#boost debt reduction

[wise-life]

A Comprehensive Guide to the Debt Snowball

As a financial coach at Wise Life University, I understand the importance of finding effective strategies to tackle debt. One of the most popular and proven methods is the debt snowball. This technique, recommended by many financial experts, is designed to help you pay off debt quickly while building momentum. Whether you’re dealing with credit card debt, student loans, or medical bills, the debt…

[rivkat]

IRS reform is working

Have some good news! (Gift link.)

The IRS reported Wednesday that it has collected $1 billion in taxes and penalties owed by hundreds of wealthy households who accumulated past-due tax debts for years while IRS enforcement dwindled.

“The tax bill wasn’t even in dispute — the taxes were clearly owed by these people,” IRS Commissioner Danny Werfel said in a call with reporters. “But we didn’t have the people or the resources. … It takes time and staffing to work through these cases.”

The tax agency, boosted by $60 billion in additional funding from the 2022 Inflation Reduction Act, has hired hundreds of skilled accountants over the past year and a half after years of shrinking staffing. Some of them have focused their efforts on specific groups of tax delinquents, including a group of 1,600 households with annual incomes above $1 million who were all known to owe at least $250,000 in back taxes, based on their previous tax returns. Facing understaffing in the past, IRS leaders admit, their agents simply didn’t try to collect these taxes for years.

[simply-ivanka]

How the Biden-Harris Economy Left Most Americans Behind

A government spending boom fueled inflation that has crushed real average incomes.

By The Editorial Board -- Wall Street Journal

Kamala Harris plans to roll out her economic priorities in a speech on Friday, though leaks to the press say not to expect much different than the last four years. That’s bad news because the Biden-Harris economic record has left most Americans worse off than they were four years ago. The evidence is indisputable.

President Biden claims that he inherited the worst economy since the Great Depression, but this isn’t close to true. The economy in January 2021 was fast recovering from the pandemic as vaccines rolled out and state lockdowns eased. GDP grew 34.8% in the third quarter of 2020, 4.2% in the fourth, and 5.2% in the first quarter of 2021. By the end of that first quarter, real GDP had returned to its pre-pandemic high. All Mr. Biden had to do was let the recovery unfold.

Instead, Democrats in March 2021 used Covid relief as a pretext to pass $1.9 trillion in new spending. This was more than double Barack Obama’s 2009 spending bonanza. State and local governments were the biggest beneficiaries, receiving $350 billion in direct aid, $122 billion for K-12 schools and $30 billion for mass transit. Insolvent union pension funds received a $86 billion rescue.

The rest was mostly transfer payments to individuals, including a five-month extension of enhanced unemployment benefits, a $3,600 fully refundable child tax credit, $1,400 stimulus payments per person, sweetened Affordable Care Act subsidies, an increased earned income tax credit including for folks who didn’t work, housing subsidies and so much more.

The handouts discouraged the unemployed from returning to work and fueled consumer spending, which was already primed to surge owing to pent-up savings from the Covid lockdowns and spending under Donald Trump. By mid-2021, Americans had $2.3 trillion in “excess savings” relative to pre-pandemic levels—equivalent to roughly 12.5% of disposable income.

So much money chasing too few goods fueled inflation, which was supercharged by the Federal Reserve’s accommodative policy. Historically low mortgage rates drove up housing prices. The White House blamed “corporate greed” for inflation that peaked at 9.1% in June 2022, even as the spending party in Washington continued.

In November 2021, Congress passed a $1 trillion bill full of green pork and more money for states. Then came the $280 billion Chips Act and Mr. Biden’s Green New Deal—aka the Inflation Reduction Act—which Goldman Sachs estimates will cost $1.2 trillion over a decade. Such heaps of government spending have distorted private investment.

While investment in new factories has grown, spending on research and development and new equipment has slowed. Overall private fixed investment has grown at roughly half the rate under Mr. Biden as it did under Mr. Trump. Manufacturing output remains lower than before the pandemic.

Magnifying market misallocations, the Administration conditioned subsidies on businesses advancing its priorities such as paying union-level wages and providing child care to workers. It also boosted food stamps, expanded eligibility for ObamaCare subsidies and waved away hundreds of billions of dollars in student debt. The result: $5.8 trillion in deficits during Mr. Biden’s first three years—about twice as much as during Donald Trump’s—and the highest inflation in four decades.

Prices have increased by nearly 20% since January 2021, compared to 7.8% during the Trump Presidency. Inflation-adjusted average weekly earnings are down 3.9% since Mr. Biden entered office, compared to an increase of 2.6% during Mr. Trump’s first three years. (Real wages increased much more in 2020, but partly owing to statistical artifacts.)

Higher interest rates are finally bringing inflation under control, which is allowing real wages to rise again. But the Federal Reserve had to raise rates higher than it otherwise would have to offset the monetary and fiscal gusher. The higher rates have pushed up mortgage costs for new home buyers.

Three years of inflation and higher interest rates are stretching American pocketbooks, especially for lower income workers. Seriously delinquent auto loans and credit cards are higher than any time since the immediate aftermath of the 2008-09 recession.

