Revoking de minimis will lead to diminishing of US in global trade: Hinrich Foundation
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Forbes
26 minutes ago
- Forbes
Tesla CEO Elon Musk Confirms Wild Rumors As $37 Trillion ‘Emergency' Predicted To Blow Up Bitcoin Price
07/07 update below. This post was originally published on July 06 Tesla chief executive Elon Musk, the former 'first buddy' who was U.S. president Donald Trump's right-hand man until recently, has announced he's starting his own political party called the 'America Party" (while dropping hints he's still backing bitcoin). Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" Musk, whose stark warnings over the spiraling $37 trillion U.S. debt pile were a big part of his campaign to get Trump back into the White House last year, has fallen out with Trump over the raising of the U.S. debt ceiling in Trump's signature "one, big, beautiful bill." Now, as the bitcoin price is braced for 'trillions and trillions' to hit the market, bitcoin and crypto analysts are predicting a bitcoin price boom as a result of the U.S.'s 'massive fiscal expansion.' Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. president Donald Trump and Tesla billionaire Elon Musk worked together in the first few months ... More of Trump's second term but have fallen out over the growing U.S. debt pile—which some think could power a bitcoin price boom. 'Nothing stops this train,' Lyn Alden, a financial commentator and founder of Lyn Alden Investment Strategy, said during this year's bitcoin conference in Las Vegas, a reference to TV show Breaking Bad that she used to describe the U.S. deficit that added almost $2 trillion to the U.S. debt pile in 2024. Musk has pointed to Trump 'increasing the deficit from an already insane $2 trillion under Biden to $2.5 trillion,' as why he's decided to start the America Party, posting to X that, 'This will bankrupt the country.' 07/07 update: Elon Musk has confirmed the wild rumors and speculation that his new America Party could adopt bitcoin, replying to an X user that asked: "Will America Party embrace bitcoin?" 'Fiat is hopeless, so yes,' Musk wrote, sending the bitcoin price higher, and referring to government-backed currencies known as fiat, rather than asset-backed currencies, which the dollar was before it abandoned the gold standard. Elon Musk's hot-and-cold relationship with bitcoin has meant that even small references or mentions of bitcoin and crypto can cause prices to ricochet wildly. While Musk has abstained from directly commenting on bitcoin and crypto over the last couple of years, his car company Tesla continues to hold around 10,000 bitcoin on its balance sheet and his support of U.S. president Donald Trump has coincided with the White House throwing its weight behind bitcoin. Since Musk announced he'd be creating a new U.S. political party, bitcoin and crypto traders have speculated if he'd back bitcoin over the U.S. dollar. An X account called @AmericaPartyX, which is described as a "commentary account" and clarifies in its bio it has 'no affiliation,' has repeatedly interacted with bitcoin accounts and posted pro-bitcoin messages, stoking expectations Musk's political party would support bitcoin. Last week, X users were captivated by unconfirmed claims that Musk had "liked" a post suggesting he's "quietly stacking" bitcoin as he rails against the growing U.S. debt pile. "Has anyone noticed how Elon Musk talks a lot about things like overspending and debt and bad government decisions in general, but has completely stopped talking about bitcoin," an anonymous bitcoin account posted, with the account of bitcoin storage company chief executive Seedor known only as Chris, replying: 'Maybe be is stacking quietly.' Chris then shared a screen recording to X that appears to show Elon Musk's X account liking the post, tagging two viral bitcoin content accounts. However, doubts immediately surfaced that the account appearing to be Musk's didn't have a verification badge as well as claims that Chris has previously trolled people with photoshopped images. Musk has said he believes president Trump as well as Republican Party politicians who won last year's election on a spending-reduction platform have betrayed voters who want government spending to be reined in. Fears over the U.S. debt pile have taken hold among investors on Wall Street and in Silicon Valley, with David Friedberg, a host of the influential All In Podcast that's had both Musk and Trump on as guests, declaring: "We are in a fiscal emergency in this country and we're not addressing it." U.S. debt has skyrocketed in recent years following huge government spending through the Covid-era and lockdowns, with interest rates that were rapidly hiked to rein in inflation adding to the cost of servicing the ballooning $37 trillion U.S. debt pile. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher alongside the soaring U.S. debt pile, with Tesla chief ... More executive Elon Musk going to war with what he believes is out of control government spending. This week, Trump's "one, big, beautiful bill," designed to overhaul the U.S. tax-and-spend landscape and power the country's next phase of growth while adding an expected $3 trillion of debt and raising the debt ceiling by $5 trillion, was passed by the House of Representatives. 'The 'big beautiful bill's' massive fiscal expansion may weaken the dollar and stoke inflation, potentially boosting bitcoin's 'digital gold' appeal," James Toledano, chief operating officer at Unity Wallet, said in emailed comments, pointing to recent U.S. dollar weakness and echoing Musk who said the U.S. dollar 'will be worth nothing if the U.S. doesn't do something about its national debt.' The bill is 'one big red flag for fiscal sustainability and one big green flag for risk assets, especially crypto,' according to bitcoin and crypto investor Lark Davis, who wrote in an emailed note that, "this is exactly why we buy bitcoin." 'Bitcoin has historically delivered double-digit gains in the weeks after big spending bills," Davis wrote. "Bitcoin jumped 38% when Trump signed a major spending bill in late 2020. If bitcoin's price action were to repeat again, this time it would send the price to $150,000. And because nothing stops this train, it's hard money for the win during a debt crisis.'
