- Victor Davis Hanson: 'Race' Everywhere
Victor Davis Hanson: ‘Race’ Everywhere
Authored by Victor Davis Hanson via AmGreatness.com,
Recently an unarmed 29-year-old African American, Tyre Nichols, was brutally beaten to death by five black Memphis police officers. They were charged with murder. All belonged to a special crime unit known as the Scorpions.
Both the victimizers and victim were black. The Memphis police chief is black. The assistant police chief is black.
Nearly 60 percent of the police force is black. The white population of Memphis is about 25 percent.
The now-disbanded Scorpion unit of mostly black officers was created as a response to grassroots appeals to stop spiraling crime in mostly black neighborhoods.
The death of Tyre Nichols could be attributed to many things: a basic lack of humanity on the part of the officers, poor police training, lax administrative supervision, and lowered hiring standards.
Instead, no sooner was the beating death announced than accusations of “systemic racism” surfaced.
Van Jones, the former Obama Administration green czar and recent recipient of Jeff Bezos’ $100 million “courage and civility award,” pronounced on CNN that the black police oppressors were acting out white racism.
Some claimed that charging the five black officers with murder was itself racist. Others alleged that creating the unit in the first place to reduce black-on-black crime was racist.
Yet, when everything becomes racist, then nothing in particular can be racist.
About the same time, the city of San Francisco, along with the state of California, was exploring paying out huge cash reparations to its African-American residents for the ancestral sin of slavery.
That evil institution was abolished some 158 years ago through a Civil War that killed some 700,000 Americans.
Yet California was always a free state with no history of slavery.
No resident of America in six generations has been either a slave or slave owner.
Such multibillion-dollar payouts apparently are to be funded by a nearly bankrupt state facing a $25 billion budget shortfall.
How do we quantify either current eligibility or culpability in multiracial California where 27 percent of the residents were not born in the United States? Whites make up only 35 percent of the state’s population.
College campuses increasingly greenlight racially segregated resident housing.
These reactionaries seem eager to return to “separate but equal” apartheid, supposedly outlawed nearly 60 years ago by the 1964 Civil Right Act.
A recent National Association of Scholars study found that of some 173 schools surveyed, 42 percent provided racially segregated residences. Some 46 percent offered racially segregated orientation programs. An overwhelming 72 percent hosted racially segregated graduation ceremonies.
So-called “safe spaces” on campus exclude students on the basis of race, especially whites who are reduced to stereotyped members of a toxic collective.
Race-based admissions have transmogrified from proportional representation—the entering class should reflect roughly the racial make-up of the nation—to reparatory or compensatory admittance.
So, for example, Stanford University’s incoming class of 2026 lists white students at 22 percent of the enrolled, roughly one-third of their percentage of the nation’s general population.
Ironically, current racial engineering resurrects the old quota systems used in the past to discriminate against Jews.
“Whites”—to the extent we can determine any race in an intermarried, multiracial society—do not fit the now ossified definition of an exploitive majority.
They no longer even compose a majority in most major American cities and in some states.
They rank well behind many nonwhite ethnic groups in terms of per capita income and millions of working-class Americans certainly don’t fit the tired stereotype of “privileged.”
In racist fashion, white males are often smeared as exhibiting collective “white rage.”
Yet they commit suicide at double their demographics—and more than twice as frequently as blacks and Latinos.
They were also killed in combat in Afghanistan and Iraq at twice their numbers in the general population.
In terms of hate-crime offenders, whites are demographically underrepresented. The most overrepresented victims of hate crimes are whites of Jewish background.
Whites commit violent crimes against those of different races at rates below their percentages in the general population.
In sum, class, not race, remains the best litmus test of being underprivileged in America. It is no longer synonymous with race.
No wonder the identity politics industry now strains to attach prefixes such as “systemic” or “implicit” to “racism,” or “micro” to “aggression,” purportedly to ferret out bias that otherwise is not apparent.
Pause to reflect that America is the only successful multiracial constitutional republic in history.
To survive in an increasingly dysfunctional and hostile world abroad, the unique idea of the United States requires concord.
But national cohesion is only possible through citizens subordinating their tribal interests to a common culture. Only then do they cease being automatons of warring tribes and collectives.
As the world becomes ever scarier, Americans must—as Benjamin Franklin once warned—hang together, or most certainly they will soon all hang separately.
Tyler Durden
Fri, 02/03/2023 – 23:40 - Charting Three Decades Of The World's Working Poor
Charting Three Decades Of The World’s Working Poor
Poverty is often associated with unemployment – however, millions of working people around the world are living in what’s considered to be extreme poverty, or less than $1.90 per day.
Thankfully, the world’s population of poor workers has decreased substantially over the last few decades. But how exactly has it changed since 1991, and where is the majority of the working poor population living today?
This graphic by Visual Capitalst’s Gilbert Fontana uses data from the International Labour Organization (ILO) to show the regional breakdown of the world’s working poor, and how this demographic has changed in the last few decades.
From Asia to Africa
In 1991, about 808 million employed people were living in extreme poverty, or nearly 15% of the global population at the time.
As the graphic above shows, a majority of this population lived in Eastern Asia, most notably in China, which was the world’s most populous country until only very recently.
However, thanks to China’s economic reforms, and political reforms like the National “8-7” Poverty Reduction Plan, millions of people in the country were lifted out of poverty.
Today, Sub-Saharan Africa is the region with the world’s highest concentration of working poor. Below, we’ll take a closer look at the region and zoom in on select countries.
Zooming in on Sub-Saharan Africa
As of 2021, 11 of the 49 countries that make up Sub-Saharan Africa had a working poverty rate that made up over half their population.
Here’s a look at these 11 countries, and the percentage of their working population that lives in extreme poverty:
Burundi is first on the list, with 79% of its working population living below the poverty line. One reason for this is the country’s struggling economy—Burundi has the lowest GDP per capita of any country in the world.
Because of the economic conditions in the country, many people struggle to meet their basic needs. For instance, it’s estimated that 40% of urban dwellers in Burundi don’t have access to safe drinking water.
But Burundi is not alone, with other countries like Madagascar and the Democratic Republic of the Congo also having more than two-thirds of their working population in extreme poverty. Which countries will be able to able to lift their people out of poverty next?
Tyler Durden
Fri, 02/03/2023 – 23:20 - How Will AI Change Our Lives?
How Will AI Change Our Lives?
The meteoric rise of ChatGPT has been a watershed moment for artificial intelligence as it enabled millions of users, regular people, to experiment with AI and witness its astonishing capabilities first-hand.
And. as Statista’ Felix Richter notes, while there are still limitations, ChatGPT delivers impressive results, making people aware of how far artificial intelligence has already come.
It’s no coincidence that both Alphabet and Microsoft named the shift to AI as one of the biggest challenges their facing when they announced their restructuring plans earlier this month.
Microsoft CEO Satya Nadella even spoke of an upcoming platform shift, likely referring to AI-enabled services as the next big change in tech after the shift to mobile.
But what do consumers ultimately expect to change due to the increased use of artificial intelligence and which areas of life will most likely be affected in the next three to five years? Ipsos carried out a global survey on the subject in late 2021 and the following chart sums up the results.
You will find more infographics at Statista
“[AI] is going to change the world more than anything in the history of mankind. More than electricity.”
— AI oracle and venture capitalist Dr Kai-Fu Lee, 2018
Tyler Durden
Fri, 02/03/2023 – 22:40 - Democrats Propose Abraham Lincoln Statue Removal
Democrats Propose Abraham Lincoln Statue Removal
Authored by Jackson Elliott via The Epoch Times (emphasis ours),
Democrat and Confederate President Jefferson may have been unable to expel President Abraham Lincoln from the capitol, but Democrat delegate Eleanor Norton (D-D.C.) might.
