{"id":10585,"date":"2024-10-08T09:34:40","date_gmt":"2024-10-08T08:34:40","guid":{"rendered":"https:\/\/hamiltoncourtfx.com\/?p=10585"},"modified":"2024-10-08T09:34:43","modified_gmt":"2024-10-08T08:34:43","slug":"report-considers-presidential-impact-on-debt","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/es\/report-considers-presidential-impact-on-debt\/","title":{"rendered":"Report Considers Presidential Nominees Impact on Debt"},"content":{"rendered":"
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Travel Tuesday: Moldova\u00a0<\/strong><\/h5>\n
Moldova is home to the world\u2019s largest wine cellar by the number of bottles. The Milestii Mici wine cellar holds around 2 million bottles of wine and stretches over 55 kilometres (34 miles) of underground galleries. It\u2019s a must visit for wine enthusiasts and a significant part of Moldova\u2019s rich wine making tradition.<\/h5>\n
GDP<\/strong>\u00a0$16.54 billion<\/h5>\n
Biggest Export\u00a0<\/strong>Refined petroleum, insulated wire, seed oils, corn, and sunflower seeds<\/h5>\n
Biggest Trading Partners\u00a0<\/strong>Romania, Ukraine, Italy, Turkey, Germany<\/h5>\n
Political System\u00a0<\/strong>Unitary parliamentary republic. The President is the head of state, and the Prime Minister is the head of government.<\/h5>\n
National Animal\u00a0<\/strong>Aurochs<\/h5>\n
Next Election <\/strong>20 October<\/h5>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n
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Report Considers Presidential Nominees Impact on Debt<\/h2>\n <\/div>\n
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Yesterday, the Committee for a Responsible Federal Budget (a non-partisan organisation based in Washington DC) published a report analysing the impact that either Harris or Trump could have on the nation\u2019s finances.<\/p>\n

The publication comes against a backdrop of US debt-to-GDP standing at $33.17tn or 121% of GDP during the 2023 fiscal year (though it has since risen to $35.68tn).<\/p>\n

The report warned that \u201cthe next President will face significant fiscal challenges upon taking office, including record debt levels, large structural deficits, surging interest payments, and the looming insolvency of critical trust fund programs\u201d.<\/p>\n

By examining, policies put forward on campaign both candidates\u2019 websites, official campaign announcements and white papers, the report looked at policies.<\/p>\n

According to the CRFB\u2019s central estimate, Harris\u2019 plans could raise the US\u2019 national debt by $3.5tn compared to Trump\u2019s $7.5tn. On a high estimate, the report further indicated that Harris\u2019 plans could increase national debt by $8.1tn, against Trump\u2019s whose plans could increase it by a colossal $15.15tn. Meanwhile, under a low-cost estimate, Harris plan would be near enough to deficit neutral, while the Trump\u2019s plans would see $1.45 trillion added to the national debt.<\/p>\n

According to the report, uncertainty remains around the TCJA. This Tax Cuts and Jobs Act (implemented through Trump during 2017) represented the largest change to the tax code in decades, reducing taxes for tens of millions of households and business across the US economy. Many of the TCJA\u2019s cuts covering individuals and smaller business, however, is set to expire at the end of next year.<\/p>\n

Ahead of this, talk of a debt ceiling crisis will no doubt come back in common parlance given that its suspension is set to expire on 1 Jan 2025.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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\u2026It May Be of Interest<\/h2>\n <\/div>\n
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Sticking with US Debt, it may be of interest to note that US debt grew over 4,000% throughout the course of the American Civil War. According to the US Treasury, the country saw their debt increase from $65m in 1860 to $1bn in 1863 ahead of increasing to around $3bn shortly after the conflict in 1865.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Troubled Water<\/h2>\n <\/div>\n
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Following a report from the industry regulator Ofwat, thirteen water companies will be forced to repay a total of \u00a3158 to customers next year following a failure to meet targets and for causing damage to the environment. It is understood that the rebate will come in the form of lower bills to consumers.<\/p>\n

The CEO of Ofwat signalled that \u201cCompanies must implement actions now to improve performance\u2026and not wait till government or regulators ask them to act\u201d.<\/p>\n

Thames Water will have to pay back \u00a356.8m \u2013 the largest repayment \u2013 which will no doubt add to its spiralling list of problems.<\/p>\n

In July, Ofwat\u2019s put the monopoly into a \u201cturnaround oversight regime\u201d and rejected their proposals to increase water bills by 45% proposals. The regulator signalled that water bills would rise 21% but insisted that the company would have to make improvements to \u201ccustomer service and the environment at a fair price for customers\u201d.<\/p>\n

Also in July, Thames Water said that it has \u00a31.8bn in liquidity, which it said is enough to cover its operations until May of next year. This comes as their net-debt position sits at around \u00a315.2bn, having risen by as much as \u00a314bn since their previous financial year because of greater levels of spending on infrastructure.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Travel Tuesday, the impact Harris or Trump could have on US debt, and thirteen water companies forced to repay customers after not meeting targets.<\/p>","protected":false},"author":15,"featured_media":8552,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"rp-language":[16],"class_list":["post-10585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/10585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/comments?post=10585"}],"version-history":[{"count":8,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/10585\/revisions"}],"predecessor-version":[{"id":10593,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/10585\/revisions\/10593"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media?parent=10585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/categories?post=10585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/tags?post=10585"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/rp-language?post=10585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}