Latest news with #SocialSafetyNet
The Guardian
4 days ago
- Business
- The Guardian
Republican senator criticized for mock apology after saying ‘we all are going to die'
Senator Joni Ernst triggered fierce criticism after making light of voters' fears that Republican Medicaid cuts could prove fatal, telling a town hall audience 'we all are going to die' and then filming a mocking response video over the weekend. The Iowa Republican, who is facing a possibly challenging re-election battle in 2026, was explaining at a Friday town hall how the Republican immigration and tax package would affect Medicaid eligibility when an audience member shouted that people could die if they lost coverage through the proposed cuts. 'Well, we all are going to die,' Ernst responded as the crowd groaned. 'So, for heaven's sakes. For heaven's sakes, folks.' Rather than clarify or apologize, Ernst channeled Trump-era defiance in her response on Saturday with an Instagram video that appeared to be filmed in a graveyard. 'I made an incorrect assumption that everyone in the auditorium understood that, yes, we are all going to perish from this earth,' she said. 'So I apologize, and I'm really, really glad that I did not have to bring up the subject of the tooth fairy as well.' She concluded by telling viewers: 'For those that would like to see eternal and everlasting life, I encourage you to embrace my Lord and savior Jesus Christ.' The controversy comes as Senate Republicans prepare to tackle the so-called 'One Big Beautiful Bill', which passed the House and would slash social safety net spending by more than $1tn over a decade. Congressional Budget Office projections suggest the measure could strip Medicaid coverage from 8.7 million people and leave 7.6 million more Americans uninsured. On Monday afternoon, the White House defended the legislation with a 'mythbuster' statement dismissing claims that the bill would cause deaths as 'one of Democrats' most disgusting lies'. The White House argued the bill would actually 'strengthen and protect the social safety net' by removing what it claimed were 1.4 million undocumented people from Medicaid rolls and implementing work requirements for able-bodied adults. 'By removing at least 1.4 million illegal immigrants from the program, ending taxpayer-funded gender mutilation surgeries for minors, and eliminating waste, fraud, and abuse, the One Big Beautiful Bill will ensure Medicaid better serves the American people,' the statement read. Senate Republicans acknowledge the House-passed bill will undergo significant revisions, with several Republican senators seeking changes to the Medicaid provisions. Ernst's comments have also provided Democrats with potent ammunition for their argument that Republicans prioritize tax cuts for wealthy Americans over healthcare for ordinary citizens. Democratic National Committee chairperson Ken Martin said Ernst had 'said the quiet part out loud', arguing Republicans don't care 'whether their own constituents live or die as long as the richest few get richer'. Senator Chris Murphy of Connecticut told CNN on Sunday that the Republican bill 'is about life and death'. Sign up to This Week in Trumpland A deep dive into the policies, controversies and oddities surrounding the Trump administration after newsletter promotion 'Everybody in that audience knows that they're going to die. They would just rather die in old age, at 85 or 90, instead of dying at 40,' Murphy said. 'And the reality is that, when you lose your healthcare, you are much more at risk of early death.' In Iowa, the stakes are notably high, with roughly one in five residents relying on Medicaid coverage, including half of all nursing home residents, according to the Kaiser Family Foundation. Ernst attempted damage control during Friday's town hall, insisting Republicans would 'focus on those that are most vulnerable' and protect people who meet Medicaid eligibility requirements. The senator faces several primary challengers as she seeks a third term, with the Medicaid controversy potentially complicating her political positioning in a state where healthcare access remains a key voter concern. In December, she was attacked by her right-flank for being a 'Rino' after initially hesitating on confirming the secretary of defense, Pete Hegseth. Her office did not respond to a request for comment.