Yahoo
26 minutes ago
- Yahoo
At an Ohio food bank, fears that Republican cuts will overwhelm an overstretched program
Volunteers bring food to waiting cars at the Broad Street Presbyterian Church Food Pantry in Columbus. (Photo by Marty Schladen, Ohio Capital Journal.) Ohio's food banks are strained as it is. Huge cuts to the safety net signed into law in recent days could overwhelm them, the director of a Columbus food bank said last week. President Donald Trump's 'One Big Beautiful Bill' cut trillions in taxes — mostly for the richest Americans — added trillions to the federal debt, and it cut more than $1 trillion in spending on Medicaid and the Supplemental Nutrition Assistance Program, or SNAP. In acknowledgement of the program's unpopularity, some of the most painful of the benefit cuts won't take effect until after the 2026 midterms. But some, such as administratively burdensome work requirements, could cost large numbers their food benefits. In addition, the state budget Ohio Gov. Mike DeWine signed on June 30 provides $7.5 million less for food banks compared to last year. Those cuts are on top of other recent cuts and as more families are in need because of the expiration of covid-era benefits, said Kathy Kelly-Long, director of the food pantry at the Broad Street Presbyterian Church in Columbus. 'As the pandemic credits expired, our numbers kept growing,' she said one morning last week as volunteers bustled in and out of the pantry. While the pantry served an average of 35 families a day at the height of the pandemic in June 2021, it served an average of 58 last month. That's a 66% increase. Among the cuts pantries have already suffered, one was the U.S. Department of Agriculture's cancellation of the Local Food Purchase Assistance Program on June 30. That program enabled food banks to buy directly from nearby farmers. It fell under the budget axe of an unofficial agency that Trump assigned the world's richest man to run. 'A lot of those farmers relied on those funds — built some of their business around that,' Kelly-Long said. 'A guy who was here yesterday said they lost $25,000 worth of business when (the program) went out. So there's an economic cost because that's $25,000 worth of fresh, locally grown produce that's not being distributed to low-income families who don't have access to it.' But her main concern is for the clients the pantry serves. 'We can't even begin to calculate what the loss of SNAP dollars and Medicaid will mean to people,' Kelly-Long said. 'Because the system is already broken, we can't get enough food in now. If the numbers go up, we don't know how much food people will be able to get from us. Will it be anywhere near enough to feed their families?' Among those clients are many hard-working people. 'There's a lovely woman who's been shopping here for years,' Kelly-Long said. 'She's raised multiple grandchildren. She works a full-time job on second shift. She comes here to have enough food to get by for the week.' Not only has the woman worked to carry her own weight and raised two generations of children, 'she's the one the neighbors always turn to when they need help,' Kelly-Long said. As people lose health insurance and food benefits — and as food banks are less able to serve them — they'll turn to cheaper, less nutritious sustenance, Kelly-Long said. 'It leads to heart disease, diabetes, hypertension,' she said. 'We already have diet-related disease in this country. If you have more people eating cheap food because they need the calories, but don't get the nutrients, it's going to be compounded.' She said she was frustrated by a lack of interest from U.S. Sens. Bernie Moreno and Jon Husted. Both are Ohio Republicans who voted for the deep cuts to Medicaid and SNAP. 'I've made multiple phone calls and have yet to talk to a real person,' Kelly-Long said. 'Sen. Moreno, Sen. Husted, all of the emails I've sent, I get the same email back from the two of them, which indicates that somebody on their staff may have read it, but maybe not.' She added that lawmakers in Washington, D.C. and Columbus fail when they pass bills that only benefit the few. 'To me, our legislators are not doing their job,' Kelly-Long said. 'They were elected to represent the people in their districts — all of the people in their districts. And when they make decisions that benefit just a few people and harm the majority, that's not doing their jobs.' SUPPORT: YOU MAKE OUR WORK POSSIBLE SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Newsweek
31 minutes ago
- Newsweek
The Bulletin July 4, 2025
The rundown: The Social Security Administration (SSA) has celebrated the passage of President Donald Trump's One Big Beautiful Bill Act, describing it as "landmark" legislation that provides "long-awaited tax relief to millions of older Americans." Get more details. Why it matters: The SSA specified that the legislation enacts a $6,000 tax deduction for individuals aged 65 or older with income up to $75,000—or up to $150,000 for married couples. Above these thresholds, the deduction phases out, ending at incomes of $175,000 for individuals and $250,000 for couples. Read more in-depth coverage: AOC Warns of ICE 'Explosion' After Trump Bill Passes TL/DR: The SSA's response comes amid fierce political debate over the bill's long-term consequences for retirees and the federal budget. What happens now? Trump is scheduled to sign the "One Big Beautiful Bill" into law in the Oval Office at 5 p.m. ET on Friday. The new Social Security deduction provisions are set to take effect in tax year 2026 and remain in effect through 2028. Deeper reading Social Security Responds to Trump's 'Big, Beautiful Bill'
