US Sanctions Maduro-Linked Venezuelan ‘Cartel of the Suns' as Terrorist Entity
The designation, issued by the Treasury's Office of Foreign Assets Control (OFAC) on July 25 under counterterrorism authorities, blocks all property and interests of the group within U.S. jurisdiction, and generally prohibits Americans from engaging in transactions with it.
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Newsweek
a minute ago
- Newsweek
Donald Trump Doubles Down on Mathematically Impossible Drug Price Cuts
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump has doubled down on his claim of reducing drug prices by amounts that are mathematically impossible. Trump told reporters on Sunday that his administration had cut the price of some prescription drugs by as much as 1,500 percent. "Well, one of the things they're going to be talking about pretty soon are the tremendous drop in drug prices. You know, we've cut drug prices by 1,200, 1,300, 1,400, 1,500 percent. I don't mean 50 percent. I mean 14-, 1,500 percent," the president said. When asked to clarify the president's remarks, White House spokesperson Kush Desai told Newsweek, "It's an objective fact that Americans are paying exponentially more for the same exact drugs as people in other developed countries pay, and it's an objective fact that no other Administration has done more to rectify this unfair burden for the American people." Why It Matters Trump's remarks signal a misunderstanding of how pricing and percentages work, which could undermine public confidence in his ability to tackle problems such as drug pricing. President Donald Trump speaks with reporters near Air Force One at the Lehigh Valley International Airport in Allentown, Pennsylvania, on August 3. President Donald Trump speaks with reporters near Air Force One at the Lehigh Valley International Airport in Allentown, Pennsylvania, on August To Know Reducing the price of a drug by 100 percent would make it free, and a reduction greater than 100 percent suggests pharmaceutical companies would pay their customers to take their prescription drugs. Commenting on Trump's claims, Jeffrey Frankel, a professor of capital formation and growth at Harvard University, told Newsweek that the numbers were "indeed mathematically impossible." On Friday, the president made similar claims of bringing drug prices down by "1,000 percent, 1,200 percent" in an interview with Newsmax's Rob Finnerty. That came a day after the White House said Trump had written to the heads of 17 pharmaceutical companies outlining steps they needed to take to bring down the prices of drugs sold in the U.S. to match the lowest price paid by a group of other economically advanced countries. According to a fact sheet the White House released on Thursday, Trump's letters said the pharmaceutical manufacturers' proposals for implementing his May executive order—which seeks to achieve "most favored nation" pricing in the United States—had "fallen short." However, it did not mention the percentage reductions the president has discussed in recent days. What People Are Saying Jeffrey Frankel, a professor of capital formation and growth at Harvard University, told Newsweek: "They are indeed mathematically impossible. If he cut prices 90 percent, the drugs would cost 1/10 as much as before. If 100 percent, then they would cost zero. If cutting 1,000 percent means a thing, then it means that the drug company pays you (a lot) to take the drug." He added: "It's almost as if Trump is making fun of his supporters, seeing what increasingly absurd statements he can get away with." Justin Wolfers, a professor of economics and public policy at the University of Michigan, told Newsweek: "This is not a question for an economist, but rather a sixth grader. After all, the Common Core curriculum standard states that students should know how to 'find a percent of a quantity as a rate per 100 (e.g., 30 percent of a quantity means 30/100 times the quantity).'" Wolfers added: "I just checked with my sixth grader (Oliver Wolfers), and he confirmed that he has studied percentages and that the president's math does not make sense 'because then the prices would be negative.' He added, 'Is he an idiot?' before returning to watching YouTube. Oliver's father agrees with Oliver's mathematical analysis and encourages him to use more positive language when engaging with fellow kids." Pau Pujolas, a professor of economics at McMaster University, told Newsweek: "If your grocery bill is $100 and you get a 50 percent reduction in price, you pay $50. If you get a 75 percent reduction, you pay $25. If you get a 99 percent reduction, you pay $1. If you get a 100 percent reduction, you pay $0. You can't get a reduction larger than that ... so 1,200 percent doesn't make sense. "Talking about bad math: Firing Erika McEntarfer, the director of the Bureau of Labor Statistics (BLS), is way worse than a POTUS not knowing how to operate with basic percentages. Let's not miss the forest for the trees." President Donald Trump said at a Republican dinner in July: "This is something that nobody else can do. We're gonna get the drug prices down—not 30 or 40 percent, which would be great, not 50 or 60 percent. No, we're gonna get them down 1,000 percent, 600 percent, 500 percent, 1,500 percent. Numbers that are not even thought to be achievable." The White House fact sheet said: "From this point forward, President Trump will only accept from drug manufacturers a commitment that provides American families immediate relief from vastly inflated drug prices and an end to the freeriding by European and other developed nations on American innovations." Journalist James Surowiecki wrote on X in response to Trump's comments on Sunday: "It's not just that the math here is nonsensical. It's that Trump hasn't actually cut drug prices yet at all. He's literally just sent letters to drugmakers telling them to cut prices. Does he know that and is lying? Or is he deluded? We have no idea." What Happens Next Trump and the White House have not clarified what he means when he says drug prices will come down by as much as 1,500 percent. The president's letters to pharmaceutical companies give them a 60-day window to present a viable plan to reduce U.S. drug prices.