Hans India
02-05-2025
- Business
- Hans India
Trump Unveils Budget Plan with $163 Billion in Proposed Cuts: Key Takeaways
Former President Donald Trump has released a sweeping budget proposal that aims to cut $163 billion in federal spending, signaling a return to fiscal conservatism as a central theme of his political platform. The proposal, while not a formal government budget, outlines the former president's economic priorities as he seeks a return to the White House in 2025. Major Areas Targeted for Cuts According to details released by Trump's campaign and affiliated policy groups, the proposed budget reductions would be spread across a variety of federal programs. Key areas potentially affected include: Social Safety Net Programs: The plan calls for tightened eligibility requirements and spending reductions for programs such as Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and Temporary Assistance for Needy Families (TANF). Federal Bureaucracy: Trump proposes eliminating or consolidating federal agencies deemed "wasteful" or "duplicative," particularly in the Department of Education and the Environmental Protection Agency. Foreign Aid: A significant portion of the proposed cuts would come from reduced foreign assistance, with Trump arguing that taxpayer dollars should be focused on domestic priorities first. Climate and Green Energy Initiatives: Echoing themes from his previous term, Trump's budget would slash funding for climate research and clean energy subsidies, prioritizing fossil fuel development and energy independence. Deficit and Debt Concerns The proposal comes amid rising concerns over the national debt, which currently exceeds $34 trillion. Trump's team argues that reducing federal spending is essential to restoring economic stability and curbing inflation. However, critics note that Trump's previous term saw both spending increases and tax cuts, which contributed to higher deficits even before the COVID-19 pandemic. 'This proposal is about restoring fiscal sanity,' said a senior Trump campaign adviser. 'We believe it is possible
Zawya
06-03-2025
- Business
- Zawya
Central Bank of Oman macroeconomic stability report: Insights
The recently published Macroeconomic Stability Report 2024 by the Central Bank of Oman (CBO) provides a comprehensive analysis of Oman's economic landscape, showcasing the nation's resilience and strategic efforts to foster sustainable growth amid global economic uncertainties. Covering the period from January 2023 to September 2024, the report offers valuable insights into Oman's fiscal performance, monetary policy, external balance and diversification initiatives, reflecting the country's unwavering commitment to navigating a rapidly evolving global economy with foresight and stability. The Macroeconomic Stability Report 2024 highlights Oman's moderate yet consistent economic growth throughout 2023 and the first half of 2024. Real GDP expanded by 1.2% in 2023, marking a slowdown from the remarkable 8.0% growth achieved in 2022 due to external headwinds and reduced hydrocarbon output. Encouragingly, the first half of 2024 showed improvement, with real GDP growing by 1.9% year-on-year, primarily driven by non-hydrocarbon (NHC) sectors. The recent projections show that the outlook for the Omani economy is solid over the medium term and will continue to recover and grow in the coming years, aligning with both national priorities and global economic opportunities. Nominal GDP, which contracted by 3.6% in 2023 due to declining crude oil prices and reduced hydrocarbon output, rebounded in H1-2024 with a 2.6% year-on-year growth. This recovery was fuelled by a 3.7% increase in NHC activities. The services sector contributed significantly with a 3.3% growth, while the agricultural and fishing sector posted a notable 6.6% expansion, underlining the effectiveness of Oman's diversification efforts. FISCAL DISCIPLINE The report underscores Oman's strong fiscal performance, with the nation recording a fiscal surplus of RO 936 million (2.3% of GDP) in 2023, significantly outperforming the budgeted deficit. This positive momentum continued into H1-2024, with a surplus of RO 391 million (1.9% of GDP) despite global economic challenges. Oman's prudent fiscal management, coupled with higher-than-expected oil revenues, facilitated a notable reduction in public debt. Public debt declined by 13.2% in 2023, reaching RO 15.3 billion (37.5% of GDP), and further decreased to RO 14.4 billion (33.8% of GDP) by June 2024. The government's focus on using fiscal surpluses to repay external debt significantly strengthened Oman's fiscal position, reducing the external debt-to-current account receipts ratio to 39.2% by mid-2024. The nation's fiscal outlook is supported by ongoing reforms, including the Social Safety Net programme and the rationalisation of public spending. These measures strike a careful balance between social welfare needs and long-term fiscal sustainability. The ongoing efforts to reduce public debt and diversify government revenue sources further highlight Oman's proactive approach to strengthening its economic foundation. Recent series of upgrades in the country's credit rating reflects growing confidence in its economic policies and fiscal reforms. ECONOMIC DIVERSIFICATION EFFORTS The Macroeconomic Stability Report 2024 emphasises Oman's ongoing efforts to diversify its economy away from hydrocarbon dependency. In 2023, NHC GDP grew by 1.3%, with growth accelerating to 3.7% in H1-2024. Key sectors, notably services, agriculture and fishing, demonstrated resilience and were instrumental in driving GDP growth. Aligned with Oman Vision 2040, the government's diversification agenda aims to expand NHC sectors and reduce economic vulnerability to oil market fluctuations. Despite a decline in crude oil prices — averaging $82.3 per barrel in 2023 compared to $95.4 in 2022 — Oman's NHC sectors played a pivotal role in stabilising the economy and supporting growth. Despite lower average prices of Oman crude oil