Ms. Harris boasts that the economy has added nearly 16 million jobs during the Biden Presidency—compared to about 6.4 million during Mr. Trump’s first three years. But most of these “new” jobs are backfilling losses from the pandemic lockdowns. The U.S. has fewer jobs than it was on track to add before the pandemic.

What’s more, all the Biden-Harris spending has yielded little economic bang for the taxpayer buck. Washington has borrowed more than $400,000 for every additional job added under Mr. Biden compared to Mr. Trump’s first three years. Most new jobs are concentrated in government, healthcare and social assistance—60% of new jobs in the last year.

Administrative agencies are also creating uncertainty by blitzing businesses with costly regulations—for instance, expanding overtime pay, restricting independent contractors, setting stricter emissions limits on power plants and factories, micro-managing broadband buildout and requiring CO2 emissions calculations in environmental reviews.

The economy is still expanding, but business investment has slowed. And although the affluent are doing relatively well because of buoyant asset prices, surveys show that most Americans feel financially insecure. Thus another political paradox of the Biden-Harris years: Socioeconomic disparities have increased.

Ms. Harris is promising the same economic policies with a shinier countenance. Don’t expect better results.

[centrally-unplanned]

The issue around treating medical school debt as a driver for problems of US doctor shortages, or distortions in distribution, is that any impact it has is just completely wiped out by the centrally controlled, government-backed reductions in the supply of doctors themselves. In a world where the supply of doctors was allowed to meet demand, debt would matter a good deal! It would be reducing your supply, making the marginal cost of becoming a doctor higher, and so reductions in the price of becoming one would boost the numbers you have, lower costs of treatment, etc etc.

But in the US that's all irrelevant because we slap a gigantic quota bar a thousand yards before those supply and demand lines ever intersect. You could demand blood sacrifices and the souls of their first born from med school applicants, demand for those slots is so high you wouldn't even notice. Being a doctor is the most reliable 1%'er job in the US at scale, it beats programmers and financial analysts easy. Any attempt to "boost supply" of doctors by making being a doctor *better* somehow is categorically incapable of doing that, because that is not what is constraining supply. Even the idea of boosting the salaries of pediatricians to get relatively more of them, while it can do something at the margins, is missing the point - your supply of doctors is fixed. You can only increase the number of pediatricians by *reducing the number of radiologists*. Who presumably do valuable work! The math is extremely harsh to any attempts at amelioration if you don't address the core problem.

[tzifron]

The Bill and Melinda Gates Foundation is a major influencer and funder of agricultural development in Africa, with little accountability or transparency. Leading experts in food security and many groups in Africa and around the world have critiqued the foundation’s push to expand high-cost, high-input, chemical-dependent agriculture in Africa. Critics say this approach is exacerbating hunger, worsening inequality and entrenching corporate power in the world’s hungriest region.

This fact sheet links to reports and news articles documenting these concerns.

[...]

What are the main critiques of Gates Foundation’s agricultural program?

The Gates Foundation’s flagship agricultural program, the Alliance for a Green Revolution in Africa (AGRA, which recently rebranded to remove the term “green revolution” from its name), works to transition farmers away from traditional seeds and crops to patented seeds, fossil-fuel based fertilizers and other inputs to grow commodity crops for the global market. The foundation says its goal is to “boost the yields and incomes of millions of small farmers in Africa… so they can lift themselves and their families out of hunger and poverty.” The strategy is modeled on the Indian “green revolution” that boosted production of staple crops but also left a legacy of structural inequity and escalating debt for farmers that contributed to massive mobilizations of peasant farmers in India.

Critics have said the green revolution is a failed approach for poverty reduction that has created more problems than it has solved; these include environmental degradation, growing pesticide use, reduced diversity of food crops, and increased corporate control over food systems. Several recent research reports provide evidence that Gates-led agricultural interventions in Africa have failed to help small farmers. Critics say the programs may even be worsening hunger and malnutrition in Southern Africa.

[allthebrazilianpolitics]

Why Lula is suddenly concerned about Brazil's public spending

President Luiz Inácio Lula da Silva is reinforcing Brazil’s commitment to fiscal consolidation in response to investors' concerns.

During a prime-time speech that was widely broadcast on Sunday, Lula said, "I will not abandon fiscal responsibility. Among the many life lessons I received from my mother... I learned not to spend more than I earn." 

After taking office in January 2023, Lula repeatedly promoted increased public investment to boost growth. However, investors have raised concerns as higher spending could create inflationary pressure.

"From the beginning of the Lula administration, domestic investors were suspicious that the government's fiscal strategy was limited because it anchored the debt reduction to an increase in revenue from tax collection and not a reduction in expenses. Now, this strategy is also being doubted by international investors, who have taken resources out of Brazil because of an increase in risk perception, which forces the government to adopt a more assertive tone in relation to its fiscal commitment," Luciano Rostagno, chief strategist at EPS Investimentos, told BNamericas.

Continue reading.

[thoughtportal]

Once You See the Truth About Cars, You Can’t Unsee It https://www.nytimes.com/2022/12/15/opinion/car-ownership-inequality.html

By Andrew Ross and Julie Livingston

Mr. Ross and Ms. Livingston are professors at New York University, members of its Prison Education Program Research Lab and authors of the book “Cars and Jails: Freedom Dreams, Debt, and Carcerality.”