The Emancipation Memorial in Washington’s Lincoln Park depicts a freed slave kneeling at the feet of President Abraham Lincoln, June 25, 2020. (J. Scott Applewhite/AP Photo) Norton, Washington D.C.’s non-voting Congressional representative, reintroduced legislation to remove a statue of Lincoln with a kneeling freed slave.
The statue has stood in Lincoln Park near the Capitol since 1876. It depicts a slave, shirtless and shackles broken, about to stand up. Lincoln stretches out his hand over the man.
Freed slaves paid for its creation. But according to Norton’s press release, that’s not enough.
Del. Eleanor Holmes Norton (D-D.C.) speaks on Capitol Hill in Washington on May 21, 2020. (Saul Loeb/AFP via Getty Images) “The paternalistic statue depicting a Black man on his knees in front of President Lincoln fails to recognize African Americans’ agency in pressing for their own emancipation,” the delegate’s press release reads.
Norton’s bill would have the statue removed from Lincoln Park and placed in a museum “with an explanation of its origin and meaning.”
She also noted that the freed slaves who paid for the statue didn’t get input in its design.
“Although formerly enslaved Americans paid for this statue, the design and sculpting process was done without their input or participation, and it shows,” Norton said. “At the time, they had only recently been liberated from slavery and were grateful for any recognition of their freedom.”
Norton noted that renowned abolitionist and freed slave Frederick Douglass spoke to dedicate the stature but “pointedly did not praise the statue.”
Past and Present
Douglass’s speech expresses a complex set of feelings. He refers to Lincoln as the “white man’s President” but also praises him as a “great man” and “liberator” who “hated slavery.”
“We have done a good work for our race today,” Douglass said at the statue’s unveiling. “In doing honor to the memory of our friend and liberator, we have been doing highest honors to ourselves and those who come after us; we have been fastening ourselves to a name and fame imperishable and immortal; we have also been defending ourselves from a blighting scandal.”
Read more here…
Tyler Durden
Fri, 02/03/2023 – 22:20 - Councilwoman Fatally Shot Outside New Jersey Home Was 'Targeted'
Councilwoman Fatally Shot Outside New Jersey Home Was ‘Targeted’
Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),
Eunice Dwumfour, a 30-year-old New Jersey councilwoman, was found dead outside her Sayreville home Wednesday evening in what officials believe was a “targeted” attack, authorities say.
Sayreville Councilwoman Eunice Dwumfour. (Courtesy of Sayreville Borough Council) In a press release, Sayreville police chief Daniel Plumacker and Middlesex County Prosecutor Yolanda Ciccone said a woman, later identified as Dwumfour, was located by police at 7:22 p.m. inside her vehicle with multiple gunshot wounds.
Police said the councilwoman was pronounced dead on the scene, noting that the incident is being investigated as a homicide.
No arrests have been reported in connection with the shooting. However, an eyewitness who lives in the area saw an individual, possibly the suspect, running toward the Garden State Parkway, which is near the scene of the shooting, RLS Media reported.
Authorities told news outlets that Dwumfour was believed to be the intended target, but have not given a motive.
The Sayreville Police Department, meanwhile, alerted citizens in a statement on Facebook of police activity in the area while advising everyone to avoid the scene.
A video shared on social media by Charlie Kratovil, a journalist and the founder of New Brunswick Today, shows police at the scene of the shooting as a white Nissan SUV is being towed away.
Kratovil said on Twitter that he personally knew Dwumfour and described the councilwoman as “a very kind person and public servant.”
“A huge loss for the Sayreville community,” Kratovil wrote. “May she rest in peace.”
Dwumfour, a Republican and political newcomer, was elected in November 2021 and started her three-year term after winning against an incumbent Democrat in the Borough of Sayreville.
Sayreville Mayor Victoria Kilpatrick said in a statement on Thursday that the community is “shocked and saddened” at the loss of the councilwoman, adding that she had personally “worked very closely” with her as she served on the Borough Council.
“The fact that she was taken from us by a despicable criminal act makes this incident all the more horrifying,” Kilpatrick said, noting that she’s confident law enforcement “will bring this fast-moving investigation to a quick and successful conclusion and look forward to the identification, arrest, and successful prosecution of the person responsible.”
In a statement, the New Jersey Republican Party remembered Dwumfour for her “steadfast dedication to the community, as well as her deep and abiding Christian faith.”
“I would like to express our horror and deepest sorrow at the senseless violence that claimed the life of Sayreville Councilwoman Eunice Dwumfour,” said Bob Hugin, chairman of the committee. “We have the utmost confidence that law enforcement will bring the perpetrators of this heartbreaking tragedy to justice.”
New Jersey Gov. Phil Murphy said in a statement that he was “stunned” after hearing about the news of Dwumfour’s murder.
“Her career of public service was just beginning, and by all accounts, she had already built a reputation as a committed member of the Borough Council who took her responsibility with the utmost diligence and seriousness,” Murphy said.
I am stunned by the news of Sayreville Councilwoman Eunice Dwumfour’s murder last evening in an act of gun violence. I send my condolences to her family and friends, and the entire Sayreville community.
I urge anyone with information to contact Sayreville local law enforcement. pic.twitter.com/mHulQuOrVZ
— Governor Phil Murphy (@GovMurphy) February 2, 2023
https://platform.twitter.com/widgets.js
Tributes
Friends of the councilwoman posted tributes on Facebook, saying the shooting “shocked [and] scared” them.
“[Dwumfour] was killed 300 feet from my home this evening. She was shot while returning back home. She was a woman full of life,” said Mahesh Chitnis, a member of Sayreville’s Human Relations Commission (HRC), of which Dwumfour is also a former member.
Read more here…
Tyler Durden
Fri, 02/03/2023 – 21:40 - Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022
Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022
While questions about the housing market in general continue to swirl and as we anxiously await how much deflation we are in store for in the housing industry, at least one area is on an upswing: Brooklyn.
This week it was reported that a “record” number of homes in the borough sold for $10 million or more in 2022, according to Bloomberg. It once again paints a picture of people trying to get out of the heart of U.S. cities – Bloomberg noted that people were drawn to the “family friendly” neighborhoods.
Last year there were 13 sales over $10 million, which was up from 3 in 2021, the report says, citing Compass.
Leonard Steinberg, a broker at Compass, commented: “A decade or so ago, people went to Brooklyn as a secondary choice because of affordability. Nowadays, a wave of people are choosing
Brooklyn as a first choice and not even considering Manhattan. It has nothing to do with price. It has everything to do with quality of life, a sense of community and just that small town, big city feel that you can really only achieve there.”
Of the homes that sold, six were in Brooklyn Heights, three in Park Slope and one in Cobble Hill, the report says.
Across the U.S., we are seeing a similar pattern from $10 million-plus markets. In places like Austin, sales of such homes were up from zero in 2021 to 5 in 2022. In North Florida, sales of similarly priced properties were up to four in 2022 from just one in 2021.
“What we’re seeing is that wealth is spreading and wealth is very comfortable being removed from big cities because creating the wealth and maintaining the wealth can be done from multiple locations,” Steinberg continued.
Bloomberg noted that: “The most expensive deal in Brooklyn last year was at 88 Remsen St. in Brooklyn Heights, a brownstone with carriage house that traded for $18.3 million in September.”
Steinberg attributes the rise in prices not just to demand, but also “inflation in the prices of luxury homes and goods”.
“A lot of these homes have wonderful historic details that no one is going to recreate today. You’ll pay an enormous premium for beautiful, move-in renovated homes,” he concluded.
Tyler Durden
Fri, 02/03/2023 – 21:20 - Secret CCP Overseas Police Station In NYC Closed After Reported FBI Raid
Secret CCP Overseas Police Station In NYC Closed After Reported FBI Raid
Authored by Andrew Thornebrooke via The Epoch Times (emphasis ours),
A covert overseas police station run by the Chinese regime in New York has been shuttered following a reported raid by the FBI.
