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The Congressional Budget Office reports that the 35-day partial government shutdown, the longest in history, cost the economy $3 billion that won’t be recovered. The Internal Revenue Service was among the agencies affected. Because it had to cut down compliance activities during the shutdown, the government’s tax revenue will be $2 billion lower this fiscal year. The CBO does not estimate indirect costs that were certainly related to the shutdown, such as risks to the health of...

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Tens of thousands of Los Angeles public school teachers have spent the school week outside of the classroom and on the picket lines. The more than 30,000 educators on strike are demanding smaller class sizes, increased staffing and higher teacher salaries. Many Los Angeles classrooms have more than 40 students to a single teacher. The current cap for high school class sizes in L.A. is 46. Aerial footage shows massive teacher strike as tens of...

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Elon Musk’s SpaceX announced it is slashing 10% of its workforce, another blow for Musk’s companies. Musk hasn’t had an easy go of it recently, getting in hot water with the SEC, who took unprecedented action against him for his Twitter missives about taking Tesla private. Also, Musk’s company Tesla’s shares recently tanked following reports of extremely bad sales in China. This is especially noteworthy given the recent development that China is offering Musk permanent residency. Breitbart reports that “getting a Chinese ‘green...

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The Chinese economy is slowing down, which is a double-edged sword for the U.S. On the one hand, President Trump thinks the economic slowdown in the world’s second largest economy gives him more leverage in ongoing U.S.-China negotiations over trade and tariffs. On the other hand, whether we like it or not, there are some interconnections between our economy and U.S. stock market and economies abroad. Trump’s tariffs may drive China to the negotiating table,...

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The American Legion and Veterans of Foreign Wars may evoke pancake breakfasts, but in addition to their integral role in local communities, these organizations have been longstanding heavyweights in political circles. But increasingly, upstart veterans’ groups are challenging their grip on power as the voice for veterans. And these new groups, some with naked political intentions, may have a particularly strong grip on power with the current Administration.  The New York Times reports: “Last April, [VA...

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Nancy Pelosi is officially back in charge in the House of Representatives and the Democrats voted Thursday to re-open the government without meeting President Trump’s demand for $5B for the border wall. Senate Majority Leader Mitch McConnell isn’t even willing to bring the bill up for a vote in the Senate so things are still at an impasse. In the meantime, the Smithsonian Museums in Washington and the National Zoo are officially out of money...

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Expectations were low for US manufacturing growth last month, but no one saw this coming: The ISM manufacturing index fell to 54.1 in December, its lowest level since November 2016. Below is the by-the-numbers breakdown: The New Orders Index was 51.1%, a decrease of 11.0 percentage points from November. The Production Index was 54.3%, 6.3-percentage point decrease. The Employment Index was 56.2%, a decrease of 2.2 percentage points. The Supplier Deliveries Index was 57.5%, a...