In American consumer lore, the automobile has always been a “freedom machine” and liberty lies on the open road. “Americans are a race of independent people” whose “ancestors came to this country for the sake of freedom and adventure,” the National Automobile Chamber of Commerce’s soon-to-be-president, Roy Chapin, declared in 1924. “The automobile satisfies these instincts.” During the Cold War, vehicles with baroque tail fins and oodles of surplus chrome rolled off the assembly line, with Native American names like Pontiac, Apache, Dakota, Cherokee, Thunderbird and Winnebago — the ultimate expressions of capitalist triumph and Manifest Destiny.

But for many low-income and minority Americans, automobiles have been turbo-boosted engines of inequality, immobilizing their owners with debt, increasing their exposure to hostile law enforcement, and in general accelerating the forces that drive apart haves and have-nots.

Though progressive in intent, the Biden administration’s signature legislative achievements on infrastructure and climate change will further entrench the nation’s staunch commitment to car production, ownership and use. The recent Inflation Reduction Act offers subsidies for many kinds of vehicles using alternative fuel, and should result in real reductions in emissions, but it includes essentially no direct incentives for public transit — by far the most effective means of decarbonizing transport. And without comprehensive policy efforts to eliminate discriminatory policing and predatory lending, merely shifting to electric from combustion will do nothing to reduce car owners’ ever-growing risk of falling into legal and financial jeopardy, especially those who are poor or Black.

By the 1940s, African American car owners had more reason than anyone to see their vehicles as freedom machines, as a means to escape, however temporarily, redlined urban ghettos in the North or segregated towns in the South. But their progress on roads outside of the metro core was regularly obstructed by the police, threatened by vigilante assaults, and stymied by owners of whites-only restaurants, lodgings and gas stations. Courts granted the police vast discretionary authority to stop and search for any one of hundreds of code violations — powers that they did not apply evenly. Today, officers make more than 50,000 traffic stops a day. Driving while Black has become a major route to incarceration — or much worse. When Daunte Wright was killed by a police officer in April 2021, he had been pulled over for an expired registration tag on his car’s license plate. He joined the long list of Black drivers whose violent and premature deaths at the hands of police were set in motion by a minor traffic infraction — Sandra Bland (failure to use a turn signal), Maurice Gordon (alleged speeding), Samuel DuBose (missing front license plate) and Philando Castile and Walter Scott (broken taillights) among them. Despite widespread criticism of the flimsy pretexts used to justify traffic stops, and the increasing availability of cellphone or police body cam videos, the most recent data shows that the number of deaths from police-driver interactions is almost as high as it has been over the past five years.

In the consumer arena, cars have become tightly sprung debt traps. The average monthly auto loan payment crossed $700 for the first time this year, which does not include insurance or maintenance costs. Subprime lending and longer loan terms of up to 84 months have resulted in a doubling of auto loan debt over the last decade and a notable surge in the number of drivers who are “upside down”— owing more money than their cars are worth. But, again, the pain is not evenly distributed. Auto financing companies often charge nonwhite consumers higher interest rates than white consumers, as do insurers.

Formerly incarcerated buyers whose credit scores are depressed from inactivity are especially red meat to dealers and predatory lenders. In our research, we spoke to many such buyers who found it easier, upon release from prison, to acquire expensive cars than to secure an affordable apartment. Some, like LeMarcus, a Black Brooklynite (whose name has been changed to protect his privacy under ethical research guidelines), discovered that loans were readily available for a luxury vehicle but not for the more practical car he wanted. Even with friends and family willing to help him with a down payment, after he spent roughly five years in prison, his credit score made it impossible to get a Honda or “a regular car.” Instead, relying on a friend to co-sign a loan, he was offered a high-interest loan on a pre-owned Mercedes E350. LeMarcus knew it was a bad deal, but the dealer told him the bank that would have financed a Honda “wanted a more solid foundation, good credit, income was showing more,” but that to finance the Mercedes, it “was actually willing to work with the people with lower credit and lower down payments.” We interviewed many other formerly incarcerated people who followed a similar path, only to see their cars repossessed.

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LeMarcus was “car rich, cash poor,” a common and precarious condition that can have serious legal consequences for low-income drivers, as can something as simple as a speeding ticket. A $200 ticket is a meaningless deterrent to a hedge fund manager from Greenwich, Conn., who is pulled over on the way to the golf club, but it could be a devastating blow to those who mow the fairways at the same club. If they cannot pay promptly, they will face cascading penalties. If they cannot take a day off work to appear in court, they risk a bench warrant or loss of their license for debt delinquency. Judges in local courts routinely skirt the law of the land (in Supreme Court decisions like Bearden v. Georgia and Timbs v. Indiana) by disregarding the offender’s ability to pay traffic debt. At the request of collection agencies, they also issue arrest or contempt warrants for failure to appear in court on unpaid auto loan debts. With few other options to travel to work, millions of Americans make the choice to continue driving even without a license, which means their next traffic stop may land them in jail.

The pathway that leads from a simple traffic fine to financial insolvency or detention is increasingly crowded because of the spread of revenue policing intended to generate income from traffic tickets, court fees and asset forfeiture. Fiscally squeezed by austerity policies, officials extract the funds from those least able to pay. This is not only an awful way to fund governments; it is also a form of backdoor, regressive taxation that circumvents voters’ input.

