The big beautiful bill reveals the hollowness of Trumponomics
I N GREEK MYTHOLOGY the chimera was part lion, part goat and part snake, but wholly monstrous. Despite its name, there is a chimerical air to the One Big Beautiful Bill Act ( BBB ), the Republican tax-and-spending plan lurching through Congress this week. It sutures to a body of government-shrinking Reaganism an appendage of populist Trumpism, both disfigured by carve-outs and fillips for individual lawmakers. It will menace the American economy for at least a decade.
Industrial capacity in peacetime is no longer necessary for success during war
Assessments vary wildly and it is impossible to know for sure
But its impact is uncertain
Much hinges on the stubborn supreme leader and America's mercurial president
If it fails the regime could make a frantic dash for a bomb
Trump calls for Tehran to 'immediately evacuate'
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The Independent
2 hours ago
- The Independent
The Trump family has raked in an astonishing $3.4 billion over his two presidencies, new report claims
President Donald Trump and his family may have made billions off his two presidencies, a new report claims. The New Yorker reports that Trump and his family have pocketed an estimated $3.4 billion thanks to his two terms as president. Its tally includes profits from cryptocurrencies, the president's MAGA-branded merchandise and his Mar-a-Lago estate. The outlet estimated that, thanks to Trump's two presidencies, the family has made $2.37 billion from cryptocurrency; $339.6 million from financial ventures; $270.8 million from hospitality; $116 million from media; and $277.7 million across other sources, including his private jet, legal fees and merchandise. In response to this report, White House Press Secretary Karoline Leavitt told The Independent: ' The claims that this President has profited from his time in office are absolutely absurd — in comparison to what he could have made if he didn't have to deal with the fake news and corrupt political opponents, the President has lost hundreds of millions of dollars to serve this country.' 'The American people love him precisely because he is a successful businessman, not in spite of it,' Leavitt added. 'The Trump Family is highly respected for always conducting their dealings by the book, unlike past presidents, such as the Biden Crime Family. President Trump has always practiced integrity and transparency, which is why he is and has been forthcoming in sharing his financial disclosures.' Much of the Trump family's estimated earnings have come from various cryptocurrency ventures, The New Yorker reports. This includes an estimated $385 million in profit from the coins $TRUMP and $MELANIA, which he launched just before Trump took office in January, according to the outlet. The Independent has reached out to the Trump Organization and Trump Media for comment. While the president has embraced cryptocurrency, so have his allies. About one in five of Trump's high-level cabinet picks hold significant assets in cryptocurrency, according to a July analysis by The Washington Post. At the time, White House spokesperson Harrison Fields said these figures reflected the success Trump's picks had in the private sector and insisted there were no conflicts of interest. In addition to his cryptocurrency ventures, The New Yorker estimates Trump has made an estimated $27.7 million from his Trump Store merchandise. The outlet noted that Trump is the first Presidential candidate to run a private online store, which competes with his campaign to sell MAGA merchandise. The New Yorker's total included an estimated $1.3 million from Trump's 'God Bless the USA' Bibles and $2.8 million from Trump-branded watches. These figures were previously reported in Trump's 2024 financial disclosure report, which was released in June. Trump reported more than $600 million in income on the form, according to Reuters. The New Yorker estimates Trump's presidencies have also generated an extra $125 million in profit from his Mar-a-Lago estate in Florida. This estimated extra profit came, in part, from Trump's own campaign events at the club, as well as events held by other GOP candidates, organizations and high-profile figures, the outlet reports. In its estimate, The New Yorker also included an estimated $100 million from supporters' contributions that Trump reportedly used to pay for legal fees. While a political campaign fund can't be used for a candidate's personal legal battles, a loophole allowed him to convert campaign funds into political action committees, which are subject to looser restrictions, the outlet claimed. This cash funded his defense across several cases, including Trump's historic hush money trial last year, according to the report. In that case, a Manhattan jury found Trump guilty of 34 counts of falsifying business records to cover up a payoff to adult film star Stormy Daniels during his 2016 campaign. Trump has denied any wrongdoing and is appealing the conviction.
