After Russia invaded Ukraine, Western businesses pulled out and governments imposed punishing sanctions. But Russia’s economy is proving surprisingly resilient. In the instalment of our French election series, we travel to Provence to better understand the campaign of the hard-right candidate Eric Zemmour, who has tapped into and stoked anti-Muslim sentiment. And why Lebanon’s plastic surgeons are thriving amid an economic mess.
President Joe Biden on Monday announced a proposed federal budget for fiscal year 2023 that includes a wish list of leftist policy proposals as well as an unprecedented tax on unrealized gains.
To Rep. Kevin Hern, R-Okla., Biden's budget fails to help Americans deal with exploding inflation and doubles down on the deficit spending that got America into this mess in the first place.
"The Biden budget is horrendous. It increases spending by some $75 trillion over the next decade," Hern says. "It increases taxes by $55 trillion. We got $55 trillion in taxes. So you do the math, and that's $20 trillion in additional debt over the next decade on top of our $31 trillion now."
"So by his own budget, it never balances, and we have over $50 trillion in debt in 10 years," the Oklahoma Republican says on "The Daily Signal Podcast."
Worse still, that increase in debt compounds horrific inflation.
"Inflation is a taxation on everyone. It knows no party. It knows no economic status of a family," Hern says. "But what it does do, it hurts everybody, more on the lower end of the income scale than it does some on the upper end."
Hern and his GOP colleagues offer an alternative, a plan to lower the deficit and unleash the American economy.
"Our goal is to remind the Americans what the conservative values of the Republican party are about being fiscally responsible, limited government, keeping more money in your pocket so that you can spend in your communities where we don't have to reallocate it from the federal government," he says.
Hern joins the show to discuss Biden's budget and the GOP alternative.
We also cover these stories:
Senate Minority Leader Mitch McConnell defends Supreme Court Justice Clarence Thomas from attacks by the left.
Sen. Susan Collins, R-Maine, says she will vote to confirm Judge Ketanji Brown Jackson's nomination to the Supreme Court.
Disney holds a staff meeting to discuss Florida's new law prohibiting the teaching of gender identity to young students, with senior executives outlining their own LGBTQ agenda.
Since 1955, every U.S. recession has been preceded by the inversion of the U.S. Treasury yield curve, meaning that short-dated notes had higher yields than long-dated bonds. Only one time during that period was this a false indicator. On today’s episode, NLW explores yesterday’s yield curve inversion and the market’s interpretation of what they think it means.
-
Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31.
-
Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com.
-
FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.
-
Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022.
-
“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
U.S. defense officials suspect Russian President Vladimir Putin is receiving incomplete information on the status of the war. In the weeks before Russia's invasion, experts said cyberwar could be imminent. It turns out that cyberattacks and information campaigns have played a subtle, nuanced role in the conflict.
Ginni Thomas, the wife of Supreme Court Justice Clarence Thomas, is a longtime conservative activist who has been public about her views and support of former President Donald Trump. And text messages that surfaced last week showed that she went as far as peddling falsehoods about the 2020 election directly to former White House staff and urging them to overturn President Joe Biden's victory.
Earlier this year, Clarence Thomas was the sole dissenter as the Supreme Court ruled to give a House select committee investigating the January 6th attack access to White House communications during that period.
NPR's Nina Totenberg reports on why this possible conflict of interest is a true dilemma for the court and spoke with legal experts about what should happen next.
How can the barrier to entry to crypto be lowered so that everyone can take advantage of new technology?
Joining “New Money” hosts Spencer Dinwiddie and Solo Ceesay are OG reality stars Gabrielle Victor and Danielle Victor, better known as the “Victor Twins.” The twins have successfully monetized their life since their rise to popularity while on reality show “Bad Girls.” They’ve worked to be their genuine selves while posting to social media, and their fans love the authenticity that comes with their content. Even better, the two have found a way to monetize their personalities and daily lives through social media.
Though social media offers a legitimate career path for many creators today, they are still bound to the structure and income that platforms offer. With crypto and blockchain technology, creators can be empowered to determine their own worth. How can a future decentralized social media improve the lives of creators?
Thousands of people continue to risk their lives by fleeing the besieged Ukrainian city of Mariupol. And Russia says it put its nuclear forces on a higher state of alert. This happened as Western officials had already raised the prospect of chemical weapons attacks.
Attacks continue in Ukraine despite Russia's claim of a pull back. More states roll back the gas tax. Southern storm alert. CBS News Correspondent Steve Kathan has today's World News Roundup.
