White House economic adviser: ‘I sure don’t see a recession’
Kadia TubmanReporterYahoo News• White House economic adviser Kudlow: ‘I sure don’t see a recession’ White House economic adviser Larry Kudlow dismissed fears about a possible recession after a roller-coaster week for stocks.“I sure don’t see a recession,” Kudlow told “Meet the Press” host Chuck Todd Sunday. “We had some blockbuster retail sales [and] consumer numbers toward the back end of last week.”“Consumers are working at higher wages,” he continued. “They are spending at a rapid pace. They’re actually saving also while they’re spending. That’s an ideal situation. So I think actually the second half, the economy’s going to be very good in 2019.”His comments came after a tumultuous week for Wall Street as the Dow dropped 800 points on Wednesday, while the Standard & Poor’s 500 and the Nasdaq each lost about 3 percent, striking fears that an economic downturn loomed amid Trump’s escalating trade and currency war with China.White House economic adviser Larry Kudlow. (Photo: Saul Loeb/AFP/Getty Images); President Trump. (Photo: Nicholas Kamm/AFP/Getty Images); Peter Navarro, White House trade and manufacturing policy director. (Photo: Chip Somodevilla/Getty Images)Kudlow, who serves as the head of the National Economic Council, had uttered similar doubt ahead of the 2008 recession, writing in 2007, “There’s no recession coming. … The pessimistas were wrong.”“I plead guilty to that late 2007 forecast,” Kudlow told Todd.“Let’s not be afraid of optimism,” he said. “I think it’s a very optimistic economy going on out there.”“The Trump pro-growth program, which I believe has been succeeding, we’re going to stay with that,” Kudlow told Fox News’ Dana Perino Sunday. „There’s no recession on the horizon.”President Trump at a campaign rally in Manchester, N.H., on Aug. 15. (Photo: Lev Radin/Pacific Press/LightRocket via Getty Images)White House trade adviser Peter Navarro also struck an optimistic tone about the U.S. economy.“What I can tell you with certainty is that we’re going to have a strong economy through 2020 and beyond,” Navarro said in an interview with ABC’s „This Week” Sunday. He also defended Trump’s trade war, saying tariffs are “not hurting anybody here.”But Democrats have cast doubt about the future of the U.S. economy and blamed Trump’s trade policies.“There’s a big debate going on right now over whether we’re on the cusp of a recession,” said South Bend, Ind., mayor and presidential hopeful Pete Butteigeig on CNN’s “State of the Union” Sunday. “I think we probably are. But the more important thing is, even during an expansion, most Americans haven’t been able to get ahead. That is a huge problem. And the president has made it abundantly clear that he doesn’t care.”“When it comes to rural America,” continued Buttigieg, “it’s just the scenery that he sees out the helicopter window on the way to his golf course. And when it comes to American consumers, he is completely out of touch with the impact it’s going to have on the prices we pay for our goods as a result of a trade war in which both sides will lose.”Sen. Elizabeth Warren, who’d previously predicted the Great Recession, in July warned of a coming economic crash by the end of 2020, saying, “The warning lights are flashing.”“Our country’s economic foundation is fragile, and a single shock could bring it all down. Trump’s reckless behavior makes that shock more likely,” wrote Warren, who dismissed “Trump’s promises of a manufacturing ‘renaissance’” and argued his trade war with China threatens U.S. manufacturing.“With an economy this vulnerable,” she wrote, “we need to reduce the odds of the potential shocks that can send us into another downturn.”At a New Hampshire campaign rally Thursday, Trump declared that even Americans who hate him “have no choice” but to vote for him because otherwise the stock market will collapse, the New York Times reported.“You have the best unemployment, you have the most successful state in the history of your state and the history of our country,” he told a campaign rally in Manchester. “And then you’re going to vote for somebody else? Oh, great. ‘Let’s vote for Elizabeth “Pocahontas” Warren. We have the best numbers we’ve ever had — let’s vote for somebody else.’”_Download the Yahoo News app to customize your experience. Read more from Yahoo News:
The United States no longer has military primacy in the Pacific and could struggle to defend allies against China, a top Australian think tank has warned.
A hard-hitting report from the United States Studies Centre at the University of Sydney released on Monday said the US military is an „atrophying force” that is „dangerously overstretched” and „ill-prepared” for a confrontation with China.
If correct, the assessment has far-reaching implications for US allies like Australia, Taiwan and Japan who depend on American security guarantees.