“The FBI has confirmed that the ‘overseas police station’ in New York linked to Fuzhou has closed,” a State Department spokesperson said in an email to The Epoch Times.
“We continue to be concerned about PRC [People’s Republic of China] transnational repression efforts around the world and are also coordinating with allies and partners on this issue.”
The America ChangLe Association in New York on Oct. 6, 2022. An overseas Chinese police outpost in New York, called the Fuzhou Police Overseas Service Station, is located inside the association building. (Samira Bouaou/The Epoch Times) The closure of the facility in New York’s Chinatown comes just weeks after The New York Times reported that FBI agents raided and searched the building at an undisclosed time last fall.
The facility and more than 100 others like it form a network of covert facilities from which experts believe that the Chinese Communist Party (CCP) is conducting a campaign of transnational repression.
According to two reports published in October 2022 and December 2022 by Safeguard Defenders, a nonprofit organization, the overseas police outposts are used to collect intelligence and even forcibly repatriate Chinese dissidents to the mainland to be imprisoned.
“We are aware of reports regarding alleged PRC ‘overseas police stations,’” the State Department spokesperson said.
“We take this issue very seriously. Establishing so-called overseas police stations without the invitation or approval of the country in which they are operating raises serious issues of respect for the sovereignty of that country.”
The spokesperson referred The Epoch Times to the FBI and Justice Department for further information. The Justice Department didn’t respond to a request for comment by press time, and the FBI declined to comment on the matter.
China’s Communist Regime ‘Violates Sovereignty’
Chinese authorities maintain that the facilities, which operate in 53 nations, assist Chinese immigrants in foreign nations with tasks that would normally be handled by a consulate, such as renewing driver’s licenses and visas.
However, the stations have been linked to the CCP’s United Front Work Department, an agency that works to advance the regime’s interests abroad by spreading propaganda, conducting foreign influence operations, suppressing dissident movements, gathering intelligence, and facilitating the transfer of technology to communist China.
As such, many nations have voiced concern that the facilities are a threat to national security and a violation of sovereignty.
Irish, Canadian, and Dutch officials have called for China to shut down similar police operations in their countries. Likewise, FBI Director Christopher Wray has characterized them as a violation of U.S. sovereignty.
“I’m very concerned about this,” Wray said during a November 2022 hearing of the Senate Homeland Security and Governmental Affairs Committee.
“I have to be careful about discussing our specific investigative work, but to me, it is outrageous to think that the Chinese police would attempt to set up shop—you know, in New York, let’s say—without proper coordination. It violates sovereignty and circumvents standard judicial and law enforcement cooperation processes.”
He refrained at the time from commenting on the legality of the overseas police stations but said they were part of the CCP’s campaign of global transnational repression and linked them to CCP efforts to spy on Americans.
Tyler Durden
Fri, 02/03/2023 – 21:00 - Jim Jordan Subpoenas Garland, Wray Over School Board Memo Used Against 'Domestic Terrorist' Parents
Jim Jordan Subpoenas Garland, Wray Over School Board Memo Used Against ‘Domestic Terrorist’ Parents
House Judiciary Chairman Jim Jordan (R-OH) has fired off his first subpoenas of the new Congressional session.
The recipients include Attorney General Merrick Garland, FBI Director Christopher Wray and Education Secretary Miguel Cardona, in order to get to the bottom of a controversial memo which the DOJ used to justify activating the FBI Counterterrorism Division to investigate parents voicing their opposition to a variety of topics – primarily mask and vaccine mandates, and teaching critical race theory.
The Garland memo
On October 4 of 2021, AG Merrick Garland issued a memorandum announcing a concentrated effort to target any threats of violence, intimidation, and harassment by parents toward school personnel.
The announcement came came days after the national association of school boards asked the Biden administration to take “extraordinary measures” to prevent alleged threats against school staff that the association said was coming from parents who oppose mask mandates and the teaching of critical race theory.
In late October, however, it was revealed that Garland based the memo on unsupported claims made by the National School Boards Association, which apologized for inflammatory language. Garland maintains that the letter had no bearing on the DOJ’s stance.
The subpoenas ask for all communications between the recipients and the National School Boards Association.
Jordan, who has repeatedly claimed that the memo was used to justify labeling concerned parents as domestic terrorists, told NBC‘s “Meet The Press” recently that “the chilling impact on the First Amendment free speech is what we care about.”
“School board writes a letter on Sept. 29th. Five days later, the Attorney General of the United States issues a memorandum to 101 U.S. attorneys offices around the country saying, ‘Set up this line that they can report on.’ … When have you ever seen the federal government move that fast?” he asked.
Democrats, meanwhile, have accused Jordan of peddling conspiracy theories.
“The conspiracy theories underpinning today’s subpoenas have been debunked with facts time and time again, but Republicans do not want to be bothered by this inconvenient truth. There is no amount of documents that will satisfy the MAGA obsession with conspiracies,” according to Del. Stacey Plaskett (VI), the top Democrat on the Judiciary subcommittee tasked with examining the “weaponization” of the federal government.
A ‘protected disclosure’:
In mid-November, 2021, House Judiciary Committee Republicans sent a letter to Garland after an FBI whistleblower came forward with “a protected disclosure” – claiming that “the FBI’s Counterterrorism Division had been compiling and categorizing threat assessments related to parents, including a document directing FBI personnel to use a specific “threat tag” to track potential investigations.”
“This disclosure provides specific evidence that federal law enforcement operationalized counterterrorism tools at the behest of a left-wing special interest group against concerned parents,” the letter continues.
This is the smoking gun. Attorney General Garland provided zero evidence that parents are engaging in credible threats or acts of violence. And yet, he mobilized the FBI Counterterrorism Division to use counterterrorism tools for investigating, tracking, and tagging parents. pic.twitter.com/PHpVIqvlBw
— Christopher F. Rufo ⚔️ (@realchrisrufo) November 16, 2021
According to a public statement by Grassley regarding the one-page letter:
“The Department of Justice owes the American people a better answer than just a one-page letter that says nothing about why the FBI’s Counterterrorism Division is involved in local school-board matters. Now more than ever, parents should be their kids’ strongest and best advocates. They have the God-given right to do so. And the Justice Department ought to be doing everything it can to protect that right, not scare them out of exercising that right. Attorney General Garland should withdraw his memo. And he should take Congress’s oversight, and concern for the rights of parents, more seriously.”
Tyler Durden
Fri, 02/03/2023 – 20:40 - 368 Arrested, 131 Rescued In California Sex Trafficking Operation
368 Arrested, 131 Rescued In California Sex Trafficking Operation
Authored by Jack Bradley via The Epoch Times (emphasis ours),
Authorities arrested 368 people and rescued 131 victims involved in human trafficking in a weeklong statewide multi-agency task force, announced Feb. 1.
A massage parlor in Los Angeles County on Aug. 4, 2021. (John Fredricks/The Epoch Times) “We know that the sex trade is a prolific one that exists throughout this state and throughout our nation,” said Los Angeles Police Department (LAPD) Chief Michel Moore . “It’s an ugly scar against this great country that exists too oftentimes in plain sight.”
Operation Reclaim and Rebuild was conducted between Jan. 22 and Jan. 28 in nine counties, including Los Angeles, Orange, and San Bernardino, Moore said at a news conference at the department’s Elysian Park Academy.
Numerous federal, state, and local law enforcement agencies were involved in the effort, including the LAPD, the Los Angeles County Sheriff’s Department, and the Los Angeles County District Attorney’s Office.
The victims’ ages ranged from 13 to 52, including six children, and the average age was the mid-20s, Moore said.
Investigators worked with victim advocacy groups in providing services and resources “to help [victims] escape from this life-threatening environment,” he said.
Investigators responded to various advertisements offering sexual services and went to massage parlors suspected of being involved in trafficking. Among the arrestees were pimps and panderers, along with customers of such services, Moore said.
