Occupy Banksters & Crony Capitalism & GREED

20 states sue Trump admin over immigration enforcement funding threats
Axios | Rebecca Falconer | 05/14/25

A coalition of 20 Democratic attorneys general is suing President Trump's administration over threats to withhold billions of dollars in federal funding if they don't follow his immigration enforcement polices.

The big picture: California Attorney General Rob Bonta, who's leading the two lawsuits, said at a Tuesday briefing that threats to cut funds for emergency services and infrastructure maintenance represented "a blatantly illegal attempt to bully states" into enacting Trump's agenda.

Driving the news: Trump signed executive orders last month directing federal agencies to document "sanctuary cities" that are not complying with his immigration agenda, and the White House said those that failed to do so "may lose federal funding."

The conditions would affect state projects including disaster relief, flood mitigation, and railroad, bridge and airport construction, the states argue in the lawsuits that were filed Tuesday. ... Read more

Trump Gets A Free Plane | China Tariffs Paused | Judge Jeanine Heads To D.C. | Stephen Colbert | 05/13/25 | 11:24

Murphy On Trump's Middle East Trip: This Is A National Security Disaster And A Moral Abomination. | Senator Chris Murphy | 05/13/25 | 20:34

Murphy On Trump's Middle East Trip (shorter version) | Senator Chris Murphy | 05/13/25 | 2:58

The mysterious new industry cranking out billionaires | Good Work | 05/10/25 | 14:59

Yes, This is Project 2025 | LegalEagle | 05/10/25 | 30:44

Why Donald Trump's medical records say more than he realizes | Rachel Maddow/MSNBC | 05/13/25 | 11:19

Rule of law is 'endangered,' chief justice says
Politico | Josh Gerstein | 05/12/25

Chief Justice John Roberts described the rule of law as "endangered" and warned against "trashing the justices," but speaking in Washington Monday he didn’t point fingers directly at President Donald Trump or his allies for publicly excoriating judges who've ruled against aspects of Trump’s agenda.

"The notion that rule of law governs is the basic proposition," Roberts said during an appearance at Georgetown Law. "Certainly as a matter of theory, but also as a matter of practice, we need to stop and reflect every now and then how rare that is, certainly rare throughout history, and rare in the world today."

As many legal experts express grave concern about Trump's attacks on law firms and with several federal judges advancing inquiries into whether the administration is refusing to comply with court orders, Roberts took a longer-term view Monday. He blamed schools for shortchanging civics education and leaving students with little understanding of the structure of U.S. government or the role of the courts. ... Read more

D.C.'s DOGE recession is fast approaching
Axios | Cuneyt Dil | 05/13/25

Signs of a DOGE recession are flashing in D.C. - rising unemployment, less credit card spending and jitters about more federal cuts.

Why it matters: A local "mild recession" is expected as the Trump administration downsizes the capital city's big factory - the federal government, employer to 17% of the region's workforce.

State of play: Even before most of the federal job cuts, the number of unemployed residents in D.C. increased 12.2% in February over last year, city stats show.

"Negative" is the city's credit outlook, Moody's Ratings declared last month. The agency yanked D.C.'s perfect triple-A bond rating, making it potentially pricier to finance projects.

Spending at big retailers in the region dropped 2% in April, the Washington Post reported after crunching credit card data from Earnest Analytics. Everyday locals are skipping pricey gym memberships and dining out less, business owners tell the Post.

D.C. home listings are soaring. ... Read more

Pharma is facing its nightmare scenario
Axios | Caitlin Owens | 05/13/25

President Trump's bombshell executive order aimed at lowering U.S. drug prices is a step toward a worst-case scenario for the pharmaceutical industry. Some critics say the industry could have done more to avoid it, even though Trump's policies are causing turmoil in almost every sector of the economy.

Why it matters: Trump's announcement could be the start of enormous global disruption for the pharmaceutical industry - or it's the least-bad version of what was on the table, depending on who you ask.

But the continued risk of a "most favored nation" policy that pegs U.S. drug prices to those paid in other developed nations is a massive threat to drugmakers' bottom lines, especially coming on top of the pharmaceutical tariffs Trump has said he wants to impose.

The big questions are whether it ever comes to fruition, and whether drugmakers could have done more to avoid getting to this place at all, especially given Trump's laser focus on drug prices and the populist leanings within the GOP. ... ... ... Read more

MAHA's messy marriage
Axios | Zachary Basu,Caitlin Owens | 05/12/25

Robert F. Kennedy Jr.'s short time leading America's health agencies has already destabilized the uneasy alliance that vaulted him into President Trump's Cabinet.

Why it matters: The "Make America Healthy Again" movement - a loose umbrella of vaccine skeptics, wellness influencers, and anti-pharma crusaders - was envisioned as a revolution against the medical establishment.

But its attempt to integrate with the federal health apparatus — and the MAGA purists who comprise the backbone of Trump's base - has so far proven deeply dysfunctional.