Deadly traffic stops, racially biased predatory lending and revenue policing have all come under public scrutiny of late, but typically they are viewed as distinct realms of injustice, rather than as the interlocking systems that they are. Once you see it, you can’t unsee it: A traffic stop can result in fines or arrest; time behind bars can result in repossession or a low credit score; a low score results in more debt and less ability to pay fines, fees and surcharges. Championed as a kind of liberation, car ownership — all but mandatory in most parts of the country — has for many become a vehicle of capture and control.

Industry boosters promise us that technological advances like on-demand transport, self-driving electric vehicles and artificial intelligence-powered traffic cameras will smooth out the human errors that lead to discrimination, and that car-sharing will reduce the runaway costs of ownership. But no combination of apps and cloud-based solutions can ensure that the dealerships, local municipalities, courts and prison industries will be willing to give up the steady income they derive from shaking down motorists.

Aside from the profound need for accessible public transportation, what could help? Withdraw armed police officers from traffic duties, just as they have been from parking and tollbooth enforcement in many jurisdictions. Introduce income-graduated traffic fines. Regulate auto lending with strict interest caps and steep penalties for concealing fees and add-ons and for other well-known dealership scams. Crack down hard on the widespread use of revenue policing. And close the back door to debtors’ prisons by ending the use of arrest warrants in debt collection cases. Without determined public action along these lines, technological advances often end up reproducing deeply rooted prejudices. As Malcolm X wisely said, “Racism is like a Cadillac; they bring out a new model every year.”

Andrew Ross and Julie Livingston are professors at New York University, members of its Prison Education Program Research Lab and authors of the book “Cars and Jails: Freedom Dreams, Debt, and Carcerality.”

[unpluggedfinancial]

Mastering Your Finances: A Roadmap to Long-Term Financial Health

Introduction

Achieving financial stability is a crucial step toward a secure and stress-free life. Effective financial management enables you to avoid debt, save for the future, and make informed investment decisions. In this comprehensive guide, we will explore practical tips and strategies to help you master your finances and achieve long-term financial health.

Section 1: Building a Strong Financial Foundation

A solid financial foundation is akin to the bedrock of a grand architectural marvel. Without it, the structure above cannot stand tall and resilient against the test of time.

Spend Less Than You Earn The cornerstone of financial stability lies in the principle of spending less than you earn. Much like the conservation of energy, where output should not exceed input, your financial health thrives when your expenditures are less than your income. Begin by meticulously tracking your expenses. Utilize tools like budgeting apps or a simple spreadsheet to categorize and monitor every dollar spent. Create a budget that aligns with your financial goals, allowing you to live within your means and avoid unnecessary debt.

Emergency Fund An emergency fund serves as your financial safety net, a buffer against life's unpredictable events. Aim to save 3-6 months' worth of living expenses in an easily accessible account. This fund acts as a safeguard, ensuring you can navigate unexpected expenses, such as medical bills or car repairs, without derailing your financial progress. The importance of this fund cannot be overstated, as it provides peace of mind and stability in turbulent times.

Section 2: Investing Wisely

Investing is the art and science of making your money work for you. However, like any scientific endeavor, it requires careful research, understanding, and strategic planning.

Understand Before You Invest Before diving into the world of investments, take the time to understand the various options available. Whether it's stocks, bonds, real estate, or other assets, each investment vehicle comes with its own set of risks and rewards. Conduct thorough research and consider seeking advice from a financial advisor. Their expertise can provide valuable insights and help you make informed decisions.

Don't Invest More Than You Can Afford to Lose A cardinal rule in investing is to never put at risk more money than you can afford to lose. Diversification is your ally in mitigating risk. Spread your investments across different asset classes and sectors to minimize the impact of any single investment's poor performance. This approach, known as diversification, enhances the stability and potential growth of your portfolio.

Section 3: Managing Debt Effectively

Debt, if managed wisely, can be a tool for growth. However, if left unchecked, it can become a burden that stifles financial progress.

Good Debt vs. Bad Debt Not all debt is created equal. Good debt, such as student loans or mortgages, can be considered investments in your future. They often come with lower interest rates and have the potential to increase your earning power or net worth. Conversely, bad debt, like high-interest credit card debt, can quickly spiral out of control. Focus on paying off high-interest debt first to free yourself from its financial stranglehold.

Debt Reduction Strategies There are several effective strategies for reducing debt. The snowball method involves paying off your smallest debts first, providing a psychological boost as you eliminate balances one by one. The avalanche method focuses on paying off debts with the highest interest rates first, saving you money on interest over time. Consider consolidating your debt into lower-interest loans or credit cards to make your payments more manageable.

Section 4: Boosting Your Income

Increasing your income is a proactive approach to achieving financial goals faster. It provides additional resources to save, invest, and pay off debt.

Side Hustles and Freelancing In today's gig economy, opportunities for side hustles and freelance work abound. Whether it's driving for a rideshare service, offering consulting services, or starting an online business, additional income streams can significantly enhance your financial situation. This extra income can be directed towards debt reduction, savings, or investments, accelerating your journey towards financial stability.