The victims are being exploited by “threat of death” or coercion, or threats against their family, while some are kidnapped and isolated from their former support to become dependent on the trafficker, according to Moore.
Moore noted that “in the old days,” the victims of human traffickers were often regarded by law enforcement as criminals, but a more modern attitude is to regard them as having been exploited by criminals—many of them having been kidnapped and held against their will.
Authorities stressed that the seven-day task force is only a part of law enforcement agencies’ everyday effort to combat sex trafficking.
Los Angeles Police Chief Michel Moore speaks during a vigil with members of professional associations and the interfaith community at Los Angeles Police Department headquarters in Los Angeles, on June 5, 2020. (Mark J. Terrill/File/AP Photo) Victims are sometimes brought in from other states or countries, said David Cox, COO for ZOE International, a Los Angeles-based nonprofit that helps victims recover once rescued locally and internationally.
Cox said his organization, partnering with a similar Los Angeles-based nonprofit Saving Innocents, has cared for 489 youth victims of sex trafficking this past year, with some as young as 11.
“In our city, kids are being raped 20 to 30 times a day,” he said.
Journey Out, another LA-based nonproft combating human trafficking, cared for 256 adult victims last year, Cox said.
He said sex trade is a violent industry, as some of these victims have been pistol-whipped, jumped out of moving vehicles to escape, chased down and beaten, gone missing, or lost their lives.
“Traffickers are master predators. They’re on the hunt for vulnerable kids and adults,” he said.
City News Service contributed to this report.
Tyler Durden
Fri, 02/03/2023 – 20:20 - Visualizing Global 2023 GDP Growth Forecasts By Country
Visualizing Global 2023 GDP Growth Forecasts By Country
Since Russia’s invasion of Ukraine early last year, talk of global recession has dominated the outlook for 2023.
But, as Visual Capitalist’s Dorothy Neufeld notes, high inflation, spurred by rising energy costs, has tested GDP growth. Tightening monetary policy in the U.S., with interest rates jumping from roughly 0% to over 4% in 2022, has historically preceded a downturn about one to two years later.
For European economies, energy prices are critical. The good news is that prices have fallen recently since March highs, but the continent remains on shaky ground.
The above infographic maps GDP growth forecasts by country for the year ahead, based on projections from the International Monetary Fund (IMF) October 2022 Outlook and January 2023 update.
2023 GDP Growth Outlook
The world economy is projected to see just 2.9% GDP growth in 2023, down from 3.2% projected for 2022.
This is a 0.2% increase since the October 2022 Outlook thanks in part to China’s reopening, higher global demand, and slowing inflation projected across certain countries in the year ahead.
With this in mind, we show GDP growth forecasts for 191 jurisdictions given multiple economic headwinds—and a few emerging bright spots in 2023.
Country / Region 2023 Real GDP % Change (Projected) 🇦🇱 Albania 2.5% 🇩🇿 Algeria 2.6% 🇦🇴 Angola 3.4% 🇦🇬 Antigua and Barbuda 5.6% 🇦🇷 Argentina* 2.0% 🇦🇲 Armenia 3.5% 🇦🇼 Aruba 2.0% 🇦🇺 Australia* 1.6% 🇦🇹 Austria 1.0% 🇦🇿 Azerbaijan 2.5% 🇧🇭 Bahrain 3.0% 🇧🇩 Bangladesh 6.0% 🇧🇧 Barbados 5.0% 🇧🇾 Belarus 0.2% 🇧🇪 Belgium 0.4% 🇧🇿 Belize 2.0% 🇧🇯 Benin 6.2% 🇧🇹 Bhutan 4.3% 🇧🇴 Bolivia 3.2% 🇧🇦 Bosnia and Herzegovina 2.0% 🇧🇼 Botswana 4.0% 🇧🇷 Brazil* 1.2% 🇧🇳 Brunei Darussalam 3.3% 🇧🇬 Bulgaria 3.0% 🇧🇫 Burkina Faso 4.8% 🇧🇮 Burundi 4.1% 🇨🇻 Cabo Verde 4.8% 🇨🇲 Cameroon 4.6% 🇰🇭 Cambodia 6.2% 🇨🇦 Canada* 1.5% 🇨🇫 Central African Republic 3.0% 🇹🇩 Chad 3.4% 🇨🇱 Chile -1.0% 🇨🇳 China* 5.3% 🇨🇴 Colombia 2.2% 🇰🇲 Comoros 3.4% 🇨🇷 Costa Rica 2.9% 🇨🇮 Côte d’Ivoire 6.5% 🇭🇷 Croatia 3.5% 🇨🇾 Cyprus 2.5% 🇨🇿 Czech Republic 1.5% 🇨🇩 Democratic Republic of the Congo 6.7% 🇩🇰 Denmark 0.6% 🇩🇯 Djibouti 5.0% 🇩🇲 Dominica 4.9% 🇩🇴 Dominican Republic 4.5% 🇪🇨 Ecuador 2.7% 🇪🇬 Egypt* 4.0% 🇸🇻 El Salvador 1.7% 🇬🇶 Equatorial Guinea -3.1% 🇪🇷 Eritrea 2.9% 🇪🇪 Estonia 1.8% 🇸🇿 Eswatini 1.8% 🇪🇹 Ethiopia 5.3% 🇫🇯 Fiji 6.9% 🇫🇮 Finland 0.5% 🇫🇷 France* 0.7% 🇲🇰 North Macedonia 3.0% 🇬🇦 Gabon 3.7% Georgia 4.0% Germany* 0.1% Ghana 2.8% Greece 1.8% Grenada 3.6% Guatemala 3.2% Guinea 5.1% Guinea-Bissau 4.5% Guyana 25.2% Haiti 0.5% Honduras 3.5% Hong Kong SAR 3.9% Hungary 1.8% Iceland 2.9% India* 6.1% Indonesia* 4.8% Iraq 4.0% Ireland 4.0% Iran* 2.0% Israel 3.0% Italy* 0.6% Jamaica 3.0% Japan* 1.8% Jordan 2.7% Kazakhstan* 4.3% Kenya 5.1% Kiribati 2.4% South Korea* 1.7% Kosovo 3.5% Kuwait 2.6% Kyrgyz Republic 3.2% Lao P.D.R. 3.1% Latvia 1.6% Lesotho 1.6% Liberia 4.2% Libya 17.9% Lithuania 1.1% Luxembourg 1.1% Macao SAR 56.7% Madagascar 5.2% 🇲🇼 Malawi 2.5% 🇲🇾 Malaysia* 4.4% 🇲🇻 Maldives 6.1% 🇲🇱 Mali 5.3% 🇲🇹 Malta 3.3% 🇲🇭 Marshall Islands 3.2% 🇲🇷 Mauritania 4.8% 🇲🇺 Mauritius 5.4% 🇲🇽 Mexico* 1.7% 🇫🇲 Micronesia 2.9% 🇲🇩 Moldova 2.3% 🇲🇳 Mongolia 5.0% 🇲🇪 Montenegro 2.5% 🇲🇦 Morocco 3.1% 🇲🇿 Mozambique 4.9% 🇲🇲 Myanmar 3.3% 🇳🇦 Namibia 3.2% 🇳🇷 Nauru 2.0% 🇳🇵 Nepal 5.0% 🇳🇱 Netherlands* 0.6% 🇳🇿 New Zealand 1.9% 🇳🇮 Nicaragua 3.0% 🇳🇪 Niger 7.3% 🇳🇬 Nigeria* 3.2% 🇳🇴 Norway 2.6% 🇴🇲 Oman 4.1% 🇵🇰 Pakistan* 2.0% 🇵🇼 Palau 12.3% 🇵🇦 Panama 4.0% 🇵🇬 Papua New Guinea 5.1% 🇵🇾 Paraguay 4.3% 🇵🇪 Peru 2.6% 🇵🇭 Philippines* 5.0% 🇵🇱 Poland* 0.3% 🇵🇹 Portugal 0.7% 🇵🇷 Puerto Rico 0.4% 🇶🇦 Qatar 2.4% 🇨🇬 Republic of Congo 4.6% 🇷🇴 Romania 3.1% 🇷🇺 Russia* 0.3% 🇷🇼 Rwanda 6.7% 🇼🇸 Samoa 4.0% 🇸🇲 San Marino 0.8% 🇸🇹 São Tomé and Príncipe 2.6% 🇸🇦 Saudi Arabia* 2.6% 🇸🇳 Senegal 8.1% 🇷🇸 Serbia 2.7% 🇸🇨 Seychelles 5.2% 🇸🇱 Sierra Leone 3.3% 🇸🇬 Singapore 2.3% 🇸🇰 Slovak Republic 1.5% 🇸🇮 Slovenia 1.7% 🇸🇧 Solomon Islands 2.6% 🇸🇴 Somalia 3.1% 🇿🇦 South Africa* 1.2% 🇸🇸 South Sudan 5.6% 🇪🇸 Spain* 1.1% 🇱🇰 Sri Lanka -3.0% 🇰🇳 St. Kitts and Nevis 4.8% 🇱🇨 St. Lucia 5.8% 🇻🇨 St. Vincent and the Grenadines 6.0% 🇸🇩 Sudan 2.6% 🇸🇷 Suriname 2.3% 🇸🇪 Sweden -0.1% 🇨🇭 Switzerland 0.8% 🇹🇼 Taiwan 2.8% 🇹🇯 Tajikistan 4.0% 🇹🇿 Tanzania 5.2% 🇹🇭 Thailand* 3.7% 🇧🇸 The Bahamas 4.1% 🇬🇲 The Gambia 6.0% 🇹🇱 Timor-Leste 4.2% 🇹🇬 Togo 6.2% 🇹🇴 Tonga 2.9% 🇹🇹 Trinidad and Tobago 3.5% 🇹🇳 Tunisia 1.6% 🇹🇷 Turkey* 3.0% 🇹🇲 Turkmenistan 2.3% 🇹🇻 Tuvalu 3.5% 🇺🇬 Uganda 5.9% 🇺🇦 Ukraine N/A 🇦🇪 United Arab Emirates 4.2% 🇬🇧 United Kingdom* -0.6% 🇺🇲 U.S.* 1.4% 🇺🇾 Uruguay 3.6% 🇺🇿 Uzbekistan 4.7% 🇻🇺 Vanuatu 3.1% 🇻🇪 Venezuela 6.5% 🇻🇳 Vietnam 6.2% West Bank and Gaza 3.5% 🇾🇪 Yemen 3.3% 🇿🇲 Zambia 4.0% 🇿🇼 Zimbabwe 2.8% *Reflect updated figures from the January 2023 IMF Update.
