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The fiscal 2024 National Defense Authorization Act, or NDAA, which sets policy for the Pentagon and authorizes $886 billion in spending, was approved 219-210. The vote was largely along party lines, a departure from the typical bipartisan support for a bill that has passed every year since 1961. The House voted 221 to 213 for an amendment that would reverse the Defense Department's policy of reimbursing expenses for service members who travel to obtain an abortion. The House also voted 222-211 to prohibit the Pentagon from paying for gender-affirming surgeries and hormone treatment. UPCOMING SENATE DEBATEHouse Republicans were able to pass their amendments without Democratic support, but such provisions would die in the Senate, where President Joe Biden's fellow Democrats hold a 51-49 majority.

Persons: Wade, Barry Loudermilk, Adam Smith, Joe Biden's, Marjorie Taylor Greene, Patricia Zengerle, Richard Cowan, David Morgan, Ismail Shakil, David Gregorio Our Organizations: U.S . House, Department of Defense, Republicans, Pentagon, Republican, U.S, Supreme, House Republicans, House Armed Services Committee, Democratic, Senate, eventual, Ukraine, Thomson Locations: China, Ukraine, Russia

☆ Defense Bill’s Fate Teeters After G.O.P. Wedges In Social Issues
▼ + stars: | 2023-07-14 | by ( Karoun Demirjian | ) www.nytimes.com time to read: +1 min

The measures stand no chance of passing in the Democratic-led Senate, which is planning to begin considering its own version of the bill next week. Even if Republicans can muscle their bill through the House, the deep chasm between the chambers is expected to set off a protracted fight that could threaten Congress’s ability to maintain its six-decade track record of passing defense policy bills each year. Representative Adam Smith of Washington, the top Democrat on the Armed Services Committee, lamented the Republican approach to the legislation, saying it had ruined a bill that had emerged from the panel on a near-unanimous vote. They spent weeks agitating for reluctant G.O.P. leaders to include the socially conservative amendments in the defense bill debate, ultimately forcing the issue by threatening to block progress on the legislation until they got their way.

Persons: Adam Smith of, Smith, “, Kevin McCarthy, G.O.P Organizations: Defense, Democratic, Armed Services, Republicans Locations: United States, Adam Smith of Washington

☆ WSJ Opinion: The Biden-Big Tech Censorship
▼ + stars: | 2023-07-07 | by ( Wsj Opinion | ) www.wsj.com time to read: 1 min

Review and Outlook by The Editorial BoardVideos that speak for free markets and free people, the principles, if you will, marked in the watershed year of 1776 by Thomas Jefferson's Declaration of Independence and Adam Smith's "Wealth of Nations."

Persons: Thomas Jefferson's, Adam Smith's Organizations: Nations

☆ Bipartisan lawmakers visit Taiwan as Biden seeks to stabilize China relationship
▼ + stars: | 2023-06-27 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

Taiwan is a self-ruling democracy, but China views Taiwan as a province of the Chinese mainland. The visit comes at a sensitive time for America's relationship with China, its largest trading partner and strategic competitor in political, economic and security arenas. WASHINGTON — A bipartisan congressional delegation led by House Armed Services Committee Chairman Mike Rogers landed in Taiwan on Tuesday for a three day visit, according to the American Institute in Taiwan. Treasury Secretary Janet Yellen reportedly plans to visit China in July, Bloomberg News reported this week. But while visits by senior Biden administration officials to China may help normalize the U.S.-China relationship, visits like Rogers' delegation to Taiwan tend to have the opposite effect.

Persons: Mike Rogers, Tsai Ing, Adam Smith, WASHINGTON —, Rogers, Biden, Antony Blinken, Blinken, Janet Yellen Organizations: Republicans, U.S, Capitol, Taiwanese Ministry of Foreign Affairs, The Alabama Republican, House Armed Services, American Institute, Congressional, United, Bloomberg News, Treasury, Biden, ., National Security Council Locations: Afghanistan, Taiwan, Washington, Pacific, China, Beijing, WASHINGTON, Taipei, United States

☆ WSJ Opinion: Vladimir Putin and Russia’s Internal Rebellion
▼ + stars: | 2023-06-26 | by ( Wsj Opinion | ) www.wsj.com time to read: 1 min

