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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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In another win against the tech giants, the European Union, lead by the French government, fined Google $57 million. The argument against Google was a “lack of transparency, inadequate information and lack of valid consent.” In violation of individuals rights, the tech company reaps profit off of the individual data of users. While the European Union has successfully fined the tech giants, the United States Government is far behind, having only congressional hearings with the...

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New research from the National Association of Realtors found that existing home sales have hit a three year low. 2018 was the worst year for sales of previously-owned homes since 2015. The month of December 2018 was especially bad for the housing market. Sales of previously-owned homes, which make up the vast majority of housing sales, were down 6.4% for the month and 10.3% lower than December 2017. At the same time, stocks fell the most in almost...

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California’s new Democrat governor, Gavin Newsom, came out swinging against President Trump in his inauguration speech, calling the administration “incompetent.” “We will offer an alternative to the corruption and incompetence in the White House,” Newsom said in his inaugural address. “Our government will be progressive, principled, and always on the side of the people.” “There is an administration in Washington that is clearly hostile to California and California’s interests,” Newsom said. “People’s lives, freedom, security, the...

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With the stock market more volatile than ever and the biggest overall drop in 2018 in a decade, concerns in the U.S. are growing over contracting economic growth and the economy slowing down. Across the Atlantic, Europeans are facing similar realities: Breitbart reports that German factory orders dropped, a good indicator of the overall economic conditions in the eurozone. The Brexit situation is far from resolved with it looking more and more likely the United Kingdom will...

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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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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...

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In the doozy that was 2018, with an endless barrage of news developments, it’s easy to forget that President Trump and North Korean President Kim Jong-un held an unprecedented meeting in mid-2018. Following that meeting, the two leaders signed a document outlining their agreements, but it became quickly apparent the two sides had very different understandings of what had transpired and what either country was agreeing to. The document was only 400 words long and...