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Jamie Dimon called Nikki Haley about cutting federal benefit programs on November 15, 2023 at 5:13 pm Business News | The Hill

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Republican presidential candidate Nikki Haley says she got a call from JP Morgan Chase CEO Jamie Dimon on the national debt level and on cutting federal retirement and medical insurance programs.

Speaking on the CNBC television network Wednesday, Haley implied she got an endorsement from the billionaire bank boss, as well as from billionaire investor Stan Druckenmiller, and was in general agreement with them about slashing federal benefit programs for American workers.

“The idea that a Jamie Dimon or a Stan Druckenmiller would be supportive, we’ll take it … These are men that see what’s happening. They see that in a couple years our interest expenses are going to be higher than our national defense budget. They see what’s in the future,” Haley said.

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“Social Security goes bankrupt in 10 years. Medicare goes bankrupt in eight. Anyone that says they’re not going to take on entitlement reform means they’re going to go in and be president and leave the country bankrupt,” she said.

“Entitlements” is a term frequently used by politicians in Washington to refer to Social Security, Medicare, and Medicaid, which are the national retirement, disability and medical insurance programs.

“Yes, we have to do entitlement reform,” Haley said. “For everybody coming into the system like my kids in their twenties, you change it. You say, ‘We’re going to raise the retirement age to reflect life expectancy. We’re no longer going to do cost of living increases, we’re going to do increases based on inflation.’”

The total nominal national debt currently stands at around $33 trillion, or around 120 percent of gross domestic product (GDP), though a significant portion of that is due to the way the Treasury does its accounting.

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“The U.S. ‘public debt outstanding’ of $33.2 trillion often cited by media is largely misleading, as it includes $6.8 trillion that the federal government ‘owes itself’ due to trust fund and other accounting. The economics profession has long focused on ‘debt held by the public,’ currently equal to about 98 percent of GDP at $26.3 trillion, for assessing its effects on the economy,” Kent Smetters, a professor at the Wharton School at the University of Pennsylvania, wrote in an October analysis.

“We estimate that the U.S. debt held by the public cannot exceed about 200 percent of GDP even under today’s generally favorable market conditions,” he wrote. “Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly.”

The national debt can be diminished either by raising taxes or cutting social spending.

The government spent $1.2 trillion on Social Security in 2022, or about 4.7 percent of GDP, according to the Congressional Budget Office. It spent $747 billion on Medicare and $592 billion on Medicaid.

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In total, the government spent $6.3 trillion in 2022 while bringing in $4.9 trillion in revenues, for an annual deficit of $1.4 trillion, or about 5.5 percent of GDP.

While the total U.S. debt stock increased due to social safety spending during the pandemic and is still running above its pre-pandemic trend, the yearly deficit has fallen back toward its pre-pandemic trend.

“From [fiscal year] 2019 to [fiscal year] 2021, spending increased by about 50 percent, largely due to the COVID-19 pandemic,” the Treasury Department notes on its website.

​Administration, Business, Health Care, News, Policy, budget deficit, debt, entitlements, Medicaid, medicare, national debt, social security Republican presidential candidate Nikki Haley says she got a call from JP Morgan Chase CEO Jamie Dimon on the national debt level and on cutting federal retirement and medical insurance programs. Speaking on the CNBC television network Wednesday, Haley implied she got an endorsement from the billionaire bank boss, as well as from billionaire investor…  

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Mexican Protests: Gentrification, U.S. Migration, and Rising Tensions

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Protests Erupt Over Housing and Migration in Mexico City

Mexico City has become the epicenter of growing unrest as hundreds of residents took to the streets on July 4, 2025, protesting against soaring rents, gentrification, and the increasing presence of U.S. migrants. What began as a peaceful demonstration quickly escalated, with incidents of vandalism and confrontations highlighting the depth of local frustration.