Persons: Thomas Jefferson's, Adam Smith's Organizations: Nations

☆ Adam Smith’s Solution to Poverty
▼ + stars: | 2023-06-16 | by ( Rainer Zitelmann | ) www.wsj.com time to read: 1 min

Wonder Land: Inspired by China and Saudi Arabia, Team Biden's vision for U.S. industrial policy is one in which the government explicitly leads; everyone else follows. Images: AP/AFP/Getty Images Composite: Mark KellyAdam Smith’s last will and testament left his nephew David Douglas feeling disappointed. He received far less than he had hoped, and the will confirmed what Smith’s friends had long suspected: The Scottish economist, who always earned an above-average income, had donated almost his entire fortune to the poor, mostly in secret.

Persons: Mark Kelly Adam Smith’s, David Douglas Organizations: Getty Locations: China, Saudi Arabia, Scottish

☆ Lessons from the original Industrial Revolution
▼ + stars: | 2023-06-09 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

These are brilliantly described by Martin Hutchinson, a former Breakingviews columnist, in his new book “Forging Modernity: Why and How Britain Developed the Industrial Revolution”. In fact, several pioneers of the Industrial Revolution were self-taught. The Industrial Revolution can be viewed as the world’s first successful energy transition. The task of financing the Industrial Revolution fell to banks that were scattered across the country, some 800 in all. We are so accustomed to the economic growth sparked by the Industrial Revolution that we tend to view economic expansion as pretty much inevitable.

Persons: Martin Hutchinson, King Charles I, Charles, Duke, Bridgewater, Hutchinson, Josiah Wedgwood, Trent, Samuel, Richard, Adam Smith, William Pitt the Younger, Lord Liverpool, Smith, ”, “, Adam Smith’s, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Royal Society, Industrial, Nations, Reuters Graphics Reuters, Government, Dudley, Thomson Locations: Britain, England, British, Manchester, Birmingham, Bridgewater, Mersey, Samuel Whitbread’s, West Indies, Netherlands, United Kingdom

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

☆ Central bankers face a balance sheet reckoning
▼ + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.

Two crypto platforms, Voyager and Bittrex, have recently declared bankruptcy, and investors no longer have access to their crypto. To keep your crypto safe with other platforms, consider "cold storage," which refers to keeping your crypto offline. The Voyager and Bittrex bankruptcies are part of a prolonged "crypto winter" along with other crypto company bankruptcies of the past year, including FTX, Celsius, and more. Globally, countries are evaluating Central Bank Digital Currencies, the development of which you can track via the Atlantic Council's website. Regardless of the crypto winter and continuing cascade of crypto platform bankruptcies, digital currencies aren't going anywhere anytime soon.

House of Representatives Armed Services subcommittees had been scheduled to begin debate this week on the closely watched NDAA, which determines how the military spends its nearly-trillion-dollar annual budget. But it was put off at least temporarily as lawmakers and the White House hold talks on raising the government's $31.4 trillion debt. House Republicans passed a bill last month, with no support from Democrats, that would raise the debt ceiling only in exchange for sweeping spending cuts, including sharp reductions in "discretionary" spending on social programs. Democrats criticized the bill and said it would not be considered in the Senate, where their party controls a majority of seats. At the same time, Republicans have been pushing for an increase in defense spending, which exceeded $850 billion in the NDAA that passed last year, drawing criticism from Democrats.

☆ America Pays a High Price for Low Wages
▼ + stars: | 2023-04-28 | by ( Michael Lind | ) www.wsj.com time to read: +1 min

In “The Wealth of Nations,” the founding text of free-market economics, Adam Smith took it for granted that workers should be paid enough to cover the living costs of themselves and their dependents. “A man must always live by his work, and his wages must at least be sufficient to maintain him,” wrote Smith. “They must even upon most occasions be somewhat more, otherwise it would be impossible for him to bring up a family, and the race of such workmen could not last beyond the first generation.”In the last half-century, policy makers of both parties in the U.S. have successfully refuted Adam Smith. It turns out that it is indeed possible to pay wages to workers that are too low for their own maintenance, much less that of their families. This depends on using means-tested welfare programs like the earned-income tax credit (EITC), food stamps and housing vouchers, all of which compensate for wages that are too low for workers to live on.