Reuters
2 hours ago
- Reuters
Exclusive: Pentagon Golden Dome to have 4-layer defense system, slides show
WASHINGTON, Aug 12 (Reuters) - The Trump administration's flagship Golden Dome missile defense system will include four layers -- one satellite-based and three on land -- with 11 short-range batteries located across the continental U.S., Alaska and Hawaii, according to a U.S. government slide presentation on the project first reported by Reuters. The slides, tagged 'Go Fast, Think Big!' were presented to 3,000 defense contractors in Huntsville, Alabama, last week and reveal the unprecedented complexity of the system, which faces an ambitious 2028 deadline set by U.S. President Donald Trump. The system is estimated to cost $175 billion, but the slides show uncertainties still loom over the basic architecture of the project because the number of launchers, interceptors, ground stations, and missile sites needed for the system has yet to be determined. "They have a lot of money, but they don't have a target of what it costs yet," said one U.S. official. So far Congress has appropriated $25 billion for Golden Dome in Trump's tax-and-spend bill passed in July. Another $45.3 billion is earmarked for Golden Dome in his2026 presidential budget request, opens new tab. Intended as a multi-layered missile defense shield for the United States, Golden Dome draws inspiration from Israel's Iron Dome, but is significantly bigger due to the geography it will need to protect and the complexity due to the varied threats it will face. According to the slides, the system architecture consists of four integrated layers: a space-based sensing and targeting layer for missile warning and tracking as well as "missile defense" and three land-based layers consisting of missile interceptors, radar arrays, and potentially lasers. One surprise was a new large missile field - seemingly in the Midwest according to a map contained in the presentation - for Next Generation Interceptors (NGI) which are made by Lockheed Martin (LMT.N), opens new tab and would be a part of the "upper layer" alongside Terminal High Altitude Area Defense (THAAD) Aegis systems which are also made by Lockheed. NGI is the modernized missile for the Ground-Based Midcourse Defense (GMD) network of radars, interceptors and other equipment - currently the primary missile defense shield to protect the United States from intercontinental ballistic missiles from rogue states. The U.S. operates GMD launch sites in southern California and Alaska. This plan would add a third site in the Midwest to counter additional threats. Other technical hurdles the slides identified included communication latency across the "kill chain" of systems. Contractors such as Lockheed, Northrop Grumman (NOC.N), opens new tab, RTX, and Boeing (BA.N), opens new tab have a variety of missile defense systems. Notably, the slides did not mention Elon Musk's SpaceX, which was part of a bid for Golden Dome contracts alongside software maker Palantir (PLTR.O), opens new tab and defense systems manufacturer Anduril. The Pentagon said it is gathering information "from industry, academia, national labs, and other government agencies for support to Golden Dome" but it would be "imprudent" to release more information on a program in these early stages. One key goal for Golden Dome is to shoot targets down during their 'boost phase,' the slow and predictable climb through the Earth's atmosphere of a missile. Rather, it seeks to field space-based interceptors that can more quickly intercept incoming missiles. The presentation highlighted that the United States "has built both interceptors and re-entry vehicles" but has never built a vehicle that can handle the heat of reentry while targeting an enemy missile. The last lines of defense dubbed the "under layer" and "Limited Area Defense" will include new radars and current systems like the Patriot missile defense system and a new "common" launcher that will launch current and future interceptors against all threat types. These modular and relocatable systems would be designed to minimize reliance on prepared sites, allowing for rapid deployment across multiple theaters. Space Force General Michael Guetlein, confirmed last month to lead the Golden Dome project, has 30 days from his July 17 confirmation to build a team, another 60 days to deliver an initial system design, and 120 days to present a full implementation plan, including satellite and ground station details, people briefed on a memo signed by Defense Secretary Pete Hegseth have told Reuters.
Daily Mail
2 hours ago
- Daily Mail
UK trade envoy to Turkey's trip to Northern Cyprus turns into a full diplomatic row - as pressure piles on Sir Keir Starmer to sack him
A visit by the UK's Turkey trade envoy to Northern Cyprus has escalated into a diplomatic spat. The Greek Cypriot government condemned the 'unacceptable' trip by Labour's Afzal Khan, piling pressure on Sir Keir Starmer to sack him. Britain, in common with the rest of the world barring Turkey, does not recognise the self-declared Turkish Republic of Northern Cyprus. Despite this, the MP for Manchester Rusholme has this week visited the breakaway statelet to the fury of Greek Cypriots, who accused him of breaking international agreements. They regard the Turkish-controlled north as a rogue state and have called for the 30,000 troops stationed there to leave. Yesterday, anger increased over the trip, which saw Mr Khan meet the leader of Northern Cyprus in his official residence. Konstantinos Letymbiotis, a spokesman for the Nicosia government, said the visit was 'absolutely condemnable and unacceptable' as he insisted UK officials should 'respect' the state of Cyprus. He claimed Mr Khan's actions 'constitute an attempt to create false impressions and are in complete contradiction with the established position of all British governments'. Mr Letymbiotis said: 'We expect all UK officials to show respect for their country's policy as well as for the bilateral relations between Cyprus and the UK.' Cyprus has been a divided island for more than 50 years following a Turkish invasion that left hundreds dead and thousands displaced. The Tories have written to foreign minister Stephen Doughty calling for Mr Khan to be dismissed from his role, saying the trip sent a 'worrying signal'. Wendy Morton, shadow foreign affairs minister, wrote: 'This visit risks undermining the UK's credibility as a guarantor power and as an impartial interlocutor in settlement negotiations.' The Prime Minister's spokesman has said the visit was carried out in a 'personal capacity'. Ersin Tatar, the leader of Northern Cyprus, also waded into the row by criticising the 'intolerant statements and excessive attacks made by the Greek Cypriot side'. He said the visit was undertaken 'at my invitation'. Mr Khan's has also angered the National Federation of Cypriots in the UK, which represents more than 300,000 British citizens of Cypriot origin. The Foreign Office did not respond to requests for comment.
