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TRUMP Tower, in midtown Manhattan, has become a modern-day Mount Vernon. Tourists have long visited George Washington's homestead. Now they venture through Trump Tower's brass doors to ogle the decor—“it's so gold,” said a German teenager standing near the lobby's waterfall on a recent afternoon—or buy souvenirs. The Choi family, visiting from South Korea, wandered the marble expanse with their new “Make America Great” hats (three for $50).The question for America's hoteliers and airlines is whether such visitors are just anomalies. A strong dollar is one reason for foreigners to avoid visiting America. Donald Trump may prove another, suggests a growing collection of data. Yet measuring the precise impact of Mr Trump's presidency on travel is difficult. In addition to the currency effect, many trips currently being taken to America were booked before his election. Marriott, a big hotel company, reported an overall increase, compared with a year earlier, in foreign bookings in America in February.But Arne Sorenson, Marriott's boss, has voiced concern about a potential slump in tourism. In February, ForwardKeys, a travel-data...Continue reading
APRIL is the cruellest month, breeding lilacs out of the dead land, and, in Washington, chirpy forecasts from the IMF that often prove a bit too chirpy. On April 18th the fund released its semi-annual World Economic Outlook (WEO), raising its forecast for global growth in 2017 to 3.5%.Growth forecasts for the emerging world have not changed. The IMF's global optimism is based instead on hopes of increased growth in the rich world. The fund takes a rosy view of the American economy, citing both high levels of consumer confidence and Donald Trump's plans for more government spending. In Britain the IMF now reckons GDP will grow by 2.0% in 2017, up from earlier estimates of 1.5% (issued in January) and 1.1% (last October). The IMF has also raised its forecasts for Japan and the euro area.Snipers point out that IMF forecasts have been far from perfect. Some glitches are excusable. In the spring of 1990, it predicted that Kuwait's economy would grow by 0.8% that year. It actually fell by 26%. The IMF's model did not allow for an Iraqi invasion. But other errors are less easily explained: between 1990 and 2007, the IMF's spring forecasts...Continue reading
HOUSE Resolution 67, which Donald Trump signed last week, rolls back a rule that the Labor Department finalised late last year, which would have made it easier for cities and counties to run retirement savings plans for citizens who couldn't get them through work. It is an odd choice for Republicans to kill plans that would encourage private, voluntary, tax-deferred saving, which they tend to approve of. But a trade group for investment funds opposes the city-run retirement plans. The Democrats on Capitol Hill, beset with other problems, are not picking a fight. They should. The resolution itself is nothing more than a kick in the shins for the three cities, all run by Democrats, that had considered setting up plans—New York, Philadelphia and Seattle. But it points to a larger problem, which neither party has confronted. The United States has a retirement crisis, which it is treating like a savings crisis. They are not the same thing. In traditional macroeconomics, all saving serves the same purpose: investment in the capital stock, or new machines to make stuff. Workers either spend from their paychecks on rent and food, or put money away in bonds, shares or savings...Continue reading
WASHINGTON, April 13, 2017 - Yesterday, Congressman-elect Ron Estes (R-Kan.) appeared on Washington Watch with Tony Perkins, a national radio show which airs on more than 240 stations across the country. On the show, Estes discussed his recent victory in winning a special congressional election in Kansas to take over the seat vacated by Mike Pompeo, who is now serving as President Trump's CIA director. Ron will be the newest member of Congress and is looking to change things for the better in Washington....
Planned Parenthood: Going for Broke April 12, 2017 The biggest prize of last November is getting settled in his Supreme Court office. But Justice Neil Gorsuch was only part of the GOP's payoff for electing Donald Trump. With Antonin Scalia's replacement firmly in place, conservatives are ...
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