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For 51 million seniors over 65 years the $4000 added deduction in the Big Beautiful Bill 2025 would take the standard deduction for married to $40,000 a year in 2025 and $41,100 in 2026.This is in lieu of eliminating the tax on social security benefits entirely which was originally considered but could not be done under the budget reconciliation rules used to pass this DJT budget. For married taxpayers it is phased out after reaching $250,000 of income. What does $4000 provision over 65 years cost? It costs $66 billion over 3 years, and needs renewal in 2028. Eliminating taxes on social security benefits entirely would cost $1.4 trillion over 10 years or over 3 years $420 billion with a lot of it going to income earners with income over $100,000 or $150,000. It makes sense that this was avoided, and the political appeal being still in place for an ideal situation where when it comes to social security where middle class incomes of $200,000 are not taxed-as consider that it costs that much to just have a middle class life in these costly times.  ...

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What was once seen as a debacle on CNBC and Wall Street in 2015- the decision of CEO McMillon at Walmart to raise wages from 7.25 an hour to $9.00 an hour with share price drop of 10% turns into a big win by 2025. Mcmillon did not hestitate to show slides at NYSE for Earnings per share drop of 12% instead of 6%, $2.7 billion investment. Pay is now about $18 an hour in 2025 and this is only one metric as the benefits include free college and technical education, parental leave, more job training, job promotions, cleaner better stores. The remarkable thing is that it spread to other stores Target and TJ Maxx, and over time to a broad swath of American companies. Cost of living is an issue today for Americans in 2025, imagine what things would be like if leaders from the University of Arkansas with deep connections to the Bentonville region had not taken a decision independent of ideas on Wall Street and NYSE, CNBC. As McMillon retires the new CEO is also from the University of Arkansas with deep connections to the Bentonville area- John Furner, the current CEO of America region. ...

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Galston cites a Federal Reserve Board of Chicago 2014 study showing setbacks for black people in achieving improvement in income status. Even for children born into middle income black families about 55% are expected to fall below middle income status compared to 36% for children of white middle income families. The problem is not just the gap as Galston points out but what it says for the declining income mobility for the white middle class when 36% are likely to see declining status and prospect for the future, and 23% will see no improvement. Overall it shows a lack of income and social mobility for whites and minorities alike compared to the past improvements since the 1960's, not a bright prospect and less hope for the future the way things are, and why so many of the establishment candidates and existing policies are being questioned by voters.

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With 80% of its exports going to the U.S. the growth rate and jobs in Mexico are seeing the impact Finance Minister Carstens expects no growth in 2009. As Mexico's finances are in better shape than in past recessions there is room for some stimulus projects by Petroleos Mexicanos, the government oil company, by auctioning 2 highway projects, for expanding unemployment benefits, and giving $150 million in aid to industries hit by the credit crisis. About 250,000 manufacturing jobs were lost in the last few months of 2008.

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The U.S. Senate votes 92-2 in near unanimity to pass a bill on opioid addiction, for prevention, treatment and recovery. This comes as the U.S. faces a opioid addiction crisis in 2016. It increases funding by 47% for the efforts, with funding approval to be voted on separately.

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Republicans increase support among Latinos from 28% in 2016 to 36% in 2020 and 37% in 2024, a one point gain in 2024. Democrats support at 68% 2016, 62% in 2020, and 56% in 2024. Both parties are talking a tough law and order line on immigration at the Border.

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By June 10, 2010, the Democratic Party of Japan has recovered in poll ratings with 60% ratings for the new premier Naoto Kan and the DPJ. Ratings for Mr Hatoyama had dropped to 20% by the time he resigned. Hatoyama resigned June 2, 2010.

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President Obama attends a filming of a show for "The View" hosted by Whoopi Goldberg and co-host Barbara Walters at ABC studios on Sept 24, 2012. This happens just as world leaders are greeted by Secretary of State Hillary Clinton as they arrive for a meeting of the General Assembly of the United Nations in New York. And just as Tim Arango reports in the NYT that the situation in the Middle East is seeing spillover affects from Syria that affect the entire region, and Middle East tensions are rising.

