Latest news with #US2.4
The Age
09-06-2025
- Business
- The Age
Trump v Musk is the final battle before a catastrophe
Who needs reality TV when there's the psychodrama of Donald Trump's White House to keep us all entertained? As plot lines go, the falling out between Trump and Elon Musk was perhaps about as predictable as they come, but the sheer venom, speed and combustibility of the divorce has nevertheless proved utterly captivating. Even the best of Hollywood scriptwriters would have struggled to do better. The stench of betrayal hangs heavy in the air, a veritable revenger's tragedy of a drama. Beneath it all, however, lies a rather more serious matter than the sight of two of the world's richest and most powerful men breaking up and exchanging insults. And it's one that afflicts nearly all major high-income economies. Slowly but surely – and at varying speeds – they are all going bust. Yet few of them seem even capable of recognising it, let alone doing anything to correct it. None more so than the United States, where the Congressional Budget Office last week estimated that Trump's 'one big, beautiful bill' would add a further $US2.4 trillion ($3.7 million) to the national debt by 2034. Loading Let's not take sides, but Musk was absolutely right when he described the bill as 'a disgusting abomination'. It taxes far too little, and it spends far too much. It is hard to imagine a more reckless piece of make-believe. Musk had backed Trump not just out of self-interest – more government contracts, protection of the electric vehicle mandate, personal aggrandisement and so on – but because he genuinely believed he could help stop the US from bankrupting itself. This has proved a monumental conceit. The $US2 trillion of savings in federal spending he initially promised has turned out to be at most $US200 billion, and probably substantially less once double accounting and wishful thinking is factored in.
The Age
05-06-2025
- Business
- The Age
Master of deception: How Trump is fudging the numbers
When looking at the latest US Congressional Budget Office analysis of the Trump administration's proposed budget and tariff policies, the saying 'lies, damned lies, and statistics' comes readily to mind because, at the heart of both sets of policies, is financial legerdemain. The CBO's verdict on the One Big Beautiful Bill Act now being negotiated by Senate Republicans is that, in its current form, it would add $US2.4 trillion ($3.7 trillion) to US government's $US36.2 trillion of debt over the next decade. A separate CBO analysis of the Trump tariffs, however, said it could raise $US2.8 trillion over the same period, suggesting that it would more than cover the increased spending. At the core of the increase in spending is the extension of Trump's 2017 tax cuts, which mainly favoured companies and wealthy households. Those cuts had a 'sunset' clause – they were scheduled to end in December this year – which was an accounting artifice to keep their cost below $US1.5 trillion rather than multiples of that amount had they been factored into the CBO's usual 10-year projections. Loading In the One Big Beautiful Bill, the Republicans are emulating their 2017 strategy, with a range of the Trump campaign pledges on cuts to the taxes on tips, overtime, social security benefits for seniors and the interest on car loans supposed to expire by the end of his term in January 2029. Between them, their cost amounts to nearly $US300 billion over that period. If they were extended – and there would be significant political pain for the next administration if they weren't extended – their cost over the normal 10-year budget assessments would be closer to $US1 trillion. The cost of extending the $US3.8 trillion of core tax cuts – the extension of the 2017 tax package – would increase to $US5.3 trillion if they remain in place over the decade.