Key Drivers of the Unrest

  • Gentrification and Housing Crisis:
    Rents in popular neighborhoods like Condesa and Roma have surged by nearly 50% over the past five years, pricing out many long-term residents. Young people and families are particularly affected, with some forced to leave homes they have occupied for decades.
  • Influx of U.S. Migrants and Digital Nomads:
    The arrival of affluent foreigners—especially Americans working remotely—has intensified gentrification. Many U.S. citizens take advantage of Mexico’s 180-day visa-free stay, cycling in and out to maintain residency. This has led to resentment among locals who feel displaced and unable to compete with foreign purchasing power.
  • Economic Displacement:
    Protesters argue that government policies favor those with higher incomes, resulting in forced or illegal evictions. Slogans like “Housing is a right, not a commodity” and “Mexico for Mexicans” were prominent during the marches.
  • Demands for Regulation:
    Demonstrators called for stricter migration controls and for foreign residents to contribute more to the local economy, including paying fair taxes and respecting local culture.

Escalation and Official Response

  • Vandalism and Confrontations:
    While the protest started peacefully, a subset of demonstrators vandalized businesses—particularly those catering to foreigners—and harassed tourists. Chants of “gringo go home” and “pay taxes, learn Spanish, respect my culture” echoed through the streets as windows were smashed and property damaged.
  • Government Reaction:
    City officials condemned the violence and emphasized Mexico City’s tradition of openness and migration. At least 15 businesses and public facilities reported damage. Authorities called for dialogue and unity, while also acknowledging the real pressures of rising rents and displacement.

Broader Context and Global Parallels

  • International Pattern:
    The protests in Mexico City mirror movements in cities like Barcelona and Madrid, where locals have also rallied against mass tourism and the transformation of neighborhoods by short-term rentals and foreign investment.
  • Political Response:
    President Claudia Sheinbaum and other leaders have addressed the unrest, rejecting xenophobia but recognizing the legitimate concerns about housing affordability and community displacement.

Summary Table

IssueProtester ConcernsNotable Incidents
GentrificationSoaring rents, loss of affordable housingVandalism in Condesa, Roma
U.S. MigrationDisplacement by digital nomads, lack of regulationHarassment of tourists
Economic DisplacementForced evictions, government favoritismSlogans: “Housing is a right”
Official ResponseCalls for dialogue, condemnation of violence15+ businesses damaged

Conclusion

The recent protests in Mexico City reflect mounting anger over gentrification, housing insecurity, and the impact of foreign migration on local communities. As tensions rise, calls for policy reform and greater protections for residents are intensifying. City leaders face mounting pressure to balance openness with protecting the rights and livelihoods of long-term residents, signaling that the debate over Mexico’s urban future is far from over.

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Pros and Cons of the Big Beautiful Bill

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The “Big Beautiful Bill” (officially the One Big Beautiful Bill Act) is a sweeping tax and spending package passed in July 2025. It makes permanent many Trump-era tax cuts, introduces new tax breaks for working Americans, and enacts deep cuts to federal safety-net programs. The bill also increases spending on border security and defense, while rolling back clean energy incentives and tightening requirements for social programs.

Pros

1. Tax Relief for Middle and Working-Class Families

2. Support for Small Businesses and Economic Growth

  • Makes the small business deduction permanent, supporting Main Street businesses.
  • Expands expensing for investment in short-lived assets and domestic R&D, which is considered pro-growth.

3. Increased Spending on Security and Infrastructure

4. Simplification and Fairness in the Tax Code

  • Expands the Earned Income Tax Credit (EITC) and raises marginal rates on individuals earning over $400,000.
  • Closes various deductions and loopholes, especially those benefiting private equity and multinational corporations.

Cons

1. Deep Cuts to Social Safety Net Programs

  • Cuts Medicaid by approximately $930 billion and imposes new work requirements, which could leave millions without health insurance.
  • Tightens eligibility and work requirements for SNAP (food assistance), potentially removing benefits from many low-income families.
  • Rolls back student loan forgiveness and repeals Biden-era subsidies.