Investing in Yourself Your most valuable asset is yourself. Investing in your education and skills can have long-term benefits for your career and earning potential. Consider taking courses, attending workshops, or gaining certifications in your field. Continuous personal and professional development not only enhances your employability but also opens doors to higher income opportunities.

Section 5: Reducing Expenses and Saving Money

Reducing expenses is akin to tightening the bolts on a well-oiled machine. Every bit of savings contributes to smoother financial operations and long-term stability.

Cutting Unnecessary Costs Take a critical look at your spending habits and identify unnecessary expenses. Cancel subscriptions you no longer use, cook at home instead of dining out, and find ways to save on utilities and other monthly bills. Small changes in your spending habits can accumulate into significant savings over time.

Smart Shopping Adopt smart shopping strategies to maximize your savings. Compare prices, use coupons, and take advantage of sales to save money on everyday items. By being a savvy shopper, you can stretch your dollars further and make your budget work more efficiently.

Conclusion

Achieving financial stability requires a combination of smart spending, wise investing, and proactive debt management. By following these tips and staying committed to your financial goals, you can build a secure future and achieve long-term financial health. Remember to stay informed, adapt to changing circumstances, and celebrate your progress along the way.

Additional Resources

Consider consulting a financial advisor for personalized advice and guidance.

Utilize budgeting and investment apps to track your progress and stay on top of your finances.

Continuously educate yourself on personal finance and investing to make informed decisions.

In the grand tapestry of life, your financial health is a thread of paramount importance. With knowledge, discipline, and strategic planning, you can weave a future of stability, security, and prosperity.

Call to Action

Are you ready to take control of your financial future? Join our community at [Your Blog Name] for more in-depth articles and resources on financial management, investing, and achieving financial freedom. Don't forget to subscribe to our YouTube channel, [Unplugged Financial], where we dive into the history of money, explore the current financial landscape, and discuss how Bitcoin can revolutionize the financial world. Together, we can navigate the path to financial independence and create a brighter future.

Stay Connected:

Visit our blog: Bitcoin Revolution

Subscribe to our YouTube channel: Unplugged Financial

Let's learn, grow, and achieve financial freedom together!

[influencingforjohn]

I’m 10,000 dollars in debt so moving forward I’m going to be posting about my journey to becoming debt free with 850 credit score . Also , about having a Huge savings account.

Here are some essential skills to help me and you if you are going through this to achieve this goal:

1. Budgeting: Create a realistic budget that accounts for every dollar spent.

2. Debt Snowball: Prioritize debts by focusing on the smallest balance first.

3. Debt Avalanche: Prioritize debts by focusing on the highest interest rate first.

4. Expense Tracking: Monitor and record every expense to identify areas for reduction.

5. Savings: Build an emergency fund to avoid further debt.

6. Credit Report Analysis: Understand your credit report and dispute errors.

7. Credit Utilization: Keep credit card balances below 30% of the limit.

8. Payment Planning: Make consistent, on-time payments.

9. Interest Rate Negotiation: Contact creditors to negotiate lower rates.

10. Credit Score Monitoring: Regularly check your credit score to track progress.

11. Financial Discipline: Avoid new debt and impulsive purchases.

12. Income Increase: Explore ways to boost income, such as a side hustle or raise.

13. Debt Consolidation: Consider consolidating debt into a lower-interest loan.

14. Credit Card Management: Use credit cards responsibly and pay off balances.

15. Long-term Planning: Set financial goals and develop a plan to achieve them.

Additionally, consider the following strategies to raise your credit score:

1. Pay bills on time (35% of credit score)

2. Keep credit utilization low (30% of credit score)

3. Monitor credit report errors (10% of credit score)

4. Don't open too many new credit accounts (10% of credit score)

5. Build a credit history (15% of credit score)

Remember, paying off debt and improving your credit score takes time and effort. Focus on developing these skills and staying committed to your goals. Paying off $10,000 in debt and raising your credit score to 850 requires discipline, patience, and a solid understanding of personal finance. Stay tuned to see me accomplish this easy goal and save triple that amount in savings

[partisan-by-default]

The research outfit headed by Mark Zandi forecast that gross domestic product would expand 1.6% in 2024 on a fourth-quarter over fourth-quarter basis and unemployment would end the year at 4.6% if the proposal became law. That compares with a forecast of 2.25% growth and a 4.2% jobless rate if the debt ceiling was increased without conditions, as President Joe Biden has called for.

“By year-end 2024, employment is 780,000 jobs lower,” Zandi and fellow economist Bernard Yaros wrote in a report.

McCarthy’s proposal would increase the nation’s debt ceiling by $1.5 trillion, in order to stave off a US payments default until March 31, 2024, at the latest. It aims to trim $4.5 trillion in spending over a decade, in part by cutting discretionary spending by $130 billion next year and capping its growth at 1%.

The California Republican has said the House will pass the plan this week.

