WASHINGTON — President Trump's budget proposals have been defined by a belief that the economy will grow significantly faster than most economists anticipate. The latest version , released on Monday, is a brief departure: It concedes, for the first time, that the administration's past projections were too optimistic.
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Mr. Trump's $4.8 trillion budget proposal is slightly larger than last year's $4.75 trillion request and calls for increased spending on the military, the border wall, infrastructure and other priorities, including extending the president's 2017 tax cuts. It also includes trillions of dollars of cuts to safety-net programs like Medicaid and discretionary spending programs outside of the military, like education and the environment.
While you're here, how about this:
Sterling bounces following economic growth data, still close to 2020 low -
LONDON (Reuters) - Sterling enjoyed some respite on Tuesday after British economic growth showed no change in the fourth quarter despite market expectations that it would be slower.
The currency had on Monday touched its lowest levels for this year amid uncertainty over Britain’s future trade relationship with the European Union.
Preliminary data for fourth-quarter gross domestic product showed the economy grew 1.1% year-on-year, the same as in the previous quarter. Economists polled by Reuters had forecast growth of only 0.8%.
Turkish lira may drop 20 percent as intervention futile - Capital Economics | Ahval
Turkey's lira may slide by 20 percent against the dollar this year as the latest intervention in the currency markets will likely prove futile, according to Capital Economics.
The lira will probably fall to 7.5 per dollar by the year-end from about 6 against the U.S. currency currently, Jason Tuvey, a senior emerging markets economist at the London-based firm, said in a report to clients published on Monday.
Opinion | In Search of Economic Patriots - The New York Times
Whenever I have heard military leaders argue that the biggest long-term threat to American national security is our national debt , I've had mixed feelings.
I think a similar challenge exists today, especially from China. And the United States isn't meeting it. Economic growth has been mediocre , and the gains unevenly distributed . Americans' frustration with the situation has fed our angry, dysfunctional politics and, in turn, the country's retreat from global leadership.
Were you following this:
Trump's Economic Scorecard: 3 Years In Office
The unemployment rate has dropped steadily from its peak of 10% in late 2009. Over the past 10 years it has fallen to 3.6% and has been bounced between 3.5% and 3.7% over the past nine months. During Trump's three years in office, it has fallen 1.2% and the decrease was essentially a continuation from the Great Recession's recovery.
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Manufacturing jobs rebounded in Trump's first two years in office, but their growth rate slowed dramatically in 2019. The decline is at least partially due to the trade wars impacting global growth and the U.S. economy experiencing slower growth last year.
Countries Gird For Coronavirus' Economic Impact | PYMNTS.com
Canada Finance Minister Bill Morneau said that the coronavirus is probably going to have a "real" impact on that country's economy, according to a report Monday (Feb. 10) by Bloomberg. Countries are keeping watch on the spread of the virus and its potential economic effect.
Morneau spoke about the virus for the first time at a breakfast speech in Calgary, and he said the coronavirus is going to have a "significant" impact, one that will disrupt tourism and supply chains. Oil prices have fallen 15 percent as demand has slowed down.
As Powell Warns of Possible Fallout From Coronavirus, Trump Again Criticizes Fed Chair - The New
WASHINGTON — Federal Reserve Chair Jerome H. Powell warned lawmakers on Tuesday that the coronavirus epidemic sweeping China could pose broader economic risks, even as he signaled that the central bank is comfortable holding interest rates steady for now.
"We are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy," Mr. Powell told House Financial Services Committee members.
Why are there so few Black and Latinx students in our economics classes?
We knew we were asking a hard question: Why are there so few Black and Latinx students in our economics classes? As two young women of color majoring in economics, we wanted to use data to answer questions such as “How do grades in introductory classes impact the decision of underrepresented minorities (URMs) to major in economics?” or "How does the diversity of TAs impact whether a URM decides to pursue economics?
During the fall of 2019, we decided that we wanted to make a contribution to the economics major, however small it could be. We wanted to make sure that, by the time we graduated from Stanford, we knew that future cohorts would be more diverse. For us, developing a research project seemed the best way we could contribute: we were both research-minded undergraduates convinced that any proposal to make economics more inclusive should be based on evidence.
Happening on Twitter
Budgets reflect values, and those behind Trump's budget are clear: Cuts to Medicaid. Cuts to children's health car… https://t.co/sWsPskQSJU RepAdamSchiff (from Burbank, CA) Mon Feb 10 18:54:06 +0000 2020
Trump's budget is one of his cruelest proposals yet. It would: — Cut $850,000,000,000 from Medicare — Cut $270,00… https://t.co/v0Ctc4IDui RBReich (from Berkeley, CA) Mon Feb 10 19:57:27 +0000 2020
Trump wants to cut Medicare, Medicaid, Social Security, children's health insurance, food stamps, education, housin… https://t.co/RiUPb0nxMp jonfavs (from Los Angeles, CA) Mon Feb 10 15:19:34 +0000 2020
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