The U.S. is forecast to see 1.4% GDP growth in 2023, up from 1.0% seen in the last October projection.
Still, signs of economic weakness can be seen in the growing wave of tech layoffs, foreshadowed as a white-collar or ‘Patagonia-vest’ recession. Last year, 88,000 tech jobs were cut and this trend has continued into 2023. Major financial firms have also followed suit. Still, unemployment remains fairly steadfast, at 3.5% as of December 2022. Going forward, concerns remain around inflation and the path of interest rate hikes, though both show signs of slowing.
Across Europe, the average projected GDP growth rate is 0.7% for 2023, a sharp decline from the 2.1% forecast for last year.
Both Germany and Italy are forecast to see slight growth, at 0.1% and 0.6%, respectively. Growth forecasts were revised upwards since the IMF’s October release. However, an ongoing energy crisis exposes the manufacturing sector to vulnerabilities, with potential spillover effects to consumers and businesses, and overall Euro Area growth.
China remains an open question. In 2023, growth is predicted to rise 5.2%, higher than many large economies. While its real estate sector has shown signs of weakness, the recent opening on January 8th, following 1,016 days of zero-Covid policy, could boost demand and economic activity.
A Long Way to Go
The IMF has stated that 2023 will feel like a recession for much of the global economy. But whether it is headed for a recovery or a sharper decline remains unknown.
Today, two factors propping up the global economy are lower-than-expected energy prices and resilient private sector balance sheets. European natural gas prices have sunk to levels seen before the war in Ukraine. During the height of energy shocks, firms showed a notable ability to withstand astronomical energy prices squeezing their finances. They are also sitting on significant cash reserves.
On the other hand, inflation is far from over. To counter this effect, many central banks will have to use measures to rein in prices. This may in turn have a dampening effect on economic growth and financial markets, with unknown consequences.
As economic data continues to be released over the year, there may be a divergence between consumer sentiment and whether things are actually changing in the economy. Where the economy is heading in 2023 will be anyone’s guess.
Tyler Durden
Fri, 02/03/2023 – 20:00 - ChatGPT Maker OpenAI Releases Tool To Check If Text Was Written By A Human
ChatGPT Maker OpenAI Releases Tool To Check If Text Was Written By A Human
Authored by Jane Nguyen via The Epoch Times (emphasis ours),
OpenAI, the maker of chatbot ChatGPT, announced on Tuesday that it has released a new software tool to help detect whether someone is trying to pass off AI-generated text as something that was written by a person.
Screens display the logos of OpenAI and ChatGPT in Toulouse, southwestern France on January 23, 2023. (Lionel Bonaventure /AFP via Getty Images) The tool, known as a classifier, comes two months after the release of ChatGPT, a chatbot that generates human-like responses based on the input it is given. Schools were quick to limit ChatGPT’s use over concerns that it could fuel academic dishonesty and hinder learning, as students have been using the chatbot to create content that they are passing off as their own.
OpenAI researchers said that while it was “impossible to reliably detect all AI-written text,” good classifiers could pick up signs that text was written by AI. They said the tool could be useful in cases where AI was used for “academic dishonesty” and when AI chatbots were positioned as humans.
In a press release, OpenAI warns the classified’s public beta mode is “not fully reliable,” saying that it aims to collect feedback and share improved methods in the future.
The firm admitted the classifier only correctly identified 26 percent of AI-written English texts. It also incorrectly labeled human-written text as AI-written 9 percent of the time.
The classifier also has several limitations, including its unreliability on text below 1,000 characters, as well as misidentifying some human-written text as AI-written. It also only works in English for now, as it performs “significantly worse in other languages and it is unreliable on code.” Finally, AI-written text can be edited to evade the classifier, according to OpenAI.
“It should not be used as a primary decision-making tool, but instead as a complement to other methods of determining the source of a piece of text,” OpenAI said.
ChatGPT is a free program that generates text in response to a prompt, including articles, essays, jokes, and even poetry.
Since ChatGPT debuted in November 2022 and gained wide popularity among millions of users, some of the largest U.S. school districts have banned the AI chatbot over concerns that students will use the text generator to cheat or plagiarize.
Following the wave of attention, last week Microsoft announced a multibillion-dollar investment in OpenAI, a research-oriented San Francisco startup, and said it would incorporate the startup’s AI models into its products for consumers and businesses.
Reuters contributed to this report.
Tyler Durden
Fri, 02/03/2023 – 19:40 - NYT Claims Russian Troop Deaths Nearing 200K, Far Surpassing All Prior Estimates
NYT Claims Russian Troop Deaths Nearing 200K, Far Surpassing All Prior Estimates
By late last year, US officials as well as most reports emerging in international media estimated that in total 200,000 Russian and Ukrainian troops had been killed since the start of the Ukraine invasion. In November and December, Gen. Mark Milley, chairman of the Joint Chiefs of Staff had offered up to that point the highest estimate thus far of 200,000 from both sides, also saying 40,000 civilians had been killed. There was reason even at that time to doubt this highest-end estimate, especially when compared to reports compiled by other international monitors.
But The New York Times has issued a report this week citing Western officials who now say that close to 200,000 troops have been killed on the Russian side alone.