[female-malice]

Once You See the Truth About Cars, You Can’t Unsee It

By Andrew Ross and Julie Livingston

In American consumer lore, the automobile has always been a “freedom machine” and liberty lies on the open road. “Americans are a race of independent people” whose “ancestors came to this country for the sake of freedom and adventure,” the National Automobile Chamber of Commerce’s soon-to-be-president, Roy Chapin, declared in 1924. “The automobile satisfies these instincts.” During the Cold War, vehicles with baroque tail fins and oodles of surplus chrome rolled off the assembly line, with Native American names like Pontiac, Apache, Dakota, Cherokee, Thunderbird and Winnebago — the ultimate expressions of capitalist triumph and Manifest Destiny.

But for many low-income and minority Americans, automobiles have been turbo-boosted engines of inequality, immobilizing their owners with debt, increasing their exposure to hostile law enforcement, and in general accelerating the forces that drive apart haves and have-nots.

Though progressive in intent, the Biden administration’s signature legislative achievements on infrastructure and climate change will further entrench the nation’s staunch commitment to car production, ownership and use. The recent Inflation Reduction Act offers subsidies for many kinds of vehicles using alternative fuel, and should result in real reductions in emissions, but it includes essentially no direct incentives for public transit — by far the most effective means of decarbonizing transport. And without comprehensive policy efforts to eliminate discriminatory policing and predatory lending, merely shifting to electric from combustion will do nothing to reduce car owners’ ever-growing risk of falling into legal and financial jeopardy, especially those who are poor or Black.

By the 1940s, African American car owners had more reason than anyone to see their vehicles as freedom machines, as a means to escape, however temporarily, redlined urban ghettos in the North or segregated towns in the South. But their progress on roads outside of the metro core was regularly obstructed by the police, threatened by vigilante assaults, and stymied by owners of whites-only restaurants, lodgings and gas stations. Courts granted the police vast discretionary authority to stop and search for any one of hundreds of code violations — powers that they did not apply evenly. Today, officers make more than 50,000 traffic stops a day. “Driving while Black” has become a major route to incarceration — or much worse. When Daunte Wright was killed by a police officer in April 2021, he had been pulled over for an expired registration tag on his car’s license plate. He joined the long list of Black drivers whose violent and premature deaths at the hands of police were set in motion by a minor traffic infraction — Sandra Bland (failure to use a turn signal), Maurice Gordon (alleged speeding), Samuel DuBose (missing front license plate), and Philando Castile and Walter Scott (broken taillights) among them. Despite widespread criticism of the flimsy pretexts used to justify traffic stops, and the increasing availability of cellphone or police body cam videos, the most recent data shows that the number of deaths from police-driver interactions is almost as high as it has been over the past five years.

In the consumer arena, cars have become tightly sprung debt traps. The average monthly auto loan payment crossed $700 for the first time this year, which does not include insurance or maintenance costs. Subprime lending and longer loan terms of up to 84 months have resulted in a doubling of auto loan debt over the last decade and a notable surge in the number of drivers who are “upside down”— owing more money than their cars are worth. But, again, the pain is not evenly distributed. Auto financing companies often charge nonwhite consumers higher interest rates than white consumers, as do insurers.

Formerly incarcerated buyers whose credit scores are depressed from inactivity are especially red meat to dealers and predatory lenders. In our research, we spoke to many such buyers who found it easier, upon release from prison, to acquire expensive cars than to secure an affordable apartment. Some, like LeMarcus, a Black Brooklynite (whose name has been changed to protect his privacy under ethical research guidelines), discovered that loans were readily available for a luxury vehicle but not for the more practical car he wanted. Even with friends and family willing to help him with a down payment, after he spent roughly five years in prison, his credit score made it impossible to get a Honda or “a regular car.” Instead, relying on a friend to co-sign a loan, he was offered a high-interest loan on a pre-owned Mercedes E350. LeMarcus knew it was a bad deal, but the dealer told him the bank that would have financed a Honda “wanted a more solid foundation, good credit, income was showing more,” but that to finance the Mercedes, it “was actually willing to work with the people with lower credit and lower down payments.” We interviewed many other formerly incarcerated people who followed a similar path, only to see their cars repossessed.

LeMarcus was “car rich, cash poor,” a common and precarious condition that can have serious legal consequences for low-income drivers, as can something as simple as a speeding ticket. A $200 ticket is a meaningless deterrent to a hedge fund manager from Greenwich, Conn., who is pulled over on the way to the golf club, but it could be a devastating blow to those who mow the fairways at the same club. If they cannot pay promptly, they will face cascading penalties. If they cannot take a day off work to appear in court, they risk a bench warrant or loss of their license for debt delinquency. Judges in local courts routinely skirt the law of the land (in Supreme Court decisions like Bearden v. Georgia and Timbs v. Indiana) by disregarding the offender’s ability to pay traffic debt. At the request of collection agencies, they also issue arrest or contempt warrants for failure to appear in court on unpaid auto loan debts. With few other options to travel to work, millions of Americans make the choice to continue driving even without a license, which means their next traffic stop may land them in jail.

The pathway that leads from a simple traffic fine to financial insolvency or detention is increasingly crowded because of the spread of revenue policing intended to generate income from traffic tickets, court fees and asset forfeiture. Fiscally squeezed by austerity policies, officials extract the funds from those least able to pay. This is not only an awful way to fund governments; it is also a form of backdoor, regressive taxation that circumvents voters’ input.

