International
Biden, Fed chair discuss US inflation at White House
AFP
President Joe Biden on Tuesday holds a rare White House meeting with the head of the Federal Reserve, Jerome Powell, to discuss soaring inflation and White House attempts to tame the politically damaging price surge ahead of midterm elections.
In their first such meeting this year, Biden and Powell will “discuss the state of the American and global economy,” the White House said, with an emphasis on inflation.
This is Biden’s “top economic priority,” the White House said, “as we transition from a historic economic recovery to stable, steady growth that works for working families.”
Inflation of more than eight percent is casting a heavy shadow on Biden’s claims to be steering the US economy back to health after the Covid-19-induced crash.
Employment is back near pre-pandemic levels and growth is strong, but savage price increases for essentials including food and fuel are driving growing public dissatisfaction.
The Fed has raised rates three quarters of a percentage point, kicking off what central bank officials say could be a series of hikes aimed at calming down the economy, although there are fears that the unintended result may be recession.
Federal Reserve Governor Christopher Waller said Monday that he backs several more half-point rate hikes — “until I see inflation coming down closer to our two percent target.”
Biden is scrambling to ease the pressure on American consumers ahead of November midterm elections in which his Democrats are forecast to lose control of Congress to the Republicans.
Biden’s own approval ratings are barely in the 40 percent range, reflecting his inability to sell voters on his upbeat message of US economic recovery.
As the election approaches, Biden has pivoted to more aggressively trying to explain the inflation phenomenon as a byproduct of forces beyond his control.
These include the Russian invasion of Ukraine, which triggered Western sanctions disrupting the huge Russian energy industry. President Vladimir Putin’s invading forces, meanwhile, have all but put a halt to Ukraine’s important wheat exports.
Biden calls the effect “Putin’s price hike.”
Writing in the Wall Street Journal on Monday, Biden underlined the independence of the Federal Reserve, but noted that the central bank has “a primary responsibility to control inflation.”
Biden recalled that his predecessor Donald Trump frequently launched political attacks on the Fed and that other presidents had also “sought to influence its decisions inappropriately during periods of elevated inflation.”
“I won’t do this,” he pledged.
In the op-ed, Biden said his longterm plan for economic health includes easing the pace of post-Covid recovery to more sustainable levels, boosting economic productivity and reducing the federal budget deficit.
International
Gates Foundation to close by 2045 as Bill Gates pledges to donate $200 Billion
When Bill and Melinda French Gates established the Gates Foundation in 2000, they envisioned an organization that would continue its work for decades after their deaths. But now, Microsoft co-founder Bill Gates says he doesn’t want to wait that long to give away most of his fortune.
On Thursday, Gates announced that he plans to donate “virtually all” of his estimated $200 billion fortune over the next 20 years and will dissolve the foundation on December 31, 2045.
The announcement comes amid deep cuts by the Trump administration to funding for health, foreign aid, and public assistance programs — the very causes the Gates Foundation supports. The shift raises concerns about setbacks in global health research and critical development initiatives.
Gates says he wants to accelerate the foundation’s work in global health and equity, and hopes the move will inspire other billionaires to follow suit. In a blog post published Thursday morning, he emphasized that the foundation’s final phase should serve as a model for large-scale philanthropic impact.
This new pledge builds on Gates’s long-standing commitment to philanthropy. Alongside French Gates and Warren Buffett, he co-founded the Giving Pledge in 2010, which encourages billionaires to donate the majority of their wealth either during their lifetimes or in their wills. The campaign now has more than 240 signatories worldwide.
International
Bill Gates accuses Elon Musk of endangering the world’s poorest children
Bill Gates, co-founder of Microsoft turned global health philanthropist, sharply criticized Elon Musk in a recent interview with The New York Times, saying the tech billionaire is “the richest man in the world and is involved in the deaths of the world’s poorest children.”
At 69, Gates announced that the Bill & Melinda Gates Foundation will cease operations by 2045, and he urged the next generation of billionaires to step up. However, he expressed concern that today’s wealthy individuals are less committed to humanitarian work than they were two decades ago.
He cited Elon Musk as a prime example: “He’s the one who cut the USAID budget. He shredded it — all because he didn’t attend some party that weekend.”
Gates argued that Musk “could have been a great philanthropist,” but instead, “the richest man in the world is now contributing to the deaths of the world’s poorest children.” He pointed to how cuts to USAID have disrupted essential programs fighting HIV, malaria, and polio.
Gates called on the global elite to do more: “It’s not that we’re running out of rich people. There will be more, and they’ll reflect on what AI has done — or hasn’t — and what governments have done — or haven’t.”
Looking ahead, he urged future billionaires to commit to greater philanthropy, especially as his own foundation phases out: “The rich of today should do more. The rich twenty years from now should do more.”
Despite his criticisms, Gates maintained his trademark optimism. He dismissed fears that repeated U.S. administrations will continue cutting humanitarian budgets: “I don’t think there will be administration after administration slashing these things. If we look 20 years ahead, I believe we’ll continue reducing child mortality.”
Gates also expressed faith in artificial intelligence, suggesting it can provide medical expertise in remote regions on par with doctors with decades of experience — potentially even better than what’s available in wealthy countries.
International
VP JD Vance to World Cup visitors: “Enjoy the game, then go home”
U.S. Vice President JD Vance issued a light-hearted but firm warning to international visitors planning to attend the 2026 FIFA World Cup, which will be co-hosted by the United States, Canada, and Mexico.
“We know we’ll have visitors, probably from close to a hundred countries. We want them to come. We want them to celebrate. We want them to enjoy the games,” said Vance during a press conference on Tuesday focused on the organization of upcoming major sporting events in the U.S.
“But when it’s over, they’ll have to go home,” he added.
Vance, speaking in a joking tone, also mentioned Homeland Security Secretary Kristi Noem, saying, “Otherwise, they’ll have to speak with Secretary Noem.”
The comment came during the first joint working session aimed at preparing for the 2026 World Cup, which will feature 48 national teams and take place across multiple cities in North America.
Gates Foundation to close by 2045 as Bill Gates pledges to donate $200 Billion
Bill Gates accuses Elon Musk of endangering the world’s poorest children
VP JD Vance to World Cup visitors: “Enjoy the game, then go home”
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