Russian military funeral This far surpasses even recent estimates by the Ukrainian government. In December, Kiev claimed that 90,000 Russian troops had died compared to its own losses of 13,000 – according to Ukraine’s General Staff.
But the fresh Thursday NYT report asserts the following:
The number of Russian troops killed and wounded in Ukraine is approaching 200,000, a stark symbol of just how badly President Vladimir V. Putin’s invasion has gone, according to American and other Western officials.
Though in the next line the Times admits casualties from the war “are notoriously difficult to estimate” – the report relies in part for its very high tally on information coming out of the Soledar and Bakhmut offensives, which have been costly for both sides.
“The figures for Ukraine and Russia are estimates based on satellite imagery, communication intercepts, social media and on-the-ground media reports, as well as official reporting from both governments,” the newspaper added.
At the same time, the Ukrainian side is also believed to be losing hundreds daily as it tries to defend Bakhmut. By many accounts, the Russians have the upper-hand and have nearly encircled the strategic city in Donetsk region.
New on MoA:
Ukraine SitRep:
U.S.-Russia Talks, Bakhmut Retreat, Laughable Casualty Numbershttps://t.co/I6zLGhuUF7
Pics:
Bakhmut front – Number of Ukrainian brigades
January 17 – 28 units / February 3 – 18 units pic.twitter.com/bZmccUMSIN— Moon of Alabama (@MoonofA) February 3, 2023
https://platform.twitter.com/widgets.js
“Ukraine’s casualty figures are also difficult to ascertain, given Kyiv’s reluctance to disclose its own wartime losses. But in Bakhmut, hundreds of Ukrainian troops have been wounded and killed daily at times as well, officials said,” the Times notes.
And yet 200,000 on the Russian side alone, as NYT claims, is a huge jump from Milley’s own estimate of 100,000 given late last year, making it highly dubious. Again, this also makes recent estimates from the Ukrainian government look conservative by comparison.
Tyler Durden
Fri, 02/03/2023 – 19:20 - Watch: 14 Videos That Will Make You Want To Scream Out "Are You Kidding Me?"
Watch: 14 Videos That Will Make You Want To Scream Out “Are You Kidding Me?”
Authored by Michael Snyder via TheMostImportantNews.com,
Every day we continue to get even more evidence that our society is going completely and utterly insane.
I really wish that this wasn’t true. I really wish that we could just hit the rewind button and go back several decades to a time when most people tried to behave normally and there wasn’t rampant corruption all around us. Unfortunately, our social decay has shifted into “turbo mode” over the past several years, and at this point a lot of Americans actually celebrate the evil that is gnawing away at the foundations of our society like cancer. Some of the videos that I am about to share with you are really creepy, some of them are quite funny, and some of them are incredibly alarming. But ultimately they all have something to say about where we currently are as a society. The following are 14 videos that will make you want to scream out “ARE YOU KIDDING ME?”…
#1 This is the super creepy way that Bill Gates responded when a reporter recently confronted him about his relationship with Jeffrey Epstein…
JUST IN – Bill Gates says he had dinner with Jeffrey Epstein and “that’s all.”pic.twitter.com/o405qQ8j4t
— Disclose.tv (@disclosetv) January 30, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#2 “This is what leftism does to you”
This is what leftism does to you. pic.twitter.com/2bVheaA0Sr
— Libs of TikTok (@libsoftiktok) January 30, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#3 “I’m old enough to remember when going to an airport was not reminiscent of bootcamp”
I’m old enough to remember when going to an airport was not reminiscent of bootcamp. pic.twitter.com/32RQASgt2f
— Citizen Free Press (@CitizenFreePres) January 20, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#4 Joe Biden decided to get way too cozy with a female reporter…
REPORTER: “What’s behind your decision to end the COVID emergency?”
BIDEN: “The COVID emergency will end when the Supreme Court ends it.” pic.twitter.com/bDRwfQW1g6
— VINnews (@VINNews) January 31, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#5 What would you do if somebody did this to you?
Good morning pic.twitter.com/ni0BAYFRg8
— No One 🇺🇸 (@tweettruth2me) January 23, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#6 “A transgender killer is identifying as a baby in order to get better treatment in prison”
Are you kidding me?
#7 “Biden documents scandal includes 1850 Boxes, enough to fill a tractor trailer, plus 415 GB of electronic records”
HOLY SHIT!! Biden documents scandal includes 1850 Boxes, enough to fill a tractor trailer, plus 415 GB of electronic records! The Senate Intelligence Committee is demanding Biden turn these documents over, but they are refusing to do so!! pic.twitter.com/ifLRnsWEan
— Matt Clark (@MattClarkReport) January 30, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#8 “If you don’t like your job, just quit”
“If you don’t like your job, just quit. But what if there’s nowhere to go. What if everywhere has ubiquitous monitoring.” From this year’s WEF. Terrifying. pic.twitter.com/kzVI9jpTvp
— Autism Capital 🧩 (@AutismCapital) January 31, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#9 MSNBC host Yasmin Vossoughian says that her myocarditis was caused by a “common cold”…
Are you kidding me?
#10 A public school teacher laughs about corrupting her students…
Teacher laughs about bringing “political unrest” in her school by pushing pronouns, showing up with purple hair, and mocking the bible pic.twitter.com/3VJ2T014Ip
— Libs of TikTok (@libsoftiktok) January 16, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#11 “You wanted equality, and now you are complaining that they don’t want to be in a relationship with you…”
Damn pic.twitter.com/cHCBvOgP79
— 🇬🇧 IM 🇬🇧 (@TellYourSonThis) January 29, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#12 I thought that you told us that the pandemic was “over”…
JOE BIDEN in September 2022: “the pandemic is over.”
JOE BIDEN, today: keeps COVID public health emergency in place until May 2023.pic.twitter.com/1RvF1vALJQ
— RNC Research (@RNCResearch) January 31, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#13 This is how they are recruiting new soldiers in Ukraine, and our leaders are apparently just fine with this…
How is mobilization carried out in Ukraine? pic.twitter.com/50Ldl6a7aP
— Viktoriya Samarina (@viktoriyarus34) January 27, 2023
https://platform.twitter.com/widgets.js
Are you kidding me?
#14 Do you think that we will ever be able to get American kids to do this?
‘Shuudan koudou’ is a group exercise that requires the participants to create various intersecting formations by doing synchronised group walks.
The art of Japanese precision walking by these high school students is stunning pic.twitter.com/Lqtb9Lh6qJ
— Vala Afshar (@ValaAfshar) January 20, 2023
https://platform.twitter.com/widgets.js
I was absolutely stunned by the precision that those Japanese students were able to achieve.
Here in the United States, many of our high school students can barely even read once they graduate from high school.
Of course we didn’t get here by accident.
Our society is a giant mess because our leaders have been making the wrong decisions for decades.
If we don’t reverse course, things will only get worse.
So hopefully America will wake up soon, because the clock is ticking.
* * *
It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.
Tyler Durden
Fri, 02/03/2023 – 19:00 - IRS Issues Tax Return Checklist With Key Warning About The Dreaded Notice Letter
IRS Issues Tax Return Checklist With Key Warning About The Dreaded Notice Letter
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
The Internal Revenue Service (IRS) has issued a checklist to make tax preparation smoother in 2023, which features a key cautionary tip on how to avoid getting a dreaded notice or bill from the tax man.
The Internal Revenue Service building in Washington, D.C., on April 15, 2019. (Zach Gibson/Getty Images) The IRS’ list of “key points to keep in mind” when preparing to file a 2022 tax return, issued on Jan. 31, includes recommendations like choosing a tax professional carefully and filing electronically with direct deposit to receive refunds quickly.
The list also includes a warning to taxpayers that they must report all types of income on their tax returns.
“This is important to avoid receiving a notice or a bill from the IRS,” the agency stated.