Deadly traffic stops, racially biased predatory lending, revenue policing have all come under public scrutiny of late, but typically they are viewed as distinct realms of injustice, rather than as the interlocking systems that they are. Once you see it, you can’t unsee it: A traffic stop can result in fines or arrest; time behind bars can result in repossession or a low credit score; a low score results in more debt and less ability to pay fines, fees and surcharges. Championed as a kind of liberation, car ownership — all but mandatory in most parts of the country — has for many become a vehicle of capture and control.

Industry boosters promise us that technological advances like on-demand transport, self-driving electric vehicles and artificial intelligence-powered traffic cameras will smooth out the human errors that lead to discrimination, and that car-sharing will reduce the runaway costs of ownership. But no combination of apps and cloud-based solutions can ensure that the dealerships, local municipalities, courts and prison industries will be willing to give up the steady income they derive from shaking down motorists.

Aside from the profound need for accessible public transportation, what could help? Withdraw armed police officers from traffic duties, just as they have been from parking and tollbooth enforcement in many jurisdictions. Introduce income-graduated traffic fines. Regulate auto lending with strict interest caps and steep penalties for concealing fees and add-ons and for other well-known dealership scams. Crack down hard on the widespread use of revenue policing. And close the back door to debtors’ prisons by ending the use of arrest warrants in debt collection cases. Without determined public action along these lines, technological advances often end up reproducing deeply rooted prejudices. As Malcolm X wisely said, “Racism is like a Cadillac; they bring out a new model every year.”

[ashapurna-buildcon-limited]

What are the benefits of owning a Second Home in Jodhpur?

When it comes to owning a second home in Jodhpur, most people think of weekend homes or vacation homes. People rarely consider the possibility of owning a second home as a primary residence. A second home in Jodhpur can be a valuable investment in a variety of ways. In this blog, we'll discuss the various benefits of owning a second home in Jodhpur in case you own your primary residence.

Boosts Your Financial Security

Debt Relief

Enlarge Your Real Estate Investment Portfolio

The key to Retirement Wealth

Tax Benefits

A Risk-Free Investment

Second homes offer a variety of benefits. You can obtain financial security, debt reduction, wealth building, and being able to pay off debt with the help of your real estate investment portfolio. If you are looking to buy a home in Jodhpur, then select Ashapurna Buildcon Limited because they are the top developer in Jodhpur with various legal projects in Jodhpur, Rajasthan.

[newsmarketreports]

South32 Financials: An Overview of Performance and Growth

South32, a globally diversified mining and metals company headquartered in Australia, has cemented its position as a key player in the resource industry. With operations spanning several continents, the company is recognized for its portfolio of high-quality commodities, including aluminum, manganese, nickel, and energy coal. A deep dive into its financials reveals its strategic focus on value creation and resilience in fluctuating markets.

Revenue Trends

South32’s revenue is largely driven by demand for its core commodities, influenced by global economic conditions and industrial activity. In recent years, the company has seen revenue stabilization due to diversified exposure across its commodity portfolio. Investments in high-margin operations, like its Hermosa Project in the United States, are anticipated to further boost top-line growth.

Profitability and Margins

The company emphasizes operational efficiency, which reflects in its consistent cost management and improved margins. South32 benefits from strong cash generation capabilities, reinvesting surplus funds into growth projects while maintaining shareholder returns through dividends and buybacks.

Balance Sheet Strength

South32 boasts a robust balance sheet, marked by low debt levels and significant liquidity reserves. This financial stability positions the company to withstand market volatility and invest in sustainable growth opportunities, including renewable energy integration into its operations.

Capital Allocation Strategy

The company's disciplined capital allocation strategy prioritizes shareholder returns, debt reduction, and reinvestment in value-accretive assets. A significant portion of its free cash flow is directed toward dividends, reflecting a commitment to delivering consistent returns to investors.

Sustainability and Future Outlook

South32’s financial strategy aligns with its sustainability goals. Investments in low-carbon operations and renewable projects signal its intent to remain competitive in an environmentally conscious world. With a focus on transitioning to cleaner energy and enhancing resource efficiency, the company is well-positioned for long-term growth.

In conclusion, South32’s financial performance reflects its strategic approach to balancing growth, profitability, and sustainability. By leveraging its diversified portfolio and prudent financial management, the company remains a resilient and attractive choice for investors in the mining sector.

[ebelal56-blog]

Trump's Second Term in 2024: Economic Boom or Crash?