2. Increases the Federal Deficit

  • The bill is projected to add $3.3–4 trillion to the federal deficit over 10 years.
  • Critics argue that the combination of tax cuts and increased spending is fiscally irresponsible.

3. Benefits Skewed Toward the Wealthy

  • The largest income gains go to affluent Americans, with top earners seeing significant after-tax increases.
  • Critics describe the bill as the largest upward transfer of wealth in recent U.S. history.

4. Rollback of Clean Energy and Climate Incentives

5. Potential Harm to Healthcare and Rural Hospitals

6. Public and Political Backlash

  • The bill is unpopular in public polls and is seen as a political risk for its supporters.
  • Critics warn it will widen the gap between rich and poor and reverse progress on alternative energy and healthcare.

Summary Table

ProsCons
Permanent middle-class tax cutsDeep Medicaid and SNAP cuts
No tax on tips/overtime for most workersMillions may lose health insurance
Doubled Child Tax CreditAdds $3.3–4T to deficit
Small business supportBenefits skewed to wealthy
Increased border/defense spendingClean energy incentives eliminated
Simplifies some tax provisionsThreatens rural hospitals
Public backlash, political risk

In summary:
The Big Beautiful Bill delivers significant tax relief and new benefits for many working and middle-class Americans, but it does so at the cost of deep cuts to social programs, a higher federal deficit, and reduced support for clean energy and healthcare. The bill is highly polarizing, with supporters touting its pro-growth and pro-family provisions, while critics warn of increased inequality and harm to vulnerable populations.

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Trump Threatens to ‘Take a Look’ at Deporting Elon Musk Amid Explosive Feud

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The escalating conflict between President Donald Trump and Elon Musk reached a new peak this week, as Trump publicly suggested he would consider deporting the billionaire entrepreneur in response to Musk’s fierce criticism of the president’s signature tax and spending bill.

FILE PHOTO: Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo

“I don’t know, we’ll have to take a look,” Trump told reporters on Tuesday when asked directly if he would deport Musk, who was born in South Africa but has been a U.S. citizen since 2002.

This threat followed a late-night post on Trump’s Truth Social platform, where he accused Musk of being the largest recipient of government subsidies in U.S. history. Trump claimed that without these supports, Musk “would likely have to shut down operations and return to South Africa,” and that ending such subsidies would mean “no more rocket launches, satellites, or electric vehicle production, and our nation would save a FORTUNE”.

Trump also invoked the Department of Government Efficiency (DOGE)—a federal agency Musk previously led—as a potential tool to scrutinize Musk’s companies. “We might have to put DOGE on Elon. You know what DOGE is? The DOGE is the monster that might have to go back and eat Elon,” Trump remarked, further intensifying the feud.

Background to the Feud

The rupture comes after Musk’s repeated attacks on Trump’s so-called “Big, Beautiful Bill,” a comprehensive spending and tax reform proposal that Musk has labeled a “disgusting abomination” and a threat to the nation’s fiscal health. Musk, once a Trump ally who contributed heavily to his election campaign and served as a government advisor, has called for the formation of a new political party, claiming the bill exposes the need for an alternative to the current two-party system.

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In response, Trump’s allies have amplified questions about Musk’s citizenship and immigration history, with some suggesting an investigation into his naturalization process. However, legal experts note that deporting a naturalized U.S. citizen like Musk would be extremely difficult. The only path would involve denaturalization—a rare and complex legal process requiring proof of intentional fraud during the citizenship application, a standard typically reserved for the most egregious cases.

Political Fallout

Musk’s criticism has rattled some Republican lawmakers, who fear the feud could undermine their party’s unity ahead of the 2026 midterm elections. Meanwhile, Musk has doubled down on his opposition, warning he will support primary challengers against Republicans who back Trump’s bill.

Key Points:

As the dispute continues, it has become a flashpoint in the broader debate over government spending, corporate subsidies, and political loyalty at the highest levels of American power.

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