Economy

Fed vs. inflation

Animal shelters under pressure as US economy turns downward 

More and more Americans are abandoning their pets. A sign of the failing economy, writes CNN. Melissa Knicely has worked at various animal shelters for 19 years and says she has seen this trend before in connection with many people's personal finances becoming more strained.

Among other things, the number of abandoned pets increased during the financial crisis in the 2000s and also during the period of high inflation a couple of years ago.

At the animal shelter in North Carolina where Knicely now works, the number of animals surrendered has increased by 43 percent - in one year. CNN writes that this is partly because the costs of owning pets have become so much more expensive in recent years, such as insurance and veterinary costs.

US growth
Tips dwindle as tourists abandon Vegas: “No fun anymore”

One of the most popular features of Donald Trump’s controversial budget, the big, beautiful bill, is tax exemption on tips up to $25,000. The concept has particularly caught on in tourist-dense Las Vegas, where it is common for tips to make up a large part of income, writes Market Watch.

But recently, tourists have dwindled and so have tips, which has caused prices in the city to rise overall.

“Vegas is no longer fun,” says Amrita Bhasin, an entrepreneur who travels there a lot for both work and pleasure.

She points out, among other things, higher hotel fees as a major downside.

One of the reasons why tourists are not coming is that many are hesitant to visit the United States right now. Among other things, due to poor exchange rates and concerns about Trump’s tough policies on immigrants.

Charlie Mungo, a tattoo artist in Las Vegas, tells the Wall Street Journal that he usually relies on tips to make ends meet.

– Tax exemption on tips is great. But it doesn't make much difference if there's no one to tip from. 

Trump's budget
Billion-dollar slaughter in the US – green energy loses billions

Green investments worth $22 billion, equivalent to SEK 209 billion, have been withdrawn in the US during the first half of the year, according to the research group E2. At the same time, 16,500 jobs have disappeared in the sector. The reason: the Trump administration's reduced support for electrification and clean energy.

The latest attention is that the Australian mining giant Fortescue has chosen to stop an ongoing investment in green hydrogen in Arizona, writes Dagens industri. The closure means a write-down of around $150 million and also includes staff cuts.

– These canceled projects are not just numbers in a financial statement. It's about jobs, payroll and opportunities in communities that counted on these projects, says Michael Timberlake, spokesman for E2, to TT.

The president's new luxury plane
Cost of Trump's gift may have been leaked: 8.9 billion

While Donald Trump this week sharply criticized the renovation cost of the Federal Reserve headquarters, the price tag for one of the president's big heart projects is secret, writes the New York Times. Namely, how much it will cost to renovate the luxury plane from Qatar that Trump received this spring. But according to some budget reviewers in Congress, one can guess the price tag.

For example, no one from the White House wants to discuss a transfer of 934 million dollars from a Pentagon project to another classified project.

According to investigators, it is almost certain that the amount, at least in part, is allocated to the luxurious gift Trump received this spring.

The plane will need extensive renovations, including to update the equipment and ensure that there are no hidden listening devices, the newspaper writes.