Chicago Tribune
30 minutes ago
- Chicago Tribune
The vast majority of US adults are stressed about grocery costs, an AP-NORC poll finds
NEW YORK — The vast majority of U.S. adults are at least somewhat stressed about the cost of groceries, a new poll finds, as prices continue to rise and concerns about the impact of President Donald Trump's tariffs remain widespread. About half of all Americans say the cost of groceries is a 'major' source of stress in their life right now, while 33% say it's a 'minor' source of stress, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Only 14% say it's not a source of stress, underscoring the pervasive anxiety most Americans continue to feel about the cost of everyday essentials. Other financial stressors — like the cost of housing or the amount of money in their bank accounts — are also broadly felt, but they weigh more heavily on younger Americans, who are less likely than older adults to have significant savings or own property. The survey also found that about 4 in 10 Americans under age 45 say they've used what are known as 'buy now, pay later' services when spending on entertainment or restaurant meals or when paying for essentials like groceries or medical care. Adam Bush, 19, based in Portland, New York, is one of those younger Americans who has used pay-later services for things like groceries or entertainment. Bush works as a welder, fabricating parts for trucks for Toyota, and makes under $50,000 per year. 'I just keep watching the prices go up, so I'm looking for the cheapest possible stuff,' he said. 'Hot pockets and TV dinners.' Groceries are one of the most far-reaching financial stressors, affecting the young and old alike, the poll finds. While Americans over age 60 are less likely than younger people to feel major financial anxiety about housing, their savings, child care, or credit card debt, they are just as worried about the cost of groceries. Esther Bland, 78, who lives in Buckley, Washington, said groceries are a 'minor' source of stress — but only because her local food banks fill the gap. Bland relies on her Social Security and disability payments each month to cover her rent and other expenses — such as veterinary care for her dogs — in retirement, after decades working in an office processing product orders. 'I have no savings,' she said. 'I'm not sure what's going on politically when it comes to the food banks, but if I lost that, groceries would absolutely be a major source of stress.' Bland's monthly income mainly goes toward her electric, water and cable bills, she said, as well as care of her dogs and other household needs. 'Soap, paper towels, toilet paper. I buy gas at Costco, but we haven't seen $3 a gallon here in a long time,' she said. 'I stay home a lot. I only put about 50 miles on my car a week.' According to the poll, 64% of the lowest-income Americans — those who have a household income of less than $30,000 a year — say the cost of groceries is a 'major' stressor. That's compared with about 4 in 10 Americans who have a household income of $100,000 or more. But even within that higher-income group, only about 2 in 10 say grocery costs aren't a worry at all. Housing is another substantial source of worry for U.S. adults — along with their savings, their income and the cost of health care. About half of U.S. adults say housing is a 'major' source of stress, according to the poll, while about 4 in 10 say that about the amount of money they get paid, the amount of money they have saved and the cost of health care. About 3 in 10 say credit card debt is a 'major' source of stress, while about 2 in 10 say that about the cost of child care and student debt. But some groups are feeling much more anxiety about their finances than others. Women, for instance, are more likely than men to report high levels of stress about their income, savings, the cost of groceries and the cost of health care. Hispanic adults are also particularly concerned about housing costs and both credit card and student debt. About two-thirds of Hispanic adults say the cost of housing is a 'major' source of stress, compared with about half of Black adults and about 4 in 10 white adults. Some people are making changes to their lifestyle as a result of high costs. Shandal LeSure, 43, who works as a receptionist for a rehabilitation hospital in Chattanooga, Tennessee, and makes between $85,000 and $100,000 a year, said she's started shopping for groceries at less expensive stores. 'It's an adjustment,' she said. 'Sometimes the quality isn't as good.' As they stretch limited budgets, about 3 in 10 U.S. adults overall say they've used 'buy now, pay later' services such as Afterpay or Klarna to purchase groceries, entertainment, restaurant meals or meal delivery, or medical or dental care, according to the poll. Bland, the Washington state retiree, said she's paid for pet surgery with a pay-later plan. Younger Americans are much likelier than older people to have used pay-later plans for entertainment, groceries or restaurant meals, but there's no age gap on medical care. Black and Hispanic people are also especially likely to adopt the plans. An increasing share of 'buy now, pay later' customers are having trouble repaying their loans, according to recent disclosures from the lenders. The loans are marketed as a safer alternative to traditional credit cards, but there are risks, including a lack of federal oversight. Some consumer watchdogs also say the plans lead consumers to overextend themselves financially. LeSure said she's used pay-later services for things like new clothes, while she balances debt payments for a car loan, student loans and medical bills. She's also turned to them to cover hotel costs after being evicted. 'That's been able to help me stretch my dollar,' she said.