☆ US Air Force secretary says it's time to move on from the A-10 Warthog because it 'doesn't scare China' and has only 'limited usability'
▼ + stars: | 2023-04-27 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US Air Force has been trying for years to retire its aging fleet of A-10 Warthog planes. During a Thursday hearing, the service secretary said the aircraft "doesn't scare China." I was an advocate for that program for a long time, but it doesn't scare China." US Air Force maintainers work on an A-10 Warthog at Kandahar Airfield in Afghanistan, September 2, 2011. In December 2021, the Air Force secretary lauded the Warthog, C-130 transport aircraft, and MQ-9 Reaper drone for their past effectiveness.

☆ CEOs like Jamie Dimon, Warren Buffett, and Elon Musk want the government to fight inequality and 'reignite the American dream'
▼ + stars: | 2023-04-15 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +8 min

His proposals include investing in American industry, teaching students workplace skills, and expanding the Earned Income Tax Credit. Forecasting "storm clouds ahead," Dimon wants the government to drive economic growth by subsidizing industry, investing in the workforce, and reducing income inequality. Following in Buffett's footsteps, Dimon said JPMorgan owes its business success to the "extraordinary conditions our country creates" for economic growth. Akin to Musk, Dimon said he didn't want the government to micromanage industry, believing "Adam Smith's invisible hand still prevails." He suggested expanding the Earned Income Tax Credit, a tax refund that allows lower-income working individuals and families to keep more of their earned income.

☆ You Can’t Throw the Bums Out if You’ve Voted With Your Feet
▼ + stars: | 2023-04-10 | by ( Allysia Finley | ) www.wsj.com time to read: 1 min

There’s a great deal of ruin in a nation, as Adam Smith once observed. Brandon Johnson ’s victory in last week’s Chicago mayoral race is a reminder that no matter how bad things get, they can always get worse. Its high crime and taxes are driving away businesses like Citadel, Boeing and Tyson Foods. Despite some of the highest property taxes in the country, its pension funds are in a death spiral. A net 175,000 people left Cook County between 2020 and 2022.

☆ Exclusive: Ukraine seeks US cluster bombs to adapt for drone use, lawmakers say
▼ + stars: | 2023-03-06 | by ( Jonathan Landay | ) www.reuters.com time to read: +6 min

They said Ukrainian officials urged U.S. lawmakers at last month's Munich Security Conference to press for White House approval. Ukraine hopes cluster munitions will give it an edge in the grinding fight against Russian forces in eastern Ukraine. But cluster munitions could be a step too far for the administration and some in Congress. A 2008 pact prohibiting the production, use and stockpiling of cluster munitions has been adopted by 123 countries, including most of NATO's 28 members. "And cluster munitions really are pretty lethal to mass formations as well as armor.

☆ A Year After Russia’s Invasion of Ukraine, Tough Sanctions Linger
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Russia’s invasion of Ukraine a year ago prompted a volley of tough sanctions from the U.S. and its allies, a historic use of economic measures that will likely have lasting implications for businesses. Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ Rep. Michael McCaul on Air Force general's prediction of war with China: 'I hope he's wrong... I think he's right'
▼ + stars: | 2023-01-29 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +2 min

A top congressional Republican on Sunday said he agrees with a memo by a four-star Air Force general that predicts the U.S. will be at war with China in two years. In the memo sent Friday and obtained by NBC News, Gen. Mike Minihan, head of Air Mobility Command, wrote, “I hope I am wrong. McCaul also accused the Biden administration of “projecting weakness” on the world stage and argued that there are “very high” odds of war with China because of it." The Air Mobility Command has nearly 50,000 service members and nearly 500 planes and is responsible for transport and refueling. The signed memo was addressed to all air wing commanders in Air Mobility Command and other Air Force operational commanders.

☆ 13 things Airbnb hosts wish their guests would stop doing
▼ + stars: | 2023-01-29 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +8 min

Airbnb hosts don't communicate with guests outside of answering questions and leaving reviews. So Insider asked hosts what they wish their guests would stop doing during their stays. Insider spoke to multiple Airbnb hosts and asked them the things they desperately wished that guests would stop doing at their listings. Please respect our properties so we can continue to allow you to bring your furry friends," Cohen told Insider. Forgetting to leave a ratingAs Insider reported previously, Airbnb hosts live and die by the website's ratings.