Donald Trump’s presidency has deepened concerns that Washington would not defend its allies in the face of aggression from China. But this latest report has suggested that the United States may struggle to help even if it wanted to.
Accusing Washington of „strategic insolvency”, the authors said decades-long Middle East wars, partisanship and under-investment have left Pacific allies exposed.
„China, by contrast, is growing ever more capable of challenging the regional order by force as a result of its large-scale investment in advanced military systems,” they warned.
Under President Xi Jinping, China’s official defence budget has increased by around 75 percent to $178 billion — although the true figure is believed to be much more.
Crucially, Beijing has invested in precision ballistic missiles and counter-intervention systems that would make it difficult for the US military to reach contested areas quickly.
According to the report, „almost all American, allied and partner bases, airstrips, ports and military installations in the Western Pacific” lack hardened infrastructure and are under major threat.
That advantage could be used to seize territory in Taiwan, Japanese-administered islands or the South China Sea before US forces could get there.
Experts believe that the deployment of US land-based missiles and a changed role for the United States Marine Corps will be vital to countering China, as well as collective regional defence — with the likes of Australia and Japan doing more.
In Australia, concerns have been growing about inadequate defences, prompting debate about whether the country should think about developing nuclear weapons.
Similar discussions are have periodically taken place in neighbouring Indonesia.
A separate report released on Sunday by the Australian Strategic Policy Institute recommended Australia boost and harden military capabilities in the thinly-populated north of the country.
„Because of the significantly reduced warning times for future conflict,” wrote author John Coyne, it is likely the north of Australia will be used as a forward operating base or a „lily pad” to reach conflict zones.
The US military has already earmarked around US$210 million to boost a Marine Corps base near Darwin.
During a recent visit to Australia, Defense Secretary Mark Esper suggested the United States wants to deploy intermediate-range missiles in Asia. So far, the Australian government has stressed it has not received a formal request to host those weapons.
‘India is making moves in Kashmir’ — here’s what that means
Kashmir, a Himalayan region between India and Pakistan that is claimed by both and divided between the two nuclear-armed powers, is facing heightened tensions after recent actions by India.
On August 6, the government of India Prime Minister Narendra Modi dissolved a 70-year-old constitutional provision that provided autonomy to the India-administered region of Jammu and Kashmir. The area consequently became two federal territories — Jammu and Kashmir along with neighboring Ladakh — allowing Delhi to exert greater control.
Tensions immediately rose with Pakistan, and some investors noted the developments.
“India is making moves in Kashmir, which some fear could flare into conflict with Pakistan,” Art Cashin, a managing director of UBS Financial Services, wrote in a note on August 8th. “Two nuclear powers nose to nose. That can’t be good for the markets, or the world.”
The history of the region is a complicated one.
After 1947, during the partition of British India and what followed, there were disagreements about what would happen to the former princely state of Jammu and Kashmir.
Article 370 was born as a temporary fix, an addition to the Indian constitution shortly after the partition to give the region autonomy until a decision was made about whether India or Pakistan would rule.
And so Jammu and Kashmir — which shared borders with Pakistan and China — were allowed to operate autonomously since the 1947 partition of British India.
Under Article 370, India administers the Hindu-majority region of Jammu and part of Muslim-majority Kashmir.
Pakistan administers two areas — the rest of Kashmir and Gilgit-Baltistan — while China administers a northeastern part of Kashmir called Aksai Chin, which India claims as its own.
Last year, India’s Supreme Court ruled that Article 370 would become a permanent part of the constitution.
Modi and his Bharatiya Janata Party amended the law through a bill in early August.
“After five years, seeing development in J&K (Jammu and Kashmir) under the leadership of PM Modi,” Indian Home Minister Amit Shah said before the country’s parliament passed the bill, “people of the valley will understand drawbacks of Article 370.”
An increased number of Indian troops now parole the region.
Explosion at wedding in Afghanistan kills 63 and injures 182 originally appeared on abcnews.go.com
The blast happened at the Dubai City Wedding Hall in western Kabul as it was packed with revelers enjoying a wedding, many of whom were women and children.
The cause of the explosion remains unknown, but it took place in a part of Kabul where many people of the Shiite Hazara community call home.
The Islamic State’s arm in Afghanistan claimed responsibility for the attack, The Associated Press reported. The Taliban released a statement shortly after the explosion condemning the bombing and denying any involvement.
Just yesterday President Donald Trump met with his Afghanistan envoy, along with Secretary of State Mike Pompeo, National Security Adviser John Bolton and Vice President Mike Pence, at his golf club in New Jersey and hinted that the U.S. might be close to a deal with the Taliban.