The IRS singled out several sources of income for taxpayers not to forget to include in their filings, including sales from goods created and sold on online platforms; investment income; money from part-time or seasonal work, self-employment, or other business activities; and services provided via mobile apps.
It appears that the proliferation of digital assets like cryptocurrencies and tokens has come into sharp focus at the IRS, prompting the agency to highlight the fact that these are considered taxable property and failure to report them can result in penalties and interest—and a potentially upsetting IRS notice letter.
Focus on Digital Asset Reporting
The IRS recently issued a cautionary reminder that taxpayers must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax returns.
A key change on tax forms this year is that the IRS has replaced the term “virtual currency” with “digital assets,” in addition to some other modifications to the wording.
The “Yes” or “No” question, which was expanded and revised this year to update terminology, reads as follows:
“At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
The question appears at the top of tax forms 1040, Individual Income Tax Return, 1040-SR, U.S. Tax Return for Seniors, and 1040-NR, U.S. Nonresident Alien Income Tax Return.
“All taxpayers must answer the question regardless of whether they engaged in any transactions involving digital assets,” the agency cautioned.
It is a legal requirement to accurately report all income, including income from digital assets, on federal income tax returns. Failure to do so could result in non-compliance with tax laws and possible penalties.
Taxpayers need to check the “Yes” box if they:
- Received digital assets as payment for property or services provided;
- Transferred digital assets for free (without receiving any consideration) as a bona fide gift;
- Received digital assets resulting from a reward or award;
- Received new digital assets resulting from mining, staking, and similar activities;
- Received digital assets resulting from a hard fork (a branching of a cryptocurrency’s blockchain that splits a single cryptocurrency into two);
- Disposed of digital assets in exchange for property or services;
- Disposed of a digital asset in exchange or trade for another digital asset;
- Sold a digital asset; or
- Otherwise disposed of any other financial interest in a digital asset.
Those who tick the “Yes” box must also report all income related to their digital asset transactions on relevant forms. For instance, an investor who sold cryptocurrency during 2022 would use Form 8949, Sales and other Dispositions of Capital Assets.
Taxpayers should check the “No” box if they merely owned digital assets, but didn’t engage in any transactions involving them in 2022.
They should also tick “No” if they merely transferred digital assets from one wallet or account they own or control to another one that they own or control, and if they bought digital assets using real currency like the U.S. dollar.
IRS Notice
Besides recommending that taxpayers accurately report all income, tax professionals typically urge people to double-check their returns to ensure that the information on them is accurate and matches documentation like W-2 forms if they want to avoid getting a letter from the tax man.
But if for some reason the IRS does send a letter or notice to taxpayers, there are a number of things they should keep in mind.
For starters, when an IRS letter or notice arrives, taxpayers should read it carefully and take appropriate action, such as making a payment or disputing the notice if they disagree with it.
They should keep the letter or notice for their records and watch for scams, as the IRS will not contact taxpayers through social media or text message.
The first contact from the IRS is usually by mail, and taxpayers can view their tax account information on IRS.gov if unsure of the money owed.
“Getting mail from the IRS is not a cause for panic, but it should not be ignored either,” the IRS said in a recent “next steps” list of what to do if someone receives an IRS notice or letter.
Other ‘Key Points’ for Smooth Filing
In its tax-filing checklist, the IRS also recommends that taxpayers gather all necessary documents and records before preparing their tax returns. This includes Social Security numbers, bank information, income forms such as W-2s, 1099s, and 1098s, and any IRS letters regarding tax credits or deductions.
The IRS recommends electronic filing with direct deposit to speed up the refund process.
The agency advises that eligible taxpayers can access free tax-preparation resources through IRS Free File or volunteer programs such as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE).
Read more here…
Tyler Durden
Fri, 02/03/2023 – 18:40 - "The Jury Got It Right" – Musk Wins Lawsuit Over 'Funding Secured' Tweet
“The Jury Got It Right” – Musk Wins Lawsuit Over ‘Funding Secured’ Tweet
Having previously noted the absurdity of the trial, Elon Musk has defeated a shareholder lawsuit alleging that tweets claiming he had the “funding secured” to take Tesla private cost investors billions of dollars in losses.
As The Wall Street Journal reports, the nine-person San Francisco-based jury said the investors who brought the class-action case failed to prove that Mr. Musk hurt them by tweeting about a possible deal.
“The jury got it right,” Alex Spiro, a lawyer for Musk, said after the verdict.
Musk testified that the “funding secured” tweet was “absolutely truthful,” touting what he described as an “unequivocal” commitment by Saudi Arabia even though he had nothing in writing.
As Bloomberg reports, Musk gave jurors other reasons to believe him.
He said he felt compelled to reveal that he was considering taking Tesla private because earlier that day, the Financial Times reported that Saudi Arabia was building a sizable stake in Tesla.
He testified he was afraid his going-private plans might also be leaked, and that he wanted to put all Tesla investors on equal-footing by broadcasting his plans on Twitter.
Musk also said that if required, he could’ve divested his ownership stake in his closely held rocket-ship company, SpaceX, to fund the transaction.
This case is unusual for having gone to trial.
From 1997 to 2001, less than 0.2% of federal securities class-action cases, excluding those involving mergers or acquisitions, were tried to a verdict, according to Cornerstone Research.
Musk, who had taken the stand as a witness in the case, was present in court during closing arguments.
As The FT reports, the “funding secured” tweet has already proven costly for Musk. He and Tesla each paid $20mn to settle legal action from the Securities and Exchange Commission. Musk also had to resign as the carmaker’s chair, although he kept his position as chief executive.
However, Musk has criticized the SEC in the years since, saying he felt pressured to settle and suggesting that doing so made him appear guilty.
This case, he said in a deposition, was an opportunity to “clear the record.”
And now he has!
Tyler Durden
Fri, 02/03/2023 – 18:20 - Americans Hosting Super Bowl Parties Breathe A Sigh Of Relief After Chicken Wing, Avocado Prices Drop
Americans Hosting Super Bowl Parties Breathe A Sigh Of Relief After Chicken Wing, Avocado Prices Drop
Tens of millions of Americans are preparing to host Super Bowl LVII parties on Feb. 12. Unlike last Super Bowl, food inflation for chicken wings and guacamole has subsided — a relief for football fans hosting parties.
A new report from Wells Fargo’s Agri-Food Institute shows chicken wing prices have fallen 22% since last January. Last year, around this time, Americans were irritated by expensive wings, priced as much as $3.38 per pound. Now prices are around $2.65 per pound as supply remains plentiful.
Besides chicken wings, guacamole is the second most popular food at a Super Bowl party. And there’s more good news because the price of avocados has slid 20% versus a year ago. In Mexico, prices for a 20-pound box of avocados have plunged 67% since peaking at $51.25 in May 2022.
Data from National Retail Foundation (NRF) and Prosper Insights and Analytics expect 192.9 million Americans will tune in to the big game. Of that, 103.5 million are planning to attend or host a Super Bowl party.
With nine days left (as of Friday) until the game … just how long until President Biden’s 70-person social media team touts all these cost savings on Twitter? Remember, they did a few years ago for the Fourth of July — when the consumer saved a few cents.
As for beverages, the Wells Fargo report noted beer prices increased 11%, and soda jumped 25% versus last year. The latest Bureau of Labor Statistics data shows food inflation is around 11.8% versus last year and 8.3% for food outside the home.
For those planning to host a party, don’t wait until the last minute, as surging demand before the game might entice retailers to increase prices.
Tyler Durden
Fri, 02/03/2023 – 18:00 - "Woke Ideology Has Infected Every Aspect Of American Life", Sen. Rubio Warns
“Woke Ideology Has Infected Every Aspect Of American Life”, Sen. Rubio Warns
Authored by Shelby Kearns via Campus Reform,
Sen. Marco Rubio and Rep. Chip Roy recently introduced the Restoring Military Focus Act, identical bills in the House and Senate that will “eliminate the position of the Chief Diversity Officer of the Department of Defense [(DOD)].”
