Kevin O'Leary backs Trump's plan to kill the penny
The U.S. penny has been in circulation for more than two centuries, but its time may soon be up after President Donald Trump directed the Treasury Department to halt production of the one-cent coin. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote in a Truth Social post. “I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let's rip the waste out of our great nation’s budget, even if it's a penny at a time.” “Shark Tank” investor Kevin O’Leary agrees. “[Trump] is right — it’s stupid,” O’Leary stated in a recent Fox Business interview. “Why would you pay two cents for a commodity that's worth one? Who uses a penny anyways? Unless you're putting them in your loafers, and nobody does that anymore, get rid of it. It's useless.” The high production cost makes a compelling case. According to the U.S. Mint — the Treasury bureau responsible for producing the nation’s coinage — each penny cost 3.69 cents to produce in fiscal 2024, more than three times its face value. That led to an $85.3 million loss on penny production for the year.
The U.S. penny has been in circulation for more than two centuries, but its time may soon be up after President Donald Trump directed the Treasury Department to halt production of the one-cent coin. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote in a Truth Social post. “I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let's rip the waste out of our great nation’s budget, even if it's a penny at a time.” “Shark Tank” investor Kevin O’Leary agrees. “[Trump] is right — it’s stupid,” O’Leary stated in a recent Fox Business interview. “Why would you pay two cents for a commodity that's worth one? Who uses a penny anyways? Unless you're putting them in your loafers, and nobody does that anymore, get rid of it. It's useless.” The high production cost makes a compelling case. According to the U.S. Mint — the Treasury bureau responsible for producing the nation’s coinage — each penny cost 3.69 cents to produce in fiscal 2024, more than three times its face value. That led to an $85.3 million loss on penny production for the year.
U.S.-Canada trade war could hit families hard
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
Canadians and Americans have shared battlefields from Vimy Ridge to Kandahar. But they’re now bracing for an economic war against each other. Canadian economist Mike Moffatt is sounding the alarm about this 150-year old alliance unraveling as Trump’s tariffs reshape public opinion north of the border. “I think it's a combination of we're hurt and angry,” said former advisor to ex-Prime Minister Justin Trudeau on a recent episode of The Prof G podcast. He warned that the trade war could cripple the Canadian economy while also imposing hard costs on ordinary Americans by diminishing U.S. soft power.
Trump's Social Security status clear on tax forms
President Donald Trump has tasked Elon Musk and DOGE (Department of Government Efficiency) with finding waste in government programs, including entitlement programs like Social Security. This effort to root out waste may have some people wondering if wealthy older Americans like Trump are collecting Social Security benefits — or if being a president disqualifies him. Trump certainly isn’t among the 58% of seniors in 2024 Gallup poll who said Social Security was a major source of their income. Well, to satisfy the curious, not only does Trump not need Social Security benefits, he hasn’t filed for them — as his tax records reveal.
President Donald Trump has tasked Elon Musk and DOGE (Department of Government Efficiency) with finding waste in government programs, including entitlement programs like Social Security. This effort to root out waste may have some people wondering if wealthy older Americans like Trump are collecting Social Security benefits — or if being a president disqualifies him. Trump certainly isn’t among the 58% of seniors in 2024 Gallup poll who said Social Security was a major source of their income. Well, to satisfy the curious, not only does Trump not need Social Security benefits, he hasn’t filed for them — as his tax records reveal.
Firm that sold cars illegally wins deal: report
Eyebrows are being raised following a report that San Antonio, Texas, also known as Military City, U.S.A., awarded a multimillion-dollar contract to a company that was previously linked to the unlawful sale of vehicles belonging to active-duty military service members. Now, years after paying a hefty settlement, the city has granted Vehicle Management Solutions (VMS) a 10-year, $98 million contract to help run one of its impound lots again, according to News 4 San Antonio. Former Air Force Staff Sergeant Paula Rangel was one of the complainants in the vehicle auction case. She says her car had been sold off while she was deployed in Afghanistan. “I was devastated and I felt let down,” she told the local broadcaster in a story published Feb. 26. “I had just come back from a combat zone for seven months and to be just told ‘Oh, well, got to start over.’”
Eyebrows are being raised following a report that San Antonio, Texas, also known as Military City, U.S.A., awarded a multimillion-dollar contract to a company that was previously linked to the unlawful sale of vehicles belonging to active-duty military service members. Now, years after paying a hefty settlement, the city has granted Vehicle Management Solutions (VMS) a 10-year, $98 million contract to help run one of its impound lots again, according to News 4 San Antonio. Former Air Force Staff Sergeant Paula Rangel was one of the complainants in the vehicle auction case. She says her car had been sold off while she was deployed in Afghanistan. “I was devastated and I felt let down,” she told the local broadcaster in a story published Feb. 26. “I had just come back from a combat zone for seven months and to be just told ‘Oh, well, got to start over.’”