Sydney Morning Herald
05-06-2025
- Business
- Sydney Morning Herald
Master of deception: How Trump is fudging the numbers
When looking at the latest US Congressional Budget Office analysis of the Trump administration's proposed budget and tariff policies, the saying 'lies, damned lies, and statistics' comes readily to mind because, at the heart of both sets of policies, is financial legerdemain. The CBO's verdict on the One Big Beautiful Bill Act now being negotiated by Senate Republicans is that, in its current form, it would add $US2.4 trillion ($3.7 trillion) to US government's $US36.2 trillion of debt over the next decade. A separate CBO analysis of the Trump tariffs, however, said it could raise $US2.8 trillion over the same period, suggesting that it would more than cover the increased spending. At the core of the increase in spending is the extension of Trump's 2017 tax cuts, which mainly favoured companies and wealthy households. Those cuts had a 'sunset' clause – they were scheduled to end in December this year – which was an accounting artifice to keep their cost below $US1.5 trillion rather than multiples of that amount had they been factored into the CBO's usual 10-year projections. Loading In the One Big Beautiful Bill, the Republicans are emulating their 2017 strategy, with a range of the Trump campaign pledges on cuts to the taxes on tips, overtime, social security benefits for seniors and the interest on car loans supposed to expire by the end of his term in January 2029. Between them, their cost amounts to nearly $US300 billion over that period. If they were extended – and there would be significant political pain for the next administration if they weren't extended – their cost over the normal 10-year budget assessments would be closer to $US1 trillion. The cost of extending the $US3.8 trillion of core tax cuts – the extension of the 2017 tax package – would increase to $US5.3 trillion if they remain in place over the decade.
The Advertiser
02-06-2025
- Sport
- The Advertiser
How Swede it is: Stark wins US Women's Open
Swede Maja Stark is savouring an unimaginable maiden major championship after the Australian final-round charge failed to materialise at the US Women's Open in Wisconsin. Barely challenged down the stretch, Stark closed with a even-par 72 at Erin Hills golf club to cruise to a two-shot victory over world No.1 Nelly Korda and Japan's Rio Takeda. The 25-year-old finished with a seven-under 281 total to pocket a cheque for $US2.4 million ($A3.7 million), the richest prize in women's golf. Stark is the sixth Swede to win a women's major, and the first since Anna Nordqvist at the 2021 British Open. The former Oklahoma State player is the also first Swede to win a US Women's Open since the great three-time victor Annika Sorenstam in 2006 and only the third ever along with Liselotte Neumann in 1988. "It feels so surreal, and it felt like it was so far away just a couple of weeks ago," Stark said. "Just last week, my confidence was so low, and then I had a special friend tell me that you need to be confident. You need to trust yourself, and that's what I try to do. I try to make myself and everyone on my team proud." Korda posted a final-round 71 to share second with Takeda (72) at five under. Despite her disappointment, Korda's joint runner-up showing is still as close as the 26-year-old has come to winning a US Women's Open. Her best previous finish was a tie for eighth behind Lee in 2022 at Pine Needles. South Korean Hye-Jin Choi (68), China's Ruoning Yin (70) and Japanese Mao Saigo (73) tied for fourth at four under. Hannah Green wound up as the leading Australian, in a tie for 13th at one under following a final-round 72. The world No.8 climbed to three under and into the top 10 before dropping two shots in her last three holes on Sunday (Monday AEST). Despite never seriously threatening, Green was encouraged by her best-ever US Open result and hopes to carry the form into next month's PGA Championship, the third women's major of 2025. "I felt like I hit the ball really well," Green said. "Hit a couple of loose shots coming into the back nine. The bogeys on 16 and 17 hurt, but overall a solid week. It's nice to build on this form. "KPMG coming up soon as well so hopefully I can take that into those events. "I haven't really played a whole lot this year and played many events in a row so I'm trying to use this momentum." Minjee Lee finished joint 22nd after starting the day in equal sixth and just four shots behind the frontrunning Stark. Three straight bogeys on the front nine cruelled Lee's chances of adding a second US Open title to her collection after winning three years ago. The dual major champion ultimately signed for a round of 77 to slump to two