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Eisinger says the Federal Reserve's staff plays an important role in regulatory reform. He quotes Cornell law professor, Robert Hockett, who says the general counsels tend to become more conservative over time and inclined to support the status quo. This makes required regulatory changes such as increasing the capital reserves at banks and reducing leverage more difficult. Eisinger describes the position of the U.S. Federal Reserve's general counsel, Scott Alvarez, on disclosure of lending by the Fed during the banking crisis, and on capital reserves, which veered more to the position of the banks which preferred less information be released and capital reserves be left at the 5% level than the 6% proposed by the FDIC and the Office of the Comptroller of the Currency. Comments by Alvarez in nonpublic hearings to Congressional staff members on May 18, 2012, about the JP Morgan London Whale trading losses, according to Eisinger, shows lack of awareness of the overall implications of the breakdown in financial controls and supervision inside the bank....

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This article by Horowitz in the NYT shows some of the criticism leveled against the Clintons and how they were out of touch with the white working class voters who have drifted to Mr. Trump.  It may be overdone in that not all white working class voters have drifted to Trump, and a Gallup survey has shown Trump supporters to be some white working class but also many from other groups in society, and many older less educated voters.  Trade Unions have played a large role in this election, and workers in manufacturing have voted Democratic in midwestern states such as Wisconsin, Michigan and Illinois. Horowitz also ignores some points in this campaign such as when Bill Clinton was adept at openly stating that he agreed with people who said Obamacare had increased premiums, and that some of the Obamacare program needed to be fixed. This took some of the criticism of Republicans on Obamacare and turned this around. He also showed a better understanding at times of the plight of working class people just from his habit of listening and thinking about how this affects ordinary people, a skill he has even to this day. A 2014 NBC/WSJ poll showed Bill Clinton with a 56 percent favorability rating, which is higher than president Obama, and exceeded only by Michelle Obama at 64 percent. ...

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Hong and Inman describe the deep experience in capital markets that Hong Kong has and Shanghai lacks, which China needs for further development. Even before the handover capital markets in Hong Kong have helped China, and many of China's largest companies have listings in Hong Kong. Hong is also the laboratory for China to make financial innovations for the last three decades, because of capital account controls on the mainland. A bad bank Cinda Asset management Company only recently raised $2.5 billion for buying non-performing loans from Chinese banks. Hong Kong's separate status within China, its Briain based legal system which has credibility in the international community, the rule of law, independent judiciary and independent police are critical to how it developed into an international financial hub for Asia. Any crackdown on protestors would disturb this arrangement. As China has already promised universal suffrage in 2017- which implies free elections not limited by restricted nominations as is now proposed in a change in 2014- and the Basic Law passed before the handover by Britain in 1997 also ensuring this, any retraction is only going back on past promises. A crackdown would create fears about Hong Kong's future autonomy for international financial institutions, and the bad publicity for China would affect Hong Kong and China adversely. ...

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This report in WSJ says at an event in Germany in 2022 Merkel said that after annexing Crimea in 2014 Putin told her he wanted to destroy the European Union. Yet Merkel did not hesitate to double gas imports from Russia after 2014. Joachim Gauck, president of Germany when Putin invaded Ukraine in 2014 says Merkel's decision to boost energy imports from Russia after that aggression was surely a mistake. Gauck stated "some people recognize their mistakes earlier, some later. Her decisions for over concentration of Germany's manufacturing in China led to a similar situation with China that is only now beginning to unravel. The two decisions overconcentration of energy dependence on Russia and manufacturing dependence with overconcentration in China have had interwoven effects and shows Merkel did not grasp the implications and dangers of overconcentration or excessive dependence on any one country. Merkel instead doubled gas imports from Russia and had the Nord Stream 2 pipeline built at a time when Germany was already 55% dependent on Russian imports of energy. She moved too quickly to phase out nuclear energy completely after Fukushima accident leading to Russian gas imports rapidly increasing. When leaving office she said LNG which Germany has now used to replace Russian gas from places such as Norway to Qatar under efforts of Deputy chancellor Habeck was a third more costly.  It could be said that with her sheltered upbringing in the more affluent sections of Communist East Germany's, the GDR's, educational sector, Merkel had such limited exposure to the world that when she emerged as Kohl's preferred choice in ministry positions she was headed for the chancellorship without the right qualifications for leadership. When one considers the experience of an Konrad Adenauer or a Willy Brandt through the World War II years, Merkel's experience for the chancellorship not only pales by any comparison, but also shows significant limits of comprehension and sound or right thinking of the issues facing Germany and the world in the twentieth and twenty first century. ...

