One of the great mysteries about the rise of populism, in both the United States and Europe, is why it has benefited the political right so much more than the left. For years, American progressives have been trying to get people worked up over rising rates of economic inequality, with the expectation that this anger could fuel greater support for the Democratic Party.
If you haven't heard by now, the U.S. government has another economic stimulus package up its sleeve. President Trump in all his strategizing has unveiled a plan to return the revenue generated by his controversial tariff program to every American, with the exception of high-income earners. This has middle-class America already budgeting those checks into their holiday spending plans perhaps a bit prematurely as though it's already money in the bank. It's been four years since the last round of stimulus payments, and the new
"The Larry Summers era is over," Politico proclaimed, after the House Oversight Committee released correspondence from Jeffrey Epstein's estate attributed to the veteran Harvard economist Lawrence Summers. That framing seemed a bit over the top. It is true, though, that, in the thirty-plus years that I've been writing about the economy and economic policy, Summers has been pretty much a constant presence.
And it left little doubt that the most important gains Trump made between his 2020 defeat and his 2024 win were not among young voters or Black voters or white working-class voters, but among Latino voters: In 2020, Joe Biden won Hispanic voters by 25 percentage points, and Hispanic voters supported Hillary Clinton by an even wider margin in 2016. But Trump drew nearly even with Kamala Harris among Hispanic voters, losing among them by only 3 points.
There was a time - not so long ago, though it already feels sepia-tinted - when London was the sort of place that tourists arrived in with stars in their eyes and left with shopping bags cutting off circulation at the fingers. Harrods bags, Selfridges bags, Mulberry bags, the bright yellow of Fortnum's peeking out of a suitcase being sat on in a hotel lobby. Europe's favourite grown-up playground; Manhattan's chic transatlantic sibling; Tokyo's idea of European swagger with better tailoring and more chaotic restaurants.
And so right now, I think our Council of Economic Advisers' estimate of how much harm there is to GDP is it's probably going to cost us one to one and a half percentage points of the fourth quarter. But that doesn't mean we're going to get a negative quarter. I think if we had two or three more weeks, especially if it ran into Thanksgiving, we probably would have had a negative quarter.
While President Trump's unorthodox deal making style has intentionally resembled a "bull in a china shop," it was more like a placid cow in a field last week in China. The world collectively took a deep breath following the U.S.-China Summit, as neither Trump nor Chinese President Xi Jinping escalated the ongoing trade war between the two nations. However, among global leaders, business chief executives, and everyday consumers, many questions remain.
Former Chancellor George Osborne has warned that Reform UK "cannot be trusted to run the economy", accusing Nigel Farage's party of lacking fiscal credibility at a time when economic stewardship is likely to define the next general election. Speaking amid growing scrutiny of Reform's costed plans, Mr Osborne dismissed the party as economically unreliable, pointing to its proposals to lift the two-child benefit cap and nationalise water companies - policies that have already been branded "socialist" by Conservative critics.
Mr Donaldson, CEO, The Maxol Group, called on Stormont and Westminster politicians to shift gears from strategies to 'full throttle economic delivery' and build on the UK-EU Common Understanding on trade and emissions cooperation, US trade deals, north-south trade successes and improved rail links between Belfast and Dublin. He said: "These are serious times that demand serious solutions... Business should be the engine of growth, and I know that the firms in this room are ready to play their part - but confidence hinges on tangible results that people can feel in their daily lives."
By many measures, France is in a political crisis. The country has record debt levels. Its last two prime ministers were brought down in no-confidence votes because they couldn't find agreement on a budget. President Emmanuel Macron has never been so unpopular. NPR's Eleanor Beardsley reports from Paris. ELEANOR BEARDSLEY, BYLINE: When Macron appointed his latest prime minister last month - yet another mainstream conservative from his camp - the left took to the streets in protest.
Kemi Badenoch is set to announce a golden rule for the economy in her conference speech on Wednesday as she desperately tries to restore the Conservative Party's credibility on the nation's finances. With millions of Britons still reeling from the impact of Liz Truss' disastrous mini-Budget, the Tory leader will attempt to restore voters' trust in the party's handling of the economy by pledging that half of all money saved from cuts must be put towards shrinking the deficit.
