Trump’s Argentina Swap Spurs Farmer Backlash

 

A week after Treasury Secretary Scott Bessent announced a $20 billion currency swap with Argentina’s central bank, President Donald Trump hosted President Javier Milei at the White House, praising his agenda while tying U.S. generosity to Milei’s electoral fortunes. With terms still undisclosed and taxpayer dollars at stake, the move...

Government shutdown strains families, clouds economy

 

With millions of federal workers missing paychecks, the government shutdown is rippling through travel, delaying approvals, closing some museums and curbing household spending. Analysts warn of a critical inflection point as key economic data are delayed, confidence slips, and companies pause decisions. Estimates suggest growth could fall by about $15bn...

Shutdown Strains U.S. Aviation as Shortages Grow

 

A federal shutdown is already pinching U.S. air travel. On Oct. 6, Hollywood Burbank Airport’s control tower closed for nearly six hours due to staffing, leaving pilots to coordinate and delays averaging 2.5 hours. The FAA reports controller shortages and spreading delays nationwide, while unscheduled TSA absences rise. Experts cite...

Social Security 2026: FRA 67, COLA Projection

 

Social Security enters 2026 with a mix of modest boosts and big shifts. A projected 2.7% COLA would add about $53 a month to the average $1,955 benefit, though Part B premiums may bite. The official COLA announcement is expected Oct. 24 after a shutdown-delayed CPI report. Full retirement age...

Mokyr, Aghion, Howitt Win Nobel Economics Prize

 

Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics for explaining innovation-driven growth and 'creative destruction.' Aghion, of the College de France and the London School of Economics, said he was 'shocked' and will invest the prize money in his research laboratory. The committee praised...

Trump Administration’s $20B Argentina Rescue Sparks Backlash

 

The Trump administration moved to bail out Argentina with a $20 billion currency swap and rare direct purchases of pesos, steps Treasury Secretary Scott Bessent said are meant to steady markets amid “acute illiquidity.” The rescue arrives as the U.S. nears a two‑week shutdown and fallout from Trump’s trade war,...

U.S. Offers $20B Swap to Argentina

 

Nearly two years after Javier Milei’s Davos broadside, the U.S. moved to shore up Argentina: Treasury Secretary Scott Bessent offered a $20 billion currency swap to defend a falling peso after shock therapy. The Treasury, not the Fed, will extend it — a politicized shift that alarms Europe and challenges...

Furloughed FDA worker braces amid back pay threats

 

South of Denver, FDA microbiologist Stephanie Rogers moved in with her mother months ago, bracing for soaring costs and a new administration focused on shrinking government. Now furloughed, the NTEU chapter president crammed in medical appointments, refilled prescriptions, tapped retirement savings, sought leniency on her car loan, and applied for...

California Refinery Closures Rattle Workers, Budgets

 

California’s energy transition is accelerating refinery shutdowns, leaving workers and communities on edge. Phillips 66 in Los Angeles begins winding down this month, ending fuel production in 2025, while Valero may idle or close its Benicia plant—together representing about 18% of the state’s refining capacity. Regulators are negotiating to keep...

Inflation Rises as Fed Cuts, Tariffs Bite

 

Inflation has edged up in three of the past four months, reaching 2.9% in August, even as President Donald Trump says “inflation has been defeated” and the Fed cuts rates. Economists warn that tariffs and still-rising everyday costs — from groceries to coffee — risk keeping prices elevated and eroding...