The Hill
an hour ago
- The Hill
Trump's numbers are down, but Republicans are far from out
As President Trump expands the trade war with new tariffs against more than 60 countries, it would behoove his administration to pay attention to what polls and public sentiment are saying. Indeed, with Republicans holding an extremely narrow lead in the House of Representatives, how Americans feel about the administration figures to play a critical role, as midterms tend to be referenda on the party in charge. To that end, polls continue to reflect Trump's divisiveness and the polarization evident in American politics today, as well as widespread discontent over tariffs. Indeed, the RealClearPolitics polling aggregator shows Trump's average approval rating 5 points underwater — with 46 percent approval versus 51 percent disapproval. Trump's approval rating represents an almost 4-point drop from the roughly 50 percent of the popular vote that he won in the 2024 election. That said, the administration should be concerned about sentiment among independents. Just 3 in 10 (29 percent) of this critical voting bloc give Trump a positive approval rating, whereas a strong majority (62 percent) disapprove of the president thus far. Trump's second term polling has been surprisingly stable compared to his first. Trump's ratings, per RealClearPolitics, have never surpassed the plus-6 points he entered office with, nor have they exceeded minus-7. The relative range-bound numbers underscore that Trump has both a firm floor on his numbers and a hard ceiling. With that in mind, the data on how Americans feel about Trump's handling of specific issues have been much more volatile, suggesting underlying pessimism about the president and his policies. On the economy, a cornerstone of Trump's campaign, multiple polls show that voters decisively disapprove of Trump's approach, especially when it comes to trade policy. Recent polling from Fox News reveals that a majority (55 percent) of registered voters disapprove of his economic approach, whereas 44 percent approve. Emerson University polling confirms Fox's findings, showing a 10-point net disapproval (51 percent to 41 percent). Recent Morning Consult polling shows that 6 in 10 (61 percent) Americans blame Trump personally for driving up the cost of living due to tariffs. A similar share (63 percent) also believe tariffs have had a negative impact on grocery prices. Those polls come on the heels of the passage of the 'Big, Beautiful bill,' which, as we've previously noted in these pages, was viewed quite negatively, and just before an expanded tariff policy. Immediately prior to Trump's tax and spending bill, a Fox News poll found that a strong majority (59 percent) of voters opposed the bill, versus just 38 percent who supported it. Negative sentiment towards Trump's handling of the economy had begun to improve from April's tariff-induced chaos, particularly as trade deals were signed and it appeared more were on the way. However, Trump had backtracked, with a series of on-again, off-again, on-again tariffs before ultimately implementing broad tariffs covering more than 60 countries on Thursday. It is likely that Trump expanded the trade war at exactly the wrong time. Inflation has also begun creeping back up, with the personal consumption expenditures index rising for the second straight month to the highest level since February, just as hiring is slowing markedly, according to Friday's jobs report. That is bad news for a president who, in addition to the aforementioned Morning Consult data, has a net negative 22-point rating on handling inflation (37 percent approve, 59 percent disapprove) according to Economist/YouGov polling. Even on immigration, which had been a strength for the president, Trump's heavy-handed approach has rankled voters. A Quinnipiac poll from mid-July shows that 55 percent of Americans disapprove of how the White House is handling immigration, while 40 percent approve. And while Quinnipiac's numbers are more negative than other polls, RealClearPolitics' tracker still shows Trump with a net negative 7-point rating on immigration. The administration's handling of the Jeffery Epstein issue also appears to be weighing on Trump's numbers, even among his base. Slightly more than one-fifth (22 percent) of Americans approve of Trump's handling of the Epstein issue, a number that would look considerably worse if not for Trump's own base. However, even among Trump voters, less than a majority (45 percent) give the president a passing grade on Epstein, per Economist/YouGov polling. With help from Speaker of the House Mike Johnson (R-La.), who sent the House home for recess earlier than anticipated, Trump was able to avoid congressional pressure on Epstein. But that reprieve will end in a few weeks, and the issue will likely be brought back into the spotlight. To be sure, polling does also reveal a handful of bright spots for the administration. The share of Americans believing the country is on the 'wrong track' (54 percent) remains far below the 75 percent peak that occurred during former President Biden's term. Yet so far, Democrats have been unable to capitalize on Trump's negative approval ratings. Democrats' lead in the generic congressional ballot (3 points) is solidly within the margin of error, while some individual polls such as one from Cygnal show just a 1-point lead, a virtual tie. In that same vein, whereas Wall Street Journal polling shows that a slight majority (52 percent) of Americans have an unfavorable view of Trump, that is still far below the nearly two-thirds (63 percent) of voters who view the Democratic Party unfavorably. Moreover, while Americans give Trump negative marks on the economy, inflation, tariffs and foreign policy, they still trust Republicans more than Democrats to handle each issue, according to the Wall Street Journal's analysis. As they note, 'disapproval of Trump's handling of inflation outweighs approval by 11 points, and yet the GOP is trusted more than Democrats to handle inflation by 10 points.' That is a remarkable contrast, and underscores that, despite elevated levels of disapproval toward Trump, Democrats remain unable to provide a viable alternative. The ultimate impact of public opinion towards Trump on the midterms remains to be seen, but thus far, the data indicates that while Trump's grip on his base remains intact, he is losing support among swing voters and even some non-MAGA Republicans. Whether or not he can reverse this trend ahead of midterms will be critical, but only if Democrats find a way to capitalize on growing disillusionment toward Trump and the Republicans.