Imagine a second term for Donald Trump. It’s a scenario that stirs up a lot of emotions and opinions, but let’s focus on the economic implications. Picture this: his administration has a chance to double down on the policies that shaped his first term, and the economic landscape is ripe for change. First off, let’s talk tax policy and deregulation. Trump has always been a proponent of lower taxes, particularly for corporations and high-income earners. If he gets a second shot at the presidency, you can bet he’ll push for more tax cuts, maybe even expanding the 2017 Tax Cuts and Jobs Act. For businesses, this could mean more capital to invest, potentially leading to job creation. But here’s the flip side: while corporations might thrive, the average worker could feel left out, as the wealth gap continues to widen. And deregulation? We could see a resurgence in energy and manufacturing sectors, with fewer restrictions that could attract investment. Sounds great, right? But what about the environment? The balance between economic growth and sustainability is a tightrope walk that’s not easily navigated. Then there’s trade. We all remember the tariffs and the trade war with China. A second term could mean a return to those hardline policies, aiming to bring manufacturing back to the U.S. The idea of “fair trade” sounds appealing, but it could lead to higher prices for imported goods. So, while some domestic industries might benefit, consumers could end up paying the price at the checkout line. Now, let’s switch gears to energy and the environment. Trump’s love for fossil fuels is no secret. If he rolls back environmental regulations to boost domestic oil and gas production, we might see lower energy costs in the short term. That could be a win for certain states, but it raises questions about our long-term commitment to renewable energy. Are we sacrificing our future for immediate gains? And what about federal spending and the national debt? Infrastructure spending is often a talking point, but with the national debt ballooning, how does he balance that? We could see some ambitious infrastructure projects, but if there’s less focus on reducing spending, we might be digging ourselves into a deeper hole. Immigration policy is another hot topic. Stricter immigration could protect American jobs, but it could also lead to labor shortages in industries that rely heavily on immigrant workers. Think agriculture and construction. If those sectors can’t find enough workers, we might see wages rise, but at what cost? Higher prices for consumers? Let’s not forget about the Federal Reserve. Trump was never shy about voicing his opinions on interest rates. If he gets more influence over the Fed, we could see pressure to keep rates low to stimulate growth. But if inflation continues to be a concern, that could create a real tug-of-war between growth and stability. And finally, the impact of external events. Global conflicts and shifting alliances could shape Trump’s economic policies. If he prioritizes U.S. interests, we might see a reduction in foreign aid, which could affect global stability and trade dynamics. So, in a nutshell, a second term for Trump could mean a mix of pro-business, protectionist policies that might boost domestic production and labor markets but could also lead to long-term challenges. It’s a complex puzzle, and the pieces are influenced by global conditions and the delicate balance between short-term gains and long-term stability. The question is, are we ready for that kind of economic landscape?

[allthebrazilianpolitics]

Brazil President Lula Set to Unveil Budget Plan That Won’t Please Anyone

Brazil President Luiz Inacio Lula da Silva is set to release a budget plan for next year that is likely to displease both financial markets and his leftist political allies.

The proposal, which the government plans to unveil Friday, neither includes the amount of new investments Lula’s Workers’ Party wants to boost growth nor the structural spending reductions that will produce the decline in public debt sought by investors, according to people with knowledge of the matter.

Put together, it risks to increase scrutiny of Finance Minister Fernando Haddad, who has already scaled back government ambitions of a surplus in 2025.

Brazil’s fiscal policy represents a flashpoint between Lula’s administration and nervous financial markets, with broad repercussions for the economy. Spending concerns weigh on local assets and dragged the real toward a record low this year. While the government has vowed to improve the lives of ordinary citizens through greater expenditures, investors blame the extra outlays for spurring inflation and setting the stage for interest rate hikes as soon as next month.

Continue reading.

[frameoutlook]

How Are Telecoms Saving Millions on Network Operations and IT? These AI Use Cases Show You the Way

A recent study by McKinsey found that AI-driven automation in telecom operations could lead to a 25-30 % reduction in operational costs. This includes automating network planning, IT processes, and support functions, allowing companies to operate more efficiently and quickly. These improvements are becoming critical as telecom operators face growing pressure to roll out new technologies like 5G, maintain network performance, and reduce downtime. 

In this article, we'll look at how Gen AI is transforming two major areas in the telecom industry: optimizing network operations and speeding up IT processes through automation. By using AI-powered solutions, telecom companies can improve network planning, accelerate software development, and reduce technical debt, positioning themselves for future success in a competitive market. 

This move toward AI-driven operations goes beyond just improving efficiency—it's about reshaping how telecom operators manage their entire IT systems, enabling faster service delivery, lowering costs, and boosting customer satisfaction. 

Network Operations Optimization

Telecom networks are growing more complex with the rollout of technologies like 5G and IoT, making efficient network management a critical priority. Gen AI offers telecom companies new ways to optimize network operations, improve capital efficiency, and reduce operational costs. One of the most impactful areas where Gen AI is being deployed is in network mapping and planning, where it can analyze unstructured data, streamline maintenance schedules, and optimize network resource allocation. 

Network Mapping and Planning with Gen AI

Traditional network management relies heavily on manual processes and structured data analysis, which can be time-consuming and prone to human error. Gen AI, however, can process unstructured data such as supplier contracts, technical reports, and network component specifications to provide a comprehensive view of a network’s infrastructure. 

For instance, a European telecom operator used Gen AI to automate its network mapping processes, reducing the time required for network audits and assessments by 40%. By leveraging AI’s ability to analyze vast amounts of unstructured data, the operator was able to more accurately assess compatibility between network components, predict maintenance needs, and identify areas where operational planning could be improved. This level of insight is vital for preventing costly network outages and ensuring optimal performance during peak usage times.

Read More: https://www.frameoutlook.com/cxo-viewpoint/how-are-telecoms-saving-millions-on-network-operations-and-it-these-ai-use-cases-show-you-the-way-nid-671.html