The big picture: The anti-establishment takeover of Health and Human Services - a sprawling agency that accounts for the largest share of domestic federal spending - has become one of the most chaotic experiments of Trump's second term. ... Read more

Trump says European Union is "nastier than China"
Axios | April Rubin | 05/12/25

President Trump said the "European Union is, in many ways, nastier than China," during a news conference on Monday.

Why it matters: The stakes of a prolonged U.S.-EU standoff over Trump's tariffs are high. With nearly a trillion dollars worth of trade last year, U.S. companies exported more than twice to the EU what they sent to China.

Driving the news: During the news conference, Trump announced an executive order aimed at cutting prescription drugs and pharmaceutical prices.

He said that Europeans should have to pay more for health care and take on financial burdens.

Trump said the U.S. has "all the cards" in trade deals with the EU. ... Read more

Who benefits from tax legislation so far
Axios | Emily Peck | 05/12/25

... ... ...

the draft released would add $5 trillion to the primary deficit through 2034, according to a weekend analysis from the Committee for a Responsible Federal Budget, close to $2 trillion more than current policy.

"So far this costly bill appears to double down on trickle down, with huge tax cuts that will further enrich the rich and not much for the rest of us," Amy Hanauer, the executive director of the Institute on Taxation and Economic Policy, said in a statement over the weekend.

"The top 0.1% of Americans get more from this tax bill than the bottom half of America combined," Kogan, a former Office of Management and Budget staffer, told Axios over the weekend. ... Read more

Exclusive: Democrats target Trump family's crypto empire
Axios | Stephen Neukam | 05/06/25

Senate Democrats are unveiling a sweeping new proposal to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, Axios has learned.

Why it matters: Concerns over the Trump family's crypto ventures is threatening the passage of the bipartisan GENIUS Act, the Senate's first-ever stablecoin regulation.

Sens. Jeff Merkley (D-Ore.) and Elizabeth Warren (D-Mass.) said in a private meeting last week, first reported by Axios, that the GENIUS Act lacks basic guardrails against corruption.

Driving the news: Merkley will introduce the End Crypto Corruption Act on Tuesday, which would ban the president, vice president, members of Congress and their immediate families from issuing digital assets, such as meme coins and stablecoins. ... Read more

The Late Show with Stephen Colbert | 05/02/25 | 1:23

Congress erupts over Trump's billion-dollar crypto deal
Axios | Zachary Basu | 05/07/25

A $2 billion crypto deal involving President Trump's family and a foreign government is threatening to derail bipartisan stablecoin legislation that Congress has been working on for months.

Why it matters: Democrats see the potential for gob-smacking corruption in Trump's lucrative crypto projects, which they consider to be the clearest conflicts of interest in a sea of new business ventures launched by the president and his inner circle.

The Trump family's crypto dealings could now jeopardize legislation that the crypto industry has aggressively lobbied for as a way to gain legitimacy and legal clarity in the U.S.

What's happening: Senate Democrats unveiled a sweeping new proposal Tuesday to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, Axios' Stephen Neukam scooped. ... Read more

Richard Wolff: Trump Just Made A BIG MISTAKE And No One Is Ready | Richard Wolff | 05/05/25 | 33:10

Two-thirds of global heating caused by richest 10%, study suggests
TheGuardian | Damien Gayle | 05/07/25

The world's wealthiest 10% are responsible for two-thirds of global heating since 1990, driving droughts and heatwaves in the poorest parts of the world, according to a study.

While researchers have previously shown that higher income groups emit disproportionately large amounts of greenhouse gases, the latest survey is the first to try to pin down how that inequality translates into responsibility for climate breakdown. It offers a powerful argument for climate finance and wealth taxes by attempting to give an evidential basis for how many people in the developed world - including more than 50% of full-time employees in the UK - bear a heightened responsibility for the climate disasters affecting people who can least afford it.

"Our study shows that extreme climate impacts are not just the result of abstract global emissions; instead we can directly link them to our lifestyle and investment choices, which in turn are linked to wealth," said Sarah Scho?ngart, a climate modelling analyst and the study's lead author. ... Read more

Trump plays the economic blame game
Axios | Neil Irwin,Courtenay Brown | 05/05/25

Last week, President Trump disowned the U.S. economy as one still shaped by his predecessor's policies.

Less than 48 hours later, he touted strong employment and said the administration was "just getting started!!!"

Why it matters: The economy did not change, but the data did. The tricky presidential balance of owning the economy - in the good and bad - is not new. But it has perhaps never been more on display than with Trump.

"I think the good parts are the Trump economy and the bad parts are the Biden economy because he's done a terrible job," the president said plainly in an interview with NBC's Kristen Welker on "Meet the Press" Sunday.