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Matina Stevis provides a glimpse of the views in Athens for retirees, students, company employees, and other people, as Greece heads for a referendum on July 5, 2015.

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The President of the American Chamber of Commerce, Harley Seyedin, says that the days when migrant workers did not know their rights, labor laws were not enforced, and factory owners could keep wages low, are gone. With 787 million mobile phone users and 384 million Internet users- which includes migrant workers who can now get the news about the latest developments, send messages, video, and access the internet. For its part the government made serious effort to create awareness about new labor laws of 2008 through the state run media outlets. And workers have greater awareness and understanding of their rights for safe working conditions and double overtime pay, as well as other rights guaranteed in China's new labor laws. And something else is happening that connects the universities with workers. The expansion of the number of students at Chinese universities has brought more people from rural areas into the universities. This has created sympathy and support for migrant workers at the universities. Nine sociologists at Peking and Tsinghua universities signed an open letter calling national and local governments to implement actions that let migrant workers integrate into the city environment and share in the country's progress that they are creating. The government's security system has prevented the creation of a worker's movement in the past. But this time the government may be thinking of the need to develop China's domestic market, as the reliability of markets in the USA and European countries is uncertain as economic conditions change. For this to happen China's workers need higher wages to buy the goods China produces. ...

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Toyota is reducing senior management positions to 60 from 77. The board of directors will also be smaller, with 11 members instead of the current 27 members. It was felt that the large board did not enable discussion of important issues and slowed down decisionmaking. This is part of the new Business Plan and the new global vision for Toyota. The thrust is on sales in emerging markets which Toyota will target for increasing sales to 50% of the total sales by 2015, up from 40% currently. Sales in developed markets are set to decline to 50% of the total sales by 2015, down from 60% currently. The other push is in the hybrid sales area. Toyota will roll out 10 more hybrid vehicles by 2015, in addition to all electric cars, plug-in hybrids. Toyota will continue to have an all-Japanese board, and will use a committee of outside advisors to stay abreast of opinion in other countries. Akio Toyoda announced these plans recently and did this by himself, as he puts his own ideas to work for setting Toyota's direction....

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The Partido Popular party wins the most votes but loses its parliamentary majority in most of the country's provinces. Ada Colau in Barcelona, and a retired judge Manuela Carmena in Madrid supported by a left wing party, Podemos, are likely to become the new mayors. Spain's ruling Partido Popular party faces national elections in November 2015.

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Over $65 billion invested in 2014 by German companies to acquire American companies with a global presence, including TRW and Dresser Rand.

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Unemployment in Spain among people ages 16-24 is 42.9%. This is the highest rate in Europe, and it is double the overall rate of 19.3% for Spain. By comparison the overall jobless rate in the USA for workers ages 16-24 is up to 19.1%. Why this high an unemployment rate for young workers? Greece has youth unemployment rate of 25%, while Ireland has a youth unemployment rate of 28.%, and Italy 26.9%. The rate in Poland is 21.2%, down from 35% a few years ago. In Eastern Europe overall the rate is 27.9%. This puts Spain at a level higher than Eastern European countries where youth unemployment has traditionally been higher. Worse, this is a result of a spike in unemployment from 17% at the height of the boom three years ago, to the currrent 43%. Alfonso Prieto, deputy secretary general of employment studies at the Ministry of Labor and Social Affairs, says this high rate in Spain is a result of a disproportionate share of Spanish youth employed on temporary contracts. During the boom years a large number of young workers joined a culture of temporary work, with the term "mil euristas," used for workers on 1000 euros a month. With the economy in trouble these were the first people laid off. Low skilled and immigrant workers who lost jobs are also reflected in the statistics, as Spain witnessed an influx of millions of immigrants during the boom. Still worse the government is under tremendous pressure from the EU and bond markets because its budget deficit reached 11% of GDP in 2011, and austerity measures are being adopted. Spain is spending 30 billion euros in unemployment benefits, but the money is not doing much to prepare workers for jobs in new industries or new vocations for the future. ...