over for the tournament. No other Australians even made the halfway cut. Swede Maja Stark is savouring an unimaginable maiden major championship after the Australian final-round charge failed to materialise at the US Women's Open in Wisconsin. Barely challenged down the stretch, Stark closed with a even-par 72 at Erin Hills golf club to cruise to a two-shot victory over world No.1 Nelly Korda and Japan's Rio Takeda. The 25-year-old finished with a seven-under 281 total to pocket a cheque for $US2.4 million ($A3.7 million), the richest prize in women's golf. Stark is the sixth Swede to win a women's major, and the first since Anna Nordqvist at the 2021 British Open. The former Oklahoma State player is the also first Swede to win a US Women's Open since the great three-time victor Annika Sorenstam in 2006 and only the third ever along with Liselotte Neumann in 1988. "It feels so surreal, and it felt like it was so far away just a couple of weeks ago," Stark said. "Just last week, my confidence was so low, and then I had a special friend tell me that you need to be confident. You need to trust yourself, and that's what I try to do. I try to make myself and everyone on my team proud." Korda posted a final-round 71 to share second with Takeda (72) at five under. Despite her disappointment, Korda's joint runner-up showing is still as close as the 26-year-old has come to winning a US Women's Open. Her best previous finish was a tie for eighth behind Lee in 2022 at Pine Needles. South Korean Hye-Jin Choi (68), China's Ruoning Yin (70) and Japanese Mao Saigo (73) tied for fourth at four under. Hannah Green wound up as the leading Australian, in a tie for 13th at one under following a final-round 72. The world No.8 climbed to three under and into the top 10 before dropping two shots in her last three holes on Sunday (Monday AEST). Despite never seriously threatening, Green was encouraged by her best-ever US Open result and hopes to carry the form into next month's PGA Championship, the third women's major of 2025. "I felt like I hit the ball really well," Green said. "Hit a couple of loose shots coming into the back nine. The bogeys on 16 and 17 hurt, but overall a solid week. It's nice to build on this form. "KPMG coming up soon as well so hopefully I can take that into those events. "I haven't really played a whole lot this year and played many events in a row so I'm trying to use this momentum." Minjee Lee finished joint 22nd after starting the day in equal sixth and just four shots behind the frontrunning Stark. Three straight bogeys on the front nine cruelled Lee's chances of adding a second US Open title to her collection after winning three years ago. The dual major champion ultimately signed for a round of 77 to slump to two over for the tournament. No other Australians even made the halfway cut. Swede Maja Stark is savouring an unimaginable maiden major championship after the Australian final-round charge failed to materialise at the US Women's Open in Wisconsin. Barely challenged down the stretch, Stark closed with a even-par 72 at Erin Hills golf club to cruise to a two-shot victory over world No.1 Nelly Korda and Japan's Rio Takeda. The 25-year-old finished with a seven-under 281 total to pocket a cheque for $US2.4 million ($A3.7 million), the richest prize in women's golf. Stark is the sixth Swede to win a women's major, and the first since Anna Nordqvist at the 2021 British Open. The former Oklahoma State player is the also first Swede to win a US Women's Open since the great three-time victor Annika Sorenstam in 2006 and only the third ever along with Liselotte Neumann in 1988. "It feels so surreal, and it felt like it was so far away just a couple of weeks ago," Stark said. "Just last week, my confidence was so low, and then I had a special friend tell me that you need to be confident. You need to trust yourself, and that's what I try to do. I try to make myself and everyone on my team proud." Korda posted a final-round 71 to share second with Takeda (72) at five under. Despite her disappointment, Korda's joint runner-up showing is still as close as the 26-year-old has come to winning a US Women's Open. Her best previous finish was a tie for eighth behind Lee in 2022 at Pine Needles. South Korean Hye-Jin Choi (68), China's Ruoning Yin (70) and Japanese Mao Saigo (73) tied for fourth at four under. Hannah Green wound up as the leading Australian, in a tie for 13th at one under following a final-round 72. The world No.8 climbed to three under and into the top 10 before dropping two shots in her last three holes on Sunday (Monday AEST). Despite never seriously threatening, Green was encouraged by her best-ever US Open result and hopes to carry the form into next month's PGA