Investing and Global Finance News

Monthly Archives: February 2017

Treasury Secretary Says No Cuts to Entitlements in Trump’s New Budget

Steven Mnuchin’s Official Portrait as the 77th U.S. Secretary of the Treasury.

Treasury Secretary Steven Mnuchin explained on the Fox News program “Sunday Morning Futures” that President Donald Trump’s first budget proposal will refrain from any cuts to government entitlement programs.

He also said that Trump’s scheduled address to the joint session of Congress this coming Tuesday will announce the new administration’s far-reaching plans to cut taxes for the middle class, simplify the tax system and to make US companies more globally competitive.

Mnuchin said that his top priority is tax reform, and stated that the budget will not ask for any drop in spending for federal benefits programs, known as “entitlements.”

“We are not touching those now. So don’t expect to see that as part of this budget, OK,” Mnuchin said of the programs, according to a transcript provided by Fox. “We are very focused on other aspects and that’s what’s very important to us. And that’s the president’s priority.”

Trump’s campaign promises included not touching Social Security, Medicare health care for seniors, and not the Medicaid programs, which is healthcare for the poor. Continuing to fund these programs at present levels, together with tax cuts for the middle class, would help the working class and retirees, who happened to be a large portion of his supporters.

Inventories, Sales Up in December

The Department of Commerce reported that US business inventories were up better than expected in December, while sales rose by their biggest percentage since 2011. The announcement said that inventories went up by 0.4 percent, while November’s figure had to be re-stated as 0.8 percent in place of the previously announced 0.7 percent. Business inventories… Continue Reading

US Government Stimulating Nigerian Power Sector with $1 Billion

The United States government is investing about $1 billion in the power sector of Nigeria, said the coordinator of the program to light up Africa, Andrew Herscowitz. The plan, known as Power Africa, was announced at a media conference in Abuja, Nigeria last week. Herscowitz added that the US government has already committed several billion… Continue Reading

Daniel Taub Interviewed on CNN

While the Prime Minister of Israel, Benjamin Netanyahu, was in England visiting the recently appointed Prime Minister of the United Kingdom, Theresa May, Daniel Taub, former ambassador to the United Kingdom, discussed current events with CNN international news Anchor Christiane Amanpour. Amanpour’s opening question addressed the issue of settlements, and US President Trump’s recent statement… Continue Reading