. More worrisome is the cost that we taxpayers must shoulder because of the pre- and post-COVID-19 deficits. According to that same Treasury report, in May, the U.S. government paid $56 billion in interest payments on its debt, up from $44 billion in April. As of now, total interest payments for this year are $311 billion. With four months still to go on this figure, we can assume a total interest cost for FY 2022 of at least $500 billion.
This is just the beginning. Before the pandemic and the inflation unleashed by irresponsible government spending and easy money, the Congressional Budget Office projected that in 2050, interest payments on U.S. debt would consume 8 percent of GDP and 40 percent of government revenue. These projections assumed modest increases in interest rates over a long-term period. However, as of today, the short-term figures look optimistic as inflation and the Federal Reserve’s response to it are boosting interest rates.”
…
“It’s expensive for sure, but it is also a vicious cycle if the interest is paid for with yet more borrowing. More borrowing raises total interest payments. In addition, if one believes (as I do) that most of our current inflation is rooted in recent fiscal irresponsibility, then more borrowing to pay for more interest will only add more fuel to the inflation fire.
Finally, as the average interest rate on marketable debt approaches 2 percent, we are getting close to the threshold that some left-leaning economists say should trigger concerns about the size of government debt.”
…
“the budget deficit might be smaller than at the height of the pandemic, and that is a good and predictable thing. But it’s no cause for celebration as interest rates and servicing costs could push us into worrisome territory sooner than we think.”
“as CNN pointed out not long ago, oil companies used to respond like other businesses to rising prices by increasing supply. Burying their industry in red tape and choking off access to capital has been a very effective signal to rethink their entire business strategy. Oil industry insiders may coast along and enjoy the profits from existing capacity, but they’re unlikely to invest in facilities to meet demand for gasoline, and offset soaring prices, until they’re certain their industry will be allowed a future.”
“After ten years of hard work to try and promote innovation and consumer welfare, the European Union has revealed its bold plan: to force device manufacturers to use a single charging standard.
The Eurocrats are now hard at work patting themselves on the back for this glorious outcome of the decade-long “trilogue on the common charger.” By 2024, wired devices sold in the EU must use the USB-C charging port and will not be sold with a charger by default. This is intended to “curb e-waste” and give consumers “more choice.” Can you feel the innovation? Never say the EU does not dream big.
Unless you are one of the 56 million or so Europeans who use iPhones, not much will change. Private companies have converged on common standards for years. Most, if not all, of your devices might already use the nifty USB-C charger, which in addition to being small and symmetrical, allows fast charging to boot.
And some Apple products, like my own MacBook Air, use the USB-C standard too. It is nice to be able to seamlessly charge my phone and my laptop without hassling with extensions.
The problem is the iProducts. Most, but not all, of these famously (or infamously) use Apple’s proprietary Lightning connector, which is incompatible with other companies’ devices. iPhones, iPads, and iPods usually use Lightning connectors, which means people need to have a separate charger for these specific products.
The Lightning charger has few fans today. It’s proprietary, it doesn’t always allow fast charging, and you’ll pay a lot for the privilege. Haters—and there are many—will be tempted to applaud this move by the EU.
But as usual, the EU’s meddling will almost certainly have the opposite effect that it is intending. Instead of “limiting e-waste,” this ban will create millions of useless chargers that will soon head to a landfill.”
…
“Although that rat’s nest of old chargers in your bedside table is aesthetically salient (and awful), it’s apparently not a big contributor to this ballyhooed e-waste problem. According to the 2020 Global E-Waste Monitor, chargers represent some 0.1 percent of the 53.6 million metric tons of tech garbage produced each year.
As usual, the EU is spending a lot of time and effort on something that is not that big of a problem in the grand scheme of things.”
…
“Apple is not a big fan of the rules, having argued that the prohibition on non-USB-C chargers will limit the kinds of innovations they can offer their customers. This might not convince the well-sized anti-Lightning community, but it is a little rich that professional bureaucrats who have not so much as opened a business in their lives would deign to tell some of the world’s most successful technology companies how to design their products.”
“So if there’s enough food to go around, why has the global trend toward lower levels of hunger recently reversed? “As of today, the world has no global shortage of food, but food is quite expensive and people’s wages have not adjusted yet,” said David Laborde, a senior research fellow at the International Food Policy Research Institute. “The main issue is that we have problems moving this food around, either due to the war or export restrictions.”
As a result, world food prices reached an all-time high earlier this year, according to the Food and Agriculture Organization of the United Nations.
The price increases are the result of a concatenation of events stemming from the disruptions caused by Russia’s invasion of Ukraine, including price increases in fuels and fertilizers and blocked grain exports. In addition, the WFP notes, “Conflict is still the biggest driver of hunger, with 60 percent of the world’s hungry living in areas afflicted by war and violence.”
In a world with more than enough food to feed everybody, despotic governmental brutality and stupidity are once again causing famines.”
“We’re up to about 3,600 known cases of monkeypox in the United States, according to the Centers for Disease Control and Prevention (CDC). That’s more than double the number of cases from just two weeks ago.