He tweeted, „Just completed a very good meeting on Afghanistan. Many on the opposite side of this 19 year old war, and us, are looking to make a deal – if possible!”
An Afghan official told ABC News, „Terrorists once again targeted civilians. They cannot face ANDSF (Afghanistan National Defense and Security Forces) in the battle field hence conduct these cowardly attacks.”
Images of the wedding hall after the explosion showed several enormous holes were left in the walls and ceiling of the building and dozens of shoes piled up from victims that were caught in the blast. Hospital corridors were also lined with victims who were waiting to receive treatment — some who had lost limbs.
The timing of the explosion shattered more than a week of calm in the Afghan capital.
A Taliban car bomb allegedly targeting Afghan security forces ripped through a busy west Kabul neighborhood on the same road as the wedding explosion 10 days ago, killing 14 people and wounding 145 — most of them women and children.
Omar al-Bashir, the ousted former president of Sudan, is expected to stand in court on Monday for the first stage of a corruption trial which could see him jailed for many years.
Bashir took power in a 1989 coup but was deposed in April after mass protests and security forces deciding to withdraw support for his brutal regime, which was behind an alleged genocidal campaign in the Darfur region.
The 75-year-old former dictator is in prison awaiting the trail, where he faces allegations of possessing foreign currency, corruption and receiving gifts illegally.
Human rights groups and relatives of Bashir’s victims also want to see him stand trial at the International Criminal Court in the Hague for his role in the genocide of around 300,000 people in Darfur.
„While this trial is a positive step towards accountability for some of his alleged crimes, he remains wanted for heinous crimes committed against the Sudanese people,” said Joan Nyanyuki, Amnesty International’s East Africa director.
It comes as Sudan prepares to celebrate a historic deal between generals and protest leaders for a transition to civilian rule, which many hope will bring increased freedom and prosperity. During a ceremony to be held at a hall by the Nile in the capital Khartoum, members of the Transitional Military Council and protest leaders are expected to sign documents defining a 39-month transition.
But the road to democracy remains fraught with obstacles, even if the mood was celebratory as foreign dignitaries as well as thousands of citizens from all over Sudan converged for the occasion.
The deal reached on August 4 – the Constitutional Declaration – brought an end to nearly eight months of upheaval that led to the ousting of Bashir.
Amman (AFP) – Jordan summoned Israel’s ambassador on Sunday in protest over „violations” at Jerusalem’s flashpoint Al-Aqsa Mosque compound, the foreign ministry said.
It summoned envoy Amir Weissbrod to voice its „condemnation and rejection of Israeli violations” at the highly sensitive site, where Israeli security forces clashed with Palestinian worshippers last week.
Jordan, the only Arab country apart from Egypt to have a peace agreement with the Jewish state, supervises Islamic holy sites in Jerusalem.
Its diplomatic protest came days after Israeli Public Security Minister Gilad Erdan reportedly told a radio station that the country should work toward Jews being allowed to pray at the holy site.
But he added the change should come through „political agreements and not by force,” according to Israeli newspaper Haaretz.
Jews are allowed to visit but cannot pray there — a ban condemned by some nationalists including members of Prime Minister Benjamin Netanyahu’s right-wing coalition.
Jordan’s foreign ministry expressed „the kingdom’s strong condemnation” over Erdan’s comments, demanding „an immediate stop to Israel’s violations and all its attempts to change the historic and legal status quo” at the site.
The Al-Aqsa mosque is the third holiest place in Islam and a key Palestinian national symbol.
It is also the holiest spot in the world for Jews, who refer to it as the Temple Mount and believe it was the site of the two biblical-era Jewish temples.
Israeli police and Palestinian worshippers clashed at the compound on August 11 as Muslims around the world marked the Eid al-Adha holiday.
That festival coincided with the Jewish Tisha B’av holiday, resulting in an increase in visits by Jewish religious nationalists to the holy site.
In a bid to ease tensions, police initially barred Jews from entering, but Muslim worshippers still suspected they would be allowed in and staged protests that sparked clashes.
After relative calm returned and following criticism from Israeli far-right politicians, police re-opened the site to Jewish visits, provoking further violence.
Muslim worshippers’ access to Al-Aqsa and the adjoining Dome of the Rock is controlled by Israeli security forces.
The site is located in east Jerusalem, occupied by Israel in the 1967 Six-Day War and later annexed in a move never recognised by the international community.