☆ 12 things your Airbnb hosts wish they could tell you
▼ + stars: | 2023-01-26 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +9 min

But dealing with an Airbnb host, as opposed to a hotel concierge, can be tricky. We spoke to Airbnb hosts across the US — here are 12 things they wish they could tell all guests. Insider spoke to multiple Airbnb hosts and asked them what they wished they could tell their guests. First things first: Don't use Airbnb or similar services, like VRBO, if you don't have toMultiple Airbnb hosts told Insider they'd actually prefer leaving Airbnb out of the process altogether. Some hosts simply shouldn't be hosts — don't let that put you off Airbnb"The main reason people should get into this business is to provide exceptional service to guests.

☆ California floods underscore rising climate costs: podcast
▼ + stars: | 2023-01-24 | by ( Ben Winck | ) www.reuters.com time to read: 1 min

WASHINGTON, Jan 24 (Reuters Breakingviews) - Catastrophic storms have devastated the Golden State’s economy and left more than $1 bln in damages. In this Exchange podcast, climatologist Adam Smith explains how global warming has made weather events more expensive, and what governments can do to protect against them. Listen to the podcastFollow @BenWinck on TwitterEditing by Thomas ShumOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The United States experienced 18 extreme weather events last year that each caused at least $1 billion in damages, according to a report released Tuesday by the National Oceanic and Atmospheric Administration. Weather and climate disasters across the country resulted in more than $165 billion in damages in 2022, making it the third-costliest year on record, NOAA officials said. Despite a slow start to last year's hurricane season, three storms resulted in at least $1 billion in damages: Hurricane Fiona, Hurricane Ian and Hurricane Nicole. Hurricane Ian, which slammed into southwestern Florida in late September and caused widespread destruction, resulted in nearly $113 billion in damages, the report found. NOAA’s findings offer a glimpse of the major toll that extreme weather events are already having and the country’s vulnerability to climate disasters in the future.

☆ ‘Adam Smith’s America’ Review: Wealth of a Nation
▼ + stars: | 2022-12-17 | by ( Barton Swaim | ) www.wsj.com time to read: +1 min

Admirers of Adam Smith may be surprised to learn that there is an entire academic industry dedicated to the proposition that the great Scottish economist was not a proponent of free-market capitalism. Scholarly articles on Smith and the economic ideas of the Scottish Enlightenment frequently contain lengthy explanations of how he really didn’t promote amoral capitalism and unfettered markets but believed rather in a virtuous society that placed moral concerns above the market. Academic debates aside, the basic point about Smith’s economic views isn’t in doubt. They recruited Smith, in other words, to make the case against central planning and high taxation. His metaphor of an invisible hand, in their view—the self-interested merchant going about his business is “led by an invisible hand to promote an end which was no part of his intention”—exploded the fantasy that faraway planners were best equipped to create widespread prosperity.

☆ House passes defense bill scrapping military's Covid vaccine mandate
▼ + stars: | 2022-12-08 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

To win bipartisan support for the bill, Democrats agreed to Republican demands to scrap the requirement for service members to get a Covid-19 vaccination. The bill directs Defense Secretary Lloyd Austin to rescind his August 2021 memorandum imposing the mandate. Rep. Adam Smith, Democratic chairman of the House Armed Services Committee, told colleagues that the decision to impose the vaccine mandate was the right call at the time. While the rescission of the Covid-19 vaccine mandate has generated much attention, it takes up one paragraph of what is a 4,408-page bill. This year’s bill authorizes money to support a $4.6% pay raise for military members and the Defense Department’s civilian workers.

☆ U.S. House overwhelmingly approves bill backing record military spending
▼ + stars: | 2022-12-08 | by ( Patricia Zengerle | ) www.reuters.com time to read: +2 min

"This bill is Congress exercising its authority to authorize and do oversight," said Representative Adam Smith, the Democratic chairman of the House Armed Services Committee, in a speech urging support for the measure. This year's bill - the result of months of negotiations between Democrats and Republicans in the House and Senate - needed a two-thirds majority in the House after disagreement from some House members over whether it should include an amendment on voting rights. The Senate is expected to pass the NDAA next week, sending it to the White House for President Joe Biden to sign into law. Authorization bills create programs but Congress must pass appropriations bills to give the government legal authority to spend federal money. Congressional leaders have not yet agreed on an appropriations bill for next year.

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