in 2023 and 2024, relative to 2022, Oman's diversification efforts continue to mitigate risks associated with oil price volatility, underscoring the importance of accelerating investments in non-hydrocarbon sectors. The broader economic forecast reflects optimism. Growth in non-oil sectors, driven by strategic investments and diversification initiatives, underscores the importance of expanding the economic base. FUTURE OUTLOOK Despite these positive developments, Oman remains exposed to global oil market Macroeconomic Stability Report 2024 emphasises the importance of continuing fiscal discipline, accelerating economic diversification and enhancing non-hydrocarbon exports to ensure long-term economic from the Central Bank of Oman suggest a solid medium-term outlook, with continued GDP growth driven by NHC sectors. The government's commitment to fiscal sustainability, coupled with strategic investments and reforms, positions Oman to navigate future economic challenges effectively. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
05-03-2025
- Business
- Observer
CBO macroeconomic stability report: Insights
The recently published Macroeconomic Stability Report 2024 by the Central Bank of Oman (CBO) provides a comprehensive analysis of Oman's economic landscape, showcasing the nation's resilience and strategic efforts to foster sustainable growth amid global economic uncertainties. Covering the period from January 2023 to September 2024, the report offers valuable insights into Oman's fiscal performance, monetary policy, external balance and diversification initiatives, reflecting the country's unwavering commitment to navigating a rapidly evolving global economy with foresight and stability. The Macroeconomic Stability Report 2024 highlights Oman's moderate yet consistent economic growth throughout 2023 and the first half of 2024. Real GDP expanded by 1.2% in 2023, marking a slowdown from the remarkable 8.0% growth achieved in 2022 due to external headwinds and reduced hydrocarbon output. Encouragingly, the first half of 2024 showed improvement, with real GDP growing by 1.9% year-on-year, primarily driven by non-hydrocarbon (NHC) sectors. The recent projections show that the outlook for the Omani economy is solid over the medium term and will continue to recover and grow in the coming years, aligning with both national priorities and global economic opportunities. Nominal GDP, which contracted by 3.6% in 2023 due to declining crude oil prices and reduced hydrocarbon output, rebounded in H1-2024 with a 2.6% year-on-year growth. This recovery was fuelled by a 3.7% increase in NHC activities. The services sector contributed significantly with a 3.3% growth, while the agricultural and fishing sector posted a notable 6.6% expansion, underlining the effectiveness of Oman's diversification efforts. FISCAL DISCIPLINE The report underscores Oman's strong fiscal performance, with the nation recording a fiscal surplus of RO 936 million (2.3% of GDP) in 2023, significantly outperforming the budgeted deficit. This positive momentum continued into H1-2024, with a surplus of RO 391 million (1.9% of GDP) despite global economic challenges. Oman's prudent fiscal management, coupled with higher-than-expected oil revenues, facilitated a notable reduction in public debt. Public debt declined by 13.2% in 2023, reaching RO 15.3 billion (37.5% of GDP), and further decreased to RO 14.4 billion (33.8% of GDP) by June 2024. The government's focus on using fiscal surpluses to repay external debt significantly strengthened Oman's fiscal position, reducing the external debt-to-current account receipts ratio to 39.2% by mid-2024. The nation's fiscal outlook is supported by ongoing reforms, including the Social Safety Net programme and the rationalisation of public spending. These measures strike a careful balance between social welfare needs and long-term fiscal sustainability. The ongoing efforts to reduce public debt and diversify government revenue sources further highlight Oman's proactive approach to strengthening its economic foundation. Recent series of upgrades in the country's credit rating reflects growing confidence in its economic policies and fiscal reforms. ECONOMIC DIVERSIFICATION EFFORTS The Macroeconomic Stability Report 2024 emphasises Oman's ongoing efforts to diversify its economy away from hydrocarbon dependency. In 2023, NHC GDP grew by 1.3%, with growth accelerating to 3.7% in H1-2024. Key sectors, notably services, agriculture and fishing, demonstrated resilience and were instrumental in driving GDP growth. Aligned with Oman Vision 2040, the government's diversification agenda aims to expand NHC sectors and reduce economic vulnerability to oil market fluctuations. Despite a decline in crude oil prices — averaging $82.3 per barrel in 2023 compared to $95.4 in 2022 — Oman's NHC sectors played a pivotal role in stabilising the economy and supporting growth. Despite lower average prices of Oman crude oil in 2023 and 2024, relative to 2022, Oman's diversification efforts continue to mitigate risks associated with oil price volatility, underscoring the importance of accelerating investments in non-hydrocarbon sectors. The broader economic forecast reflects optimism. Growth in non-oil sectors, driven by strategic investments and diversification initiatives, underscores the importance of expanding the economic base. FUTURE OUTLOOK Despite these positive developments, Oman remains exposed to global oil market Macroeconomic Stability Report 2024 emphasises the importance of continuing fiscal discipline, accelerating economic diversification and enhancing non-hydrocarbon exports to ensure long-term economic from the Central Bank of Oman suggest a solid medium-term outlook, with continued GDP growth driven by NHC sectors. The government's commitment to fiscal sustainability, coupled with strategic investments and reforms, positions Oman to navigate future economic challenges effectively. The writer is a Pakistan-based researcher and financial analyst.