In a press release, Rep. Roy stated that the Pentagon “is not supposed to be a woke social engineering experiment wrapped in a uniform.”
The Restoring Military Focus Act, according to the press release, will “push back against the progressive agenda” by revising the FY 2021 National Defense Authorization Act (NDAA). The NDAA allocated funds for the DOD’s Chief Diversity Officer and the Senior Advisor for Diversity and Inclusion of each military department.
Rubio and Roy’s bills will eliminate these positions and prohibit their future funding.
“Not only are these positions a waste of hard-earned tax-payers dollars, but they also undermine and distract from the purpose of the U.S. military,” the press release says.
Sen. Rubio said that “[w]oke ideology has infected every aspect of American life and culture.” Initiatives in diversity, equity, and inclusion (DEI) and critical race theory (CRT), as Campus Reform has reported, are present in professional associations, major foundations, and even U.S. military academies.
Not all members of Congress, however, share the concerns of Rubio, Chip, and the bills’ co-sponsors over “woke” culture. Rep. Pat Ryan told Military.com that he has “zero time for the political distractions.”
Ryan is the Democratic congressman who represents the district that includes his alma mater, the U.S. Military Academy West Point.
He plans to rejoin the House Armed Services Committee, according to Military.com, and suggested that Republicans sounding the alarm over critical race theory (CRT) in military academies is a distraction.
Other Republican leaders have pushed back against the politicization of the military academies and DOD-affiliated K-12 schools, including an investigation of the chief DEI officer for the DOD’s Education Activity.
The DEI officer tweeted that she is “exhausted by 99% of the white men in education and 95% of the white women.” Before she made her Twitter account private, as the New York Post reported, she described the “CAUdacity,” or caucasian audacity, of participants in a professional development session.
Campus Reform contacted all relevant parties for comment and will update this article accordingly.
Tyler Durden
Fri, 02/03/2023 – 17:40 - DeSantis Moves To Eliminate Taxes On Gas Stoves As DoE Makes Major Push To Regulate
DeSantis Moves To Eliminate Taxes On Gas Stoves As DoE Makes Major Push To Regulate
Florida governor Ron DeSantis (R) on Wednesday announced a plan to exempt gas stoves and other gas appliances from state sales tax, a move which follows weeks of debate over whether the Biden administration was serious about banning them (they were).
“No tax permanently on gas stoves,” said DeSantis. “They want your gas stove and we’re not going to let that happen.”
The move comes as the Department of Energy proposed new efficiency rules for natural gas stoves and other consumer cooking appliances. The proposal would set limits on energy consumption for gas stoves, and overall energy usage standards on both electric and gas stoves and ovens.
DeSantis’ plan was included in his new budget – the first of his second term. Among the many breaks for taxpayers would be a permanent $7 million exemption on appliances fueled by combustible gas – including propane, butane, liquefied petroleum, natural gas and syngas.
In January, Richard Trumka Jr. from the Consumer Product Safety Commission, discussed the possibility of a ban on gas stoves. He later walked back his statement, tweeting “To be clear, CPSC isn’t coming for anyone’s gas stoves. Regulations apply to new products. For Americans who CHOOSE to switch from gas to electric, there is support available — Congress passed the Inflation Reduction Act, which includes a $840 rebate.”
Richard Trumka Jr. attends a White House ceremony during which President Biden will present Presidential Medals of Freedom on July 7, 2022. (Tom Williams/CQ Roll Call via Getty Images) As MarketWatch notes, California already bans gas appliances from new residential construction projects, while New York City will impose a similar ban starting next year. Chicago’s mayor Lori Lightfoot is proposing to do the same.
A host of Republicans — along with some Democrats from fossil-fuel-producing states, including Sen. Joe Manchin of West Virginia — were inflamed at the prospect of a gas-stove ban, and many pointed fingers at the Biden administration. -MarketWatch
Following outrage over the possibility of a gas stove ban, Republicans (and Joe Manchin (D-WV)) slammed the Biden administration – causing White House spox Karine Jean-Pierre to clarify that the CPSC is an independent body, and that Biden doesn’t back a ban on gas stoves.
Except an internal memo dated Oct. 25, 2022 revealed that the Biden administration was serious about banning natural gas powered stoves prior to national outrage over the idea.
In the memo dated Oct. 25, 2022, Richard Trumka Jr. — whom President Biden appointed to serve on the five-person Consumer Product Safety Commission (CPSC) — wrote to a fellow commissioner that there was sufficient evidence for the agency to move forward with a notice of proposed rulemaking (NPR) to ban gas stoves in the near future. Trumka’s memo was titled, “NPR Proposing Ban on Gas Stoves (Indoor Air Quality).”
“The need for gas stove regulation has reached a boiling point,” the CPSC commissioner wrote in the October memo. “CPSC has the responsibility to ban consumer products that emit hazardous substances, particularly, when those emissions harm children, under the Federal Hazardous Substances Act.”
“Emerging evidence is sufficient to conclude that gas stoves in homes emit toxic gasses that cause illness and that lower-cost, safer alternatives are available,” Trumka added. -Fox News
Months after the memo was sent, Trumka made his comments to Bloomberg, saying that “any option is on the table.”
More on the DoE’s proposed efficiency rules via The Epoch Times,
Industry Responds
After the proposed rule was issued Wednesday, officials with natural gas industry groups expressed alarm.
“We are concerned that this is another attempt by the federal government to use regulations to remove viable and efficient natural gas products from the market,” Karen Harbert, president of the American Gas Association, told Bloomberg News
A spokesperson for another trade group expressed alarm over the proposed rule.
“This approach by the DOE could effectively ban gas appliances,” said Jill Notini, vice president, communications and marketing, at the Association of Home Appliance Manufacturers, according to the outlet. “We are concerned this approach could eliminate fully featured gas products.”
Some states and localities, meanwhile, have already proposed bans on installing new gas appliances and furnaces in newly constructed homes, sparking more alarm.
Tyler Durden
Fri, 02/03/2023 – 17:20 - N.Korea Warns Of 'Toughest Reaction' After Bigger US-South Korea Drills Announced
N.Korea Warns Of ‘Toughest Reaction’ After Bigger US-South Korea Drills Announced
Authored by Dave DeCamp via AntiWar.com,
North Korea on Thursday responded to the US and South Korea announcing they would be expanding joint military exercises, warning the steps are pushing toward an “extreme red-line” and will provoke the “toughest reaction.”
“The military and political situation in the Korean peninsula and the region has reached an extremely dangerous phase due to the reckless military confrontations and hostile acts of the US and its vassal forces,” a spokesperson for North Korea’s Foreign Ministry said in a statement.
South Korean and US air forces take part in a joint training exercise in South Korea, via Sky News. On top of increasing the size of upcoming military drills, Secretary of Defense Lloyd Austin said that the US will deploy more “strategic assets” to the Korean Peninsula, including bombers and fighter jets.
“If the US continues to introduce strategic assets into the Korean Peninsula and its surrounding area, the DPRK will make clearer its deterring activities without fail according to their nature,” the North Korean statement said.
Pyongyang said that it would respond under the principle of “nuke for nuke and an all-out confrontation for an all-out confrontation.”
In 2022, North Korea launched a record number of missile tests as the US and South Korea began holding large-scale joint exercises for the first time since 2017.
The US and South Korean plans to increase those war games this year are almost guaranteed to provoke more weapons tests, and the Biden administration shows no interest in backing down.
The White House claimed that it has no “hostile intent” toward North Korea and insisted it seeks “serious and sustained diplomacy.” But Pyongyang said it won’t hold a dialogue with the US as long as it pursues a “hostile policy” and keeps ramping up its military activity in the region.
Tyler Durden
Fri, 02/03/2023 – 17:00
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