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Antoni: Why U.S. credit downgrade is a big deal

Published Fri, 01 Nov 2024 10:25:47 GMT

The world is waking up to a stark reality that could affect tens of millions of Americans: The federal government may be unable to pay its bills sooner rather than later.The financial situation is deteriorating so rapidly that the outlook on U.S. debt was downgraded a few days ago. That change was long overdue and highlights just how dangerous the situation is becoming for taxpayers and bondholders alike – including anyone with retirement funds.The Nationally Recognized Statistical Ratings Organization (NRSRO) Fitch downgraded U.S. debt in August of this year, citing the federal government’s completely unsustainable path of ever-growing deficits. The downgrade means that there is an increased likelihood of default, where bondholders don’t get paid what they were promised.While default usually means a borrower fails to make a payment to a lender by a promised date, governments can also implicitly default by inflating their currencies. Under the Biden administration, the dollar has lo...

Dear Abby: Son’s unstable ex tries blackmail

Published Fri, 01 Nov 2024 10:25:47 GMT

Dear Abby: My son, age 31, dated a woman for a month. On a couple of occasions, she got drunk and became very nasty. He decided to end the relationship and did it in person.Unfortunately, during their short time together, he divulged some personal issues he’s working on. She contacted him a few weeks after they broke up. When he didn’t respond, she contacted him again and threatened to make his personal issues public. What do you do in this situation? — Cautious Mom in New JerseyDear Mom: The healthiest thing for your son to do would be to continue ignoring the woman. There is nothing positive to be gained by allowing himself to be sucked into a contentious relationship with someone who may be unstable. The alternative would be to have his attorney write her a letter explaining that should she post anything on social media that could damage his reputation (and job, business, etc.), she might be liable for damages, legal fees and court costs.Dear Abby: My husband re...

41 workers in India are stuck in a tunnel for an 8th day. Officials consider alternate rescue plans

Published Fri, 01 Nov 2024 10:25:47 GMT

LUCKNOW, India (AP) — Officials trying to reach 41 workers who have been trapped in a collapsed tunnel in northern India for eight days were contemplating alternative rescue plans Sunday after snags with a drilling machine caused them to halt digging. A new drilling machine arrived at the accident site in Uttarakhand state on Saturday to replace one that was damaged while breaking through the rocks and debris. They had been using the drill to create a space to insert wide pipes through which the trapped workers could crawl to their freedom. Authorities have so far drilled 24 meters (79 feet) through rubble and debris, but it would require up to 60 meters (197 feet) to allow the workers to escape, said Devendra Patwal, a disaster management official. Officials on Sunday were considering new angles for extracting the workers. Deepa Gaur, a government spokesperson, said this included possibly using the new machine to drill from the top of the hill, under which the workers have been tra...

Sugar prices are rising worldwide after bad weather tied to El Nino damaged crops in Asia

Published Fri, 01 Nov 2024 10:25:47 GMT

Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. Increasing the cost of bread would mean declining sales, so the Nigerian baker decided to cut his production by half.For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last straw, and they closed for good. Sugar is needed to make bread, which is a staple for Nigeria’s 210 million people, and for many who are struggling to put food on the table, it offers a cheap source of calories. Surging sugar prices — an increase of 55% in two months — means fewer bakers and less bread.“It is a very serious situation,” Abdulraheem said.Sugar worldwide is trading at the highest prices since 2011, mainly due to lower global supplies after unusually dry weather damaged harvests in India and Thailand, the world’s second- and third-largest exporters. This is just the latest hit for developing nations already coping with shortag...

Ahead of Dutch elections, food banks highlight the cost-of-living crisis, a major campaign theme

Published Fri, 01 Nov 2024 10:25:47 GMT

VOORBURG, Netherlands (AP) — Cans of fish, jars of pasta sauce and bags of beans are stacked in blue crates. Meat, dairy and bread are kept cold in a huge freezer and a walk-in refrigerator in this affluent Dutch town. The supplies are on hand to feed the new poor in one of the richest nations in the world.Needy families are lining up for free handouts at food banks across the Netherlands, underscoring how poverty is taking root even in lower middle-class families and why tackling it has become a major theme in next Wednesday’s parliamentary election.If it gets any worse, “then it really becomes a scandal for society,” said Rob Kuipers, a 70-year-old retired senior civil servant who is the chairman of the local food bank in Leidschendam-Voorburg, within easy cycling distance of the parliament in The Hague.The cost-of-living crisis, a chronic shortage of social and affordable housing and limits on access to affordable healthcare have combined to become known by the catch-...

