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Global wealth inequality dramatically increased in 2024, with the United States leading the surge. The world’s 500 richest individuals gained a combined $1.5 trillion, with a significant portion accruing after the election of Donald Trump, whose net worth nearly doubled. This extreme wealth concentration, particularly among 15 American billionaires exceeding $100 billion, is prompting a re-evaluation of “ultra-high-net-worth” thresholds. Proposed tax cuts by the Republican-led Congress threaten to exacerbate this inequality by further benefiting the wealthiest Americans, while providing minimal relief to lower-income households.
A new Biden administration rule will eliminate $49 billion in medical debt from the credit reports of over 15 million Americans, effectively preventing its use in loan applications. This action, praised by Vice President Harris as “lifechanging,” is projected to boost credit scores by an average of 20 points and facilitate thousands of additional mortgage approvals annually. The rule addresses the issue of medical debt’s inaccurate prediction of repayment ability, building upon prior efforts by credit reporting agencies to remove smaller medical debts. The initiative complements over $1 billion in state and local medical debt relief already enacted using pandemic aid funds.
Following President Trump’s refusal to rule out using force to acquire Greenland, French Foreign Minister Jean-Noël Barrot asserted that the EU will not tolerate attacks on its sovereign borders. While Barrot indicated he doesn’t believe the US will invade, he stressed the EU’s resolve against intimidation. Trump cited Greenland’s strategic importance for national and economic security, particularly in tracking Chinese and Russian ships. Both Denmark and Greenland’s prime minister have firmly rejected any sale of the territory.
Following Donald Trump’s refusal to rule out military action to acquire Greenland, a Danish territory, French Foreign Minister Jean-Noël Barrot warned against attacks on EU sovereign borders. Trump’s comments, including suggestions of using force to obtain the Panama Canal and economic pressure on Canada, prompted this strong response. Greenland’s leaders have firmly rejected any sale or relinquishing of control, emphasizing the island’s self-determination. Barrot also called for EU action against similar threats from Elon Musk toward European leaders.
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A federal judge temporarily halted the release of Special Counsel Jack Smith’s report on investigations into Donald Trump, pending an appeals court decision. This action, prompted by an emergency request from Trump’s defense team citing potential prejudice, follows a pattern of rulings favorable to Trump by the Trump-appointed judge. The report details charging decisions in two cases—the Mar-a-Lago documents case and the 2020 election interference case—both of which were impacted by legal challenges and the Justice Department’s policy against prosecuting sitting presidents. The Justice Department’s next steps remain unclear following the judge’s order.
During a recent speech, Donald Trump criticized the push for electric vehicles and appliances, specifically highlighting his preference for gas heaters over electric ones. He claimed gas heaters are cheaper to operate, provide superior heat, and lack the purported “itching” problem associated with electric heaters. Trump’s comments contrast sharply with the environmental benefits of condensing heaters, which offer long-term cost savings and reduced greenhouse gas emissions. His stated intention to expand fossil fuel production further underscores this divergence in priorities.
Judge Juan Merchan denied President-elect Trump’s motion to delay his January 10th sentencing on 34 felony counts of falsifying business records, rejecting arguments regarding presidential immunity appeals. The judge deemed Trump’s arguments repetitive and noted the current schedule resulted from Trump’s previous requests for adjournments. Prosecutors argued that sentencing before the inauguration avoids potential conflicts and would be brief. The judge previously indicated an unconditional discharge is likely, meaning Trump would remain a convicted felon but face no additional penalties.
John Q. Hosedrinker