Championship, the third women's major of 2025. "I felt like I hit the ball really well," Green said. "Hit a couple of loose shots coming into the back nine. The bogeys on 16 and 17 hurt, but overall a solid week. It's nice to build on this form. "KPMG coming up soon as well so hopefully I can take that into those events. "I haven't really played a whole lot this year and played many events in a row so I'm trying to use this momentum." Minjee Lee finished joint 22nd after starting the day in equal sixth and just four shots behind the frontrunning Stark. Three straight bogeys on the front nine cruelled Lee's chances of adding a second US Open title to her collection after winning three years ago. The dual major champion ultimately signed for a round of 77 to slump to two over for the tournament. No other Australians even made the halfway cut. Swede Maja Stark is savouring an unimaginable maiden major championship after the Australian final-round charge failed to materialise at the US Women's Open in Wisconsin. Barely challenged down the stretch, Stark closed with a even-par 72 at Erin Hills golf club to cruise to a two-shot victory over world No.1 Nelly Korda and Japan's Rio Takeda. The 25-year-old finished with a seven-under 281 total to pocket a cheque for $US2.4 million ($A3.7 million), the richest prize in women's golf. Stark is the sixth Swede to win a women's major, and the first since Anna Nordqvist at the 2021 British Open. The former Oklahoma State player is the also first Swede to win a US Women's Open since the great three-time victor Annika Sorenstam in 2006 and only the third ever along with Liselotte Neumann in 1988. "It feels so surreal, and it felt like it was so far away just a couple of weeks ago," Stark said. "Just last week, my confidence was so low, and then I had a special friend tell me that you need to be confident. You need to trust yourself, and that's what I try to do. I try to make myself and everyone on my team proud." Korda posted a final-round 71 to share second with Takeda (72) at five under. Despite her disappointment, Korda's joint runner-up showing is still as close as the 26-year-old has come to winning a US Women's Open. Her best previous finish was a tie for eighth behind Lee in 2022 at Pine Needles. South Korean Hye-Jin Choi (68), China's Ruoning Yin (70) and Japanese Mao Saigo (73) tied for fourth at four under. Hannah Green wound up as the leading Australian, in a tie for 13th at one under following a final-round 72. The world No.8 climbed to three under and into the top 10 before dropping two shots in her last three holes on Sunday (Monday AEST). Despite never seriously threatening, Green was encouraged by her best-ever US Open result and hopes to carry the form into next month's PGA Championship, the third women's major of 2025. "I felt like I hit the ball really well," Green said. "Hit a couple of loose shots coming into the back nine. The bogeys on 16 and 17 hurt, but overall a solid week. It's nice to build on this form. "KPMG coming up soon as well so hopefully I can take that into those events. "I haven't really played a whole lot this year and played many events in a row so I'm trying to use this momentum." Minjee Lee finished joint 22nd after starting the day in equal sixth and just four shots behind the frontrunning Stark. Three straight bogeys on the front nine cruelled Lee's chances of adding a second US Open title to her collection after winning three years ago. The dual major champion ultimately signed for a round of 77 to slump to two over for the tournament. No other Australians even made the halfway cut.
Perth Now
01-06-2025
- Sport
- Perth Now
How Swede it is: Stark wins US Women's Open
Swede Maja Stark has claimed her maiden major championship as the Australian final-round charge failed to materialise at the US Women's Open in Wisconsin. Barely challenged down the stretch, Stark cruised to a two-shot victory over world No.1 Nelly Korda after closing with a even-par 72 at Erin Hills golf club. The 25-year-old finished with a seven-under 281 total to pocket a cheque for $US2.4 million ($A3.7 million), the richest prize in women's golf. Korda posted a final-round 71 to share second with Japan's Rio Takeda (72) at five under. Hannah Green wound up as the leading Australian, in a tie for 13th at one under following a final-round 72. Minjee Lee finished joint 22nd after starting the day in equal sixth and just four shots behind the frontrunning Stark. Three straight bogeys on the front nine cruelled Lee's chances of adding a second US Open title to her collection after winning three years ago. The dual major champion ultimately signed for a round of 77 to slump to two over for the tournament. No other Australians even made the halfway cut.