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The race to get Detroit back on its feet after the bankruptcy settlement to reduce the city's debt. By 2015 a new street lighting system is planned. $520 million is allocated for tearing down tens of thousands of dilapidated buildings over 6 years. The police force gets $100 million to improve poor response times, and the fire departement gets $100 million to repair broken down equipment. And Mayor Duggan tells residents to wait 6 months before leaving. Finally after years of decline and failed starts, Detroit gets a fresh chance at revival. The recovery of the auto industry is followed by the planned revival of the city itself, both under new management, putting behind the mistakes of the past.

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Miroff describes the situation for Mexico's middle class in the face of rising crime, a deep distrust of the police that extends to neighbors. This is seen through the lives of a middle class family, Alfredo and Lilia Hoyos, in the town of Cuernavaca, 50 miles south of Mexico City. Long known for its quiet neighborhoods, a second home to many civil servants in Mexico City, a university town famous for its language schools, Cuernavaca is now caught up in the struggle with drug gangs and rising crime. The Mexican government sent marines in helicopters to kill drug gang leader Beltran Levya. The level of trust in the police with rising crime is low making the situation worse. In a recent poll, only 6% of respondents said they could trust the police, 40% said "little" or "none." An OECD survey in 2008 showed Mexico at the bottom of the list of 34 countries for citizens expressing trust in their neighbors and community. The drug war has taken a serious toll on trust in the community since then. Hoyas had a difficult time setting up a neighborhood watch for security because people feared to participate. As Mexico modernizes and the middle class expands the situation on this basic parameter of development deteriorates....

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The gradual collapse of pro-Russian separatists as most of the Russians in the separatist effort withdraw and leave for Russia. The Ukraine forces move into separatist held areas near Donetsk in August 2014. German chancellor Merkel accepts an invitation to visit Kiev and visits Latvia, taking a larger role in resolving the crisis. Merkel speaks Russian and Putin speaks German, in ongoing discussions between the two leaders.

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Jens Weidmann, president of the Bundesbank, says central bank "independence is lost when monetary policy is tied to the wagon of fiscal policy and then loses control over prices." Weidmann and Merkel emphasize their continued opposition to euro-bonds. Merkel tells the German parliament on Dec. 14, 2011, euro-bonds "aren't suitable as a rescue measure." Italian prime minister Mario Monti, tells the Italian Senate: "the Italian government insisted heavily on euro bonds, which are not a back-door way to allow fiscal laxity but will boost growth." Monti says the euro bond proposals will be on the agenda for the EU summit in March. Italy auctioned its 5 year bonds at 6.47%, as German two year bonds had a yield of 0.29%, showing the widening divergence between the bonds of the two countries.

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The WSJ's Alessandra Galloni speaks with Mario Monti, the Italian premier, for in-depth interviews. Here Galloni and Walker provide an account of what happened during and after the June 28, 2012 summit of European leaders. Monti described the comments of ECB president Draghi in early August- about ECB buying of bonds of Italy and Spain being within the mandate of the ECB if monetary transmission channels were not working properly to reduce yields- as a bold effort following the agreement made at the June 28 summit to support Italy and Spain. Monti expressed the idea that Draghi should feel morally and politically justified if and when he makes the bold moves to rescue the euro. The only problem he says is whether one has to wait till the night before the euro is about to disintegrate for this to happen. This is the first time Monti has publicly expressed the possibility of this happening.

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Higher inflation in Germany could help rebalance the German economy by increasing imports. German inflation has averaged 1.6% since 1999, compared to 2.0 % for the eurozone. It was 2.3% in December. And after years of wage restraint German unions are increasing the wage demands. IG Metall is looking for a 6.5% wage increase. And interest rates at 1% are quite low for Germany where unemployment is down to 5.5%, according to Eurostat, and employers have to meet higher wage demands. The ECB is aiming at 2% inflation and Germany has a 26% weighting in the calculation of the rate. But as Italy, France and Spain see inflation decline there is room for addditional inflation in Germany before the eurozone goes well above the 2% inflation rate. By freezing wages and improving price competitiveness with German products, other countries could increase exports. Yet the prospects of this making a large difference is limited because German companies are likely to push for wage restraint. The Bundesbank predicts wage increases of 2.4% in 2012. Over time the wage restraint in other eurozone countries and even slightly higher wages in Germany would reverse the trend since 1999 of Germany having much lower inflation, and this could be one of the factors helping in rebalancing....