State of play: Economic conditions are being shaped almost entirely by Trump, who quickly ripped up the longstanding global trade playbook, leaving businesses and consumers scrambling. ... ... ... Read more

UN and aid groups denounce Israeli-U.S. plan for Gaza aid delivery
Axios | Barak Ravid | 05/05/25

The UN and all aid organizations operating in Gaza jointly announced they would not cooperate with an Israeli-U.S. plan to establish a new mechanism for aid delivery to Palestinians in the enclave because it "contravenes fundamental humanitarian principles."

Why it matters: Israel has been blocking the delivery of all food, water, and medicine to Gaza since the ceasefire broke down two months ago. Now that the UN has rejected the new plan, it's very unlikely donor countries will fund it, putting the resumption of aid further into doubt.

UN aid agencies say food supplies in Gaza will run out within days. Israeli officials claim they will completely run out in three to four weeks. ... ... ... Read more

Vance defends Trump's post depicting AI-generated image of himself as pope
Politico | Katherine Long | 05/03/25

Vice President JD Vance defended President Donald Trump after he posted an AI image of himself as pope on Truth Social, dismissing the post as a joke.

"As a general rule, I'm fine with people telling jokes and not fine with people starting stupid wars that kill thousands of my countrymen," Vance wrote in a post on X on Saturday responding to a question from Bill Kristol, editor-at-large at The Bulwark, on whether or not Vance was "fine with this disrespect and mocking of the holy father." Read more

Trump proposes slashing non-defense spending by 22.6%
Axios | Hans Nichols | 05/02/25

President Trump on Friday outlined his 2026 budget request, which would slash domestic spending by almost one-fourth while boosting defense spending by 13%.

The big picture: Trump's "skinny" budget for the upcoming fiscal year comes as fears grow that the White House's trade policies are fueling a U.S. economic downturn.

Read the White House's letter to Congress here

The fiscal blueprint aims to reduce discretionary non-defense spending - which doesn't include programs like Social Security, Medicare and Medicaid - by $163 billion from this year, a 22.6% cut.

DEI and "race theory" programs are among those targeted for elimination

By the numbers: For national security spending, Trump will ask for a record $1.01 trillion, for a whopping 13% increase. ... Read more

Behind the scenes: How National security adviser Waltz got the boot
magazine | author | date

President Trump soured on Mike Waltz as his national security adviser for multiple reasons. But ultimately it came down to vibes when he replaced Waltz with Secretary of State Marco Rubio, who'll temporarily do both jobs.

Why it matters: The boot for Waltz - two days after the media circus on Day 100 - was this term's first big shakeup. It showed how responsive Trump remains to optics, even while feeling as empowered as ever.

How it happened: In Trump's mind, Signalgate was the first time he was unable to control the narrative or win the day, top advisers tell Axios. ... Read more

China's not backing down in Trump's game of chicken
Axiios | Dave Lawler,Christine Wang | 05/01/25

President Trump is putting China's economy through a trillion-dollar stress test, and he may not like the result.

Why it matters: Treasury Secretary Scott Bessent insists China is far more reliant on the U.S. than vice-versa, and thus has no choice but to blink first.

But Chinese President Xi Jinping's disinclination to rush to the table suggests he thinks time is on China's side.

We're about to get some indications of who is right.

The big picture: China says it sent around 15% of its exports, worth $525 billion, to the U.S. last year - about 3x what flowed in the opposite direction. (U.S. data differs on the total value by nearly $100 billion, but the ratios are about the same.) ... Read more

Interview: Musk says DOGE may be here to stay
Axios | Alex Isenstadt | 05/01/25

Elon Musk acknowledges his budget-cutting exercise known as DOGE hasn't been as successful as he hoped. But he says it may go on for President Trump's entire four years in office - more than twice as long as originally planned.

Why it matters: DOGE was set up to terminate on July 4, 2026. But Musk now says his controversial group could help oversee the slashing of federal spending through the end of 2028.

"I think so," Musk said of DOGE being extended. "It's up to the president."

Zoom in: Musk held an hour-long Q&A session with Axios and about a dozen other news outlets in the White House's Roosevelt Room, just outside the Oval Office. ... Read more

Washington Week with The Atlantic full episode, 4/25/25 | PBS | 04/25/25 | 26:46

TAX REVOLT, Part Two: Supply Side Santa Claus
Click to enlarge
levernews.com | Natalie Bettendorf | 04/25/25

How a small group of economists shaped Reagan's tax policy and the future of the Republican party.

When Ronald Reagan was elected president in 1980, no one knew how much the Republican Party - and the country - was about to change. His historic tax bills in 1981 and 1986 forged a new path of American economic policy, setting the stage for today's antitax frenzy.

Behind the president's tax cuts was a small group of powerful economists who took a chance on a brand-new school of thought and sought to convert an entire generation of policymakers.

Part Two of Lever Time's special miniseries Tax Revolt tells the story of the people who pushed Ronald Reagan toward the supply-side economics he'd one day be famous for - and convinced him to launch his national war on taxes. ... Read more