The governor of the Bank of England has said the UK needs a supportive investment environment if it is to realise the economic benefits of innovative new technologies. Speaking at an event in Edinburgh on Monday, Andrew Bailey said general purpose technologies (GPT) such as AI, green energy and the space sector could lead to industry-wide growth and a boost to productivity. However, he said achieving this required the necessary investment, which he said depended on a lot of commitment.
Luis Toto Caputo, 60, has an unmatched ability to raise money in turbulent waters. The Argentine economy minister eliminated the export tax on grains earlier last week, and in just three days, $7 billion flowed into the country. Last Wednesday, U.S. Treasury Secretary Scott Bessent announced that the White House is negotiating a $20 billion aid package for Argentina. The financial storm that threatened to wipe out the peso and Argentine bonds subsided. The national currency appreciated again, and bonds regained ground.
Keir Starmer is tightening his grip on economic policy by beefing up a committee that will help shape the 26 November budget. Pensions minister Torsten Bell and Starmer's new chief economic adviser, Minouche Shafik, will co-chair the budget board, that will meet weekly to discuss the details of the statement. Government sources said the meetings were aimed at ensuring No 10 and No 11 were aligned and that there was not a repeat of the backlash from businesses that followed Rachel Reeves's maiden budget.
Angela Rayner, stamp duty dodge, forced her to quit. That was the starter pistol on Starmer's circus. If the Deputy PM can't keep her own tax affairs straight, what chance has she got running the country!? Rogues gallery And the chaos doesn't begin and end with Rayner's tax fiddle. Andrew Gwynne, booted out for racist and sexist filth in his messages. Rushanara Ali, kicked out after shafting her tenant. Louise Haigh's fraud conviction from years back, exposed.
Bessent criticized the weak jobs data released Friday, extending recent administration claims that the numbers aren't correct and haven't been collected properly. (Trump fired the commissioner of the Bureau of Labor Statistics after the August report, and said without evidence that the BLS rigged the data against him.) "President Trump was elected for change, and we are going to push through with the economic policies that are going to set the economy right," Bessent said. "I believe by the fourth quarter we are going to see a substantial acceleration."
Former Columbia University president Minouche Shafik has been appointed chief economic adviser to British prime minister Keir Starmer, the Associated Press reported. An economist by training, Shafik served as president of the London School of Economics before she was tapped to lead Columbia in 2023. She also previously held leadership positions at the World Bank, the International Monetary Fund and the Bank of England.
Chief secretary to the prime minister Keir Starmer has poached Reeves's effective deputy for the newly created post of chief secretary to the prime minister. A reliable communicator and a willing attack dog, Jones is expected to do lots of media for the PM on the government's message and delivery, and take on the threat from Reform. Regarded as hardline on the economy, Jones was Reeves's firewall in tense negotiations with cabinet ministers over the spending review.
In July, French Prime Minister Francois Bayrou proposed eliminating Easter Monday and Victory in Europe Day (May 8) from France's annual list of 11 public holidays. Outrage ensued, with political leaders from across the spectrum attacking the plan. Bayrou said the move would help France ease budgetary pressures. He is not the only one to come up with such a proposal.
In the preceding decades of Mao Zedong's long reign, his cyclical policies of class struggle ended up leaving a mess in their wake. Mao achieved some modicum of reduced inequality, albeit in bloody fashion, but those years culminating in the disastrous Cultural Revolution did little to foster economic growth. The government leadership of the '80s, led by Deng Xiaoping, inherited an economy with dismal infrastructure, listless workers, and stagnation.
I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA. Why are stupid people unhappy with that? I will make deals like that for our Country all day long. I will also help those companies that make such lucrative deals with the United States States. I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!!! Who would not want to make deals like that?
In 2022, at the newly elected Labor government's jobs and skills summit, economist Danielle Wood put women in the workforce front and centre. I can't help but reflect that if untapped women's workforce participation was a massive ore deposit, we would have governments lining up to give tax concessions to get it out of the ground, she said. As the CEO of the Grattan Institute, Wood had long been a powerful advocate for women to create a more productive economy.
Affordability remains the primary hurdle in the housing market, compelling homebuyers to await lower mortgage rates before making purchasing decisions. The continuous high prices inhibit market movement.