Argentines vote in election that could lead Trump-admiring populist to the presidency

Published Fri, 01 Nov 2024 10:25:47 GMT

BUENOS AIRES, Argentina (AP) — Voters in Argentina head to the polls Sunday in a presidential runoff election that will determine whether South America’s second-largest economy will take a rightward shift. Populist Javier Milei, an upstart candidate who got his start as a television talking head, has frequently been compared to former U.S. President Donald Trump. He faces Economy Minister Sergio Massa of the Peronist party, which has been a leading force in Argentine politics for decades.On Massa’s watch, inflation has soared to more than 140% and poverty has increased. Milei, a self-described anarcho-capitalist, proposes to slash the size of the state and rein in inflation, while Massa has warned people about the negative impacts of such policies. The highly polarizing election is forcing many to decide which of the two they consider to be the least bad option. “Whatever happens in this election will be incredible,” said Lucas Romero, director of local political consult...

For this group of trans women, the pope and his message of inclusivity are a welcome change

Published Fri, 01 Nov 2024 10:25:47 GMT

TORVAIANICA, Italy (AP) — Pope Francis’ recent gesture of welcome for transgender Catholics has resonated strongly in a working class, seaside town south of Rome, where a community of trans women has found help and hope through a remarkable relationship with the pontiff forged during the darkest times of the pandemic.Thanks to the local parish priest, these women now make monthly visits to Francis’ Wednesday general audiences, where they are given VIP seats. On any given day, they receive handouts of medicine, cash and shampoo. When COVID-19 struck, the Vatican bussed them into its health facility so they could be vaccinated ahead of most Italians.On Sunday, these women — many of whom are Latin American migrants and work as prostitutes — will join over 1,000 other poor and homeless people in the Vatican auditorium as Francis’ guests for lunch to mark the Catholic Church’s World Day of the Poor. For the marginalized trans community of Torvaianica, it is just the latest gesture of inc...

Oregon’s first-in-the-nation drug decriminalization law faces growing pushback amid fentanyl crisis

Published Fri, 01 Nov 2024 10:25:47 GMT

PORTLAND, Ore. (AP) — Oregon’s first-in-the-nation law that decriminalized the possession of small amounts of heroin, cocaine and other illicit drugs in favor of an emphasis on addiction treatment is facing strong headwinds in the progressive state after an explosion of public drug use fueled by the proliferation of fentanyl and a surge in deaths from opioids, including those of children.“The inability for people to live their day-to-day life without encountering open-air drug use is so pressing on urban folks’ minds,” said John Horvick, vice president of polling firm DHM Research. “That has very much changed people’s perspective about what they think Measure 110 is.”When the law was approved by 58% of Oregon voters three years ago, supporters championed Measure 110 as a revolutionary approach that would transform addiction by minimizing penalties for drug use and investing instead in recovery. But even top Democratic lawmakers who backed the law, which will likely dominate th...

GOP secures all elected statewide offices in Louisiana, after Republican victories Saturday

Published Fri, 01 Nov 2024 10:25:47 GMT

BATON ROUGE, La. (AP) — Come January, the GOP will control every elected statewide office in Louisiana after Republicans swept three runoff races for attorney general, secretary of state and treasurer Saturday night.The GOP success, in a state that has had a Democrat in the governor’s office for the past eight years, means that Republicans secured all of Louisiana’s statewide offices for the first time since 2015. In addition, the GOP holds a two-third supermajority in the House and Senate.Liz Murrill was elected as attorney general, Nancy Landry as secretary of state and John Fleming as treasurer. The results also mean Louisiana will have its first female attorney general and first woman elected as secretary of state. Saturday’s election completes the shaping of Louisiana’s executive branch, where most incumbents didn’t seek reelection and opened the door for new leadership in some of the most powerful positions. Louisiana’s gubernatorial election was decided in October...

Jayden Daniels piles up over 500 total yards, powers No. 15 LSU past Georgia State 56-14

Published Fri, 01 Nov 2024 10:25:47 GMT

BATON ROUGE, La. (AP) — Senior quarterback Jayden Daniels piled up 509 total yards, threw six touchdown passes and rushed for two more scores as No. 15 LSU defeated Georgia State 56-14 Saturday night.Daniels continued to make his case for Heisman Trophy consideration, leading the Tigers (8-3, 5-2 SEC) on touchdown drives on all eight of his team’s possessions before being subbed out with under four minutes to go in the game. He completed 25 of 30 passes for 413 yards. He also rushed for 96 yards on 10 carries.“People are starting to see how assertive and decisive of a football player he is,” LSU head coach Brian Kelly said of his quarterback. “When you are 25 or 30 throwing the football, the decisiveness and decision making has to be that way.“It was a great performance by our offense. Eight touchdowns on eight possessions; what more can you say.”Daniels’ role in eight total touchdowns in the game matched a school record set by 2019 Heisman Trophy winner Joe Burrow, who had a ...