The Consumer Price Index indicates grocery prices rose 2.2 percent in July compared to the previous year, putting a strain on consumers. Essential items like coffee, ground beef, and eggs have seen notable price increases, with the latter still up over 16 percent despite a decrease due to the avian flu. These rising costs are partially linked to tariffs on aluminum and steel, impacting the prices of canned goods and beverages. Fortunately, because only a small fraction of food is imported, only a portion of grocery items are subject to further tariffs.
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A new report by the Center for Macroeconomic Analysis and Short-Term Forecasting (CAMAC) warns that Russia’s economy is teetering on the brink of stagflation, with a potential recession looming in the second and third quarters of 2025. The report cites slowing GDP growth (1.4 percent in Q1 2025), high inflation (9.8 percent), and weakening consumer demand as key contributing factors. This precarious situation is exacerbated by falling investments and construction projects. To mitigate the crisis, the report recommends tackling inflation and stimulating investment, while the Central Bank of Russia maintains a tight monetary policy despite cutting its key interest rate.
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Trump’s recent call to scrap the debt limit is a bold move that sparks a whirlwind of reactions and interpretations. The proposal immediately throws into question the very nature of fiscal responsibility, especially considering the context of his past pronouncements and actions.
The idea itself – eliminating the debt limit – has merit for some. It’s argued that having Congress approve the budget and then separately authorize exceeding that budget is redundant and inefficient. It essentially means Congress votes to spend money and then votes again on whether to pay for the spending they’ve already approved. This process creates an artificial bottleneck where the government could potentially default on its financial obligations, triggering a global economic crisis, based purely on a procedural technicality.… Continue reading
In Russia, the cost of making borscht has dramatically increased, reflecting broader economic pressures. Key ingredients like potatoes (up 166.5%), onions (up 87.2%), and cabbage (up 56.8%) have seen substantial price hikes year-over-year. This “borscht index,” a common measure of economic well-being in the region, highlights significant inflationary pressures on staple foods. While beet and tomato price increases were more moderate, the overall impact on the cost of this popular soup is substantial.
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Faced with significant external financing needs, the Pakistani government plans to borrow $4.9 billion from international banks. This strategy involves securing $2.64 billion in short-term loans and $2.27 billion in long-term loans, with negotiations underway with several major international banks, including the ICBC, Standard Chartered Bank, and Dubai Islamic Bank. The additional funding aims to bolster Pakistan’s foreign exchange reserves, currently around $14 billion, to meet the IMF’s target of $13.9 billion by June. Despite these efforts, Pakistan’s economic growth for 2024-25 fell short of its target, reaching only 2.68 percent.
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Senator Rubio erroneously asserted a dichotomy between the federal and judicial branches, claiming immunity from judicial oversight in foreign policy matters. This statement reveals a disregard for the three-branch system of checks and balances enshrined in the Constitution. His position reflects a belief in executive supremacy, echoing the Trump administration’s apparent view of unchecked presidential power. This perspective, potentially emboldened by recent Supreme Court rulings, allows for actions like deportations without due process.
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Moody’s recent downgrade of the United States’ credit rating to ‘Aa1’ is a significant event with far-reaching consequences. The agency cited the persistent failure of successive US administrations and Congress to address the nation’s growing fiscal deficits and the escalating costs of servicing the national debt as the primary reason for the downgrade. This isn’t just a technicality; it’s a stark warning about the country’s financial trajectory.
This downgrade carries substantial financial implications. The increased cost of borrowing will far outweigh any perceived savings from supposed efficiency measures. Think of it this way: the sheer magnitude of increased interest payments dwarfs any potential benefits from, say, streamlined government operations.… Continue reading
The possibility of a truce remains, despite the current stalemate. However, a significant obstacle is the unwillingness of any party to initiate contact. This reluctance to be the first to reach out suggests deep mistrust and a lack of confidence in the other sides’ intentions. Consequently, the path towards a peaceful resolution remains blocked by this hesitancy. Overcoming this impasse requires a courageous act of diplomacy from one of the involved parties.
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In a speech marking the 100th day of President Trump’s second term, former Vice President Kamala Harris condemned his administration’s actions, characterizing them as creating “the greatest man-made economic crisis in modern presidential history.” Harris criticized the president’s tariffs, claiming they harmed American workers and businesses, and denounced his broader agenda as prioritizing tax cuts for the wealthy while slashing public services. She countered the administration’s use of fear tactics by highlighting the courage of Americans resisting these policies and urged unity in the face of adversity. Using the metaphor of elephants huddling together during an earthquake, Harris emphasized the importance of collective action to overcome challenges.
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John Q. Hosedrinker 
Matt Underwood