As the federal government struggles to distribute vaccines where they’re needed, The Washington Post reports that the White House is thinking of declaring a public health emergency and naming a “White House coordinator” to oversee the response.
The public response should be: Please don’t. Please just get the vaccines to local public health agencies and let them deal with it. Because right now, that’s about half the problem that’s causing monkeypox to spread.
Red tape from the Food and Drug Administration (FDA) and the CDC left more than a million monkeypox vaccine doses stuck in storage in Denmark, and then another roll of red tape made it incredibly difficult for doctors to prescribe an alternative monkeypox treatment because it’s still in clinical trials.
As a result, local health agencies have had to carefully portion out vaccines to the highest-risk citizens—and they’re still running out. In Los Angeles, the county Public Health Department will only administer to people who are infected, people who have had high-risk contact (typically sex) with somebody who is infected, and then gay or bisexual men or trans people who fit in one of the [certain] categories”
…
“Fortunately, monkeypox’s spread has still remained pretty limited even as it has grown. The percentage of growth seems huge because we’re dealing with a fairly low baseline. And though monkeypox is not technically a sexually transmitted disease—it is spread through contact with the rashes and lesions created by the virus as well as through saliva—this particular version of monkeypox has been pretty resistant so far to being spread through methods other than sexual contact.”
“Senate Majority Leader Chuck Schumer (D–N.Y.) has reportedly brokered a deal with Sen. Joe Manchin (D–W.Va.) to pass a slimmed-down version of President Joe Biden’s spending plan—now to be marketed as an attempt to curb inflation.”
…
“The bill will include $370 billion in new spending on climate change initiatives and green energy projects—a linchpin of Biden’s Build Back Better plan through its many, many interactions over the past year—and would dedicate about $300 billion of revenue toward reducing the deficit, which has been Manchin’s top priority.
The bill also reportedly includes a three-year extension of the expanded Affordable Care Act (ACA) subsidies originally passed as a temporary measure during the early days of the COVID-19 pandemic, as well as changes to how federal health insurance programs price prescription drugs. Though pitched as a way to cut costs for households, the extension of those ACA subsidies could actually worsen inflation, as Reason’s Peter Suderman has explained.
The spending and deficit-reduction items will be funded with a series of proposed tax increases. Politico reports that the bill would impose a 15 percent corporate minimum tax, expand the IRS’ enforcement division (a questionable means for generating revenue, it should be noted), and close a commonly used business tax break for carried interest. The tax changes would generate about $739 billion over the next decade, according to The Washington Post.”
…
“For today, at least, Joe Manchin seems to have gotten his way.”
“Recep Tayyip Erdogan’s main formal claim to Sweden and Finland was their loyalty to the Kurdistan Workers’ Party (PKK), which is recognized in Turkey as a terrorist organization, as well as to the “Gulenists” – Ankara has been raiding for many years those it considers followers of the preacher Fethullah Gulen and accuses them of organizing a coup attempt in 2016. About 100,000 Kurdish refugees have found refuge in Sweden.”
…
“Clarifying the wording of the compromise memorandum between the three countries, UK newspaper the Guardian noted that Finland and Sweden have promised not to “support” the Kurdish Democratic Union (PYD) and the Kurdish People’s Self-Defense Forces (YPG). And according to the Turkish pro-government daily newspaper the Daily Sabah, the memorandum also states that “Finland and Sweden commit to preventing activities of the PKK and all other terrorist organizations and their extensions, as well as activities by individuals in affiliated and inspired groups or networks linked to these terrorist organizations.””
“In theory, voting machines are already offline, even air-gapped. In practice, however, “many polling places around the country transmit voting results to their county election offices via modems embedded in or connected to their voting machines,” The New York Times reported in 2018, and that’s a point of internet access. Independent investigators in 2019 said they found “nearly three dozen backend election systems in 10 states connected to the internet,” including systems in swing states Wisconsin, Michigan, and Florida—just a “few” weak points. The nonpartisan National Election Defense Coalition says the “assertion that voting machines or voting systems can’t be hacked by remote attackers because they are ‘not connected to the internet'” is a “myth” and has called for results to be transmitted by offline methods, like USB sticks.
That sort of tool would work because the proposal here isn’t that we return to paper ballots in a wooden box or hand-written voter rolls. Paper and the trail it leaves have an important place in electoral security, but I’m not suggesting a completely nondigital approach. We can still have machines as the main counting mechanism, a useful timesaver in uncontested races. Likewise, election authorities can continue to manage voter databases with computers.
Think 1990, not 1890—there’s no need to go full Luddite. But we should disconnect our voting processes from the internet where it’s feasible. We already know online voting is insecure, and given the detrimental effects even small hacks could have on Americans’ confidence in our election outcomes, we’d be wise to harden electoral targets against digital attacks.”
“Biden administration officials are now working to undo some of the harmful legal policies put in place by Trump-era attorneys general—less visible than controversial measures like the border wall and family separation, but nonetheless damaging to due process and punitive toward the people who seek asylum on American soil. Last June, Attorney General Merrick Garland scrapped rules that made it difficult for victims of domestic violence or gang violence, as well as family members of threatened individuals, to qualify for asylum.”