Maine businesses hit hard by 25% tariff on imports
President Donald Trump has rolled out his long-awaited tariffs on Canada, Mexico and China, and the impact on Maine businesses is already being felt. "Our metal roofing is going to go up 25%, as well as Sheetrock,” Ethan McGary, who works at Horten Building Supplies, told NBC News Center Maine. The 25% import tax on Canadian goods, along with a 10% tax on energy imports, could have significant ripple effects in Maine, which traded nearly $6 billion with its northern neighbor last year. "Prices are already high, so it's just going to get worse," McGary said.
President Donald Trump has rolled out his long-awaited tariffs on Canada, Mexico and China, and the impact on Maine businesses is already being felt. "Our metal roofing is going to go up 25%, as well as Sheetrock,” Ethan McGary, who works at Horten Building Supplies, told NBC News Center Maine. The 25% import tax on Canadian goods, along with a 10% tax on energy imports, could have significant ripple effects in Maine, which traded nearly $6 billion with its northern neighbor last year. "Prices are already high, so it's just going to get worse," McGary said.
Mortgage rate trends this week
Thirty-year fixed mortgage rates were essentially flat this week, increasing slightly from 6.63% last week, to an average of 6.65%. “Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” says Sam Khater, chief economist at housing giant Freddie Mac. “Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded. Purchase applications are up 5% as compared to a year ago. The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”
Thirty-year fixed mortgage rates were essentially flat this week, increasing slightly from 6.63% last week, to an average of 6.65%. “Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” says Sam Khater, chief economist at housing giant Freddie Mac. “Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded. Purchase applications are up 5% as compared to a year ago. The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”
Trump to roll out $5 million ‘gold card’ visa
In late February, President Donald Trump said he will replace the EB-5 immigrant investor visa program with a “gold card” that can be bought for $5 million and could offer a path to U.S. citizenship. “The people that can pay $5 million, they’re going to create jobs,” said Trump when he unveiled his plans at the first cabinet meeting of his term. “It’s going to sell like crazy. It’s a bargain.” Trump also suggested that revenue from these gold cards would help pay down the nation’s deficit.
In late February, President Donald Trump said he will replace the EB-5 immigrant investor visa program with a “gold card” that can be bought for $5 million and could offer a path to U.S. citizenship. “The people that can pay $5 million, they’re going to create jobs,” said Trump when he unveiled his plans at the first cabinet meeting of his term. “It’s going to sell like crazy. It’s a bargain.” Trump also suggested that revenue from these gold cards would help pay down the nation’s deficit.
What's next for USAID?
Secretary of State Marco Rubio announced on March 10 the Trump administration’s purge of the U.S. Agency for International Development (USAID) has been completed, with 83% of programs being eliminated and the remainder intended to be moved under the State Department. He published a statement on X, saying 5,200 contracts had been cancelled that “spent tens of billions of dollars in ways that did not serve, (and in some cases even harmed), the core national interested of the United States.” This follows an executive order issued by President Donald Trump on Jan. 20 ordering a freeze on foreign assistance funding. Nearly two weeks prior to Rubio’s announcement, USAID employees were instructed to start clearing out their desks at the agency's Washington, D.C., office building. Staff were given up to 15 minutes to collect personal belongings at designated times, as thousands of workers were pulled off the job and overseas workers recalled. The Associated Press reported at the time over 5,600 staff had been put on leave or terminated since Feb. 24. The agency had previously employed more than 10,000 people worldwide and provided aid to more than 100 countries. The government’s moves have effectively stripped down USAID. Here’s what that means.
Secretary of State Marco Rubio announced on March 10 the Trump administration’s purge of the U.S. Agency for International Development (USAID) has been completed, with 83% of programs being eliminated and the remainder intended to be moved under the State Department. He published a statement on X, saying 5,200 contracts had been cancelled that “spent tens of billions of dollars in ways that did not serve, (and in some cases even harmed), the core national interested of the United States.” This follows an executive order issued by President Donald Trump on Jan. 20 ordering a freeze on foreign assistance funding. Nearly two weeks prior to Rubio’s announcement, USAID employees were instructed to start clearing out their desks at the agency's Washington, D.C., office building. Staff were given up to 15 minutes to collect personal belongings at designated times, as thousands of workers were pulled off the job and overseas workers recalled. The Associated Press reported at the time over 5,600 staff had been put on leave or terminated since Feb. 24. The agency had previously employed more than 10,000 people worldwide and provided aid to more than 100 countries. The government’s moves have effectively stripped down USAID. Here’s what that means.
Tackling executor duties for a dead relative
The death of a family member, even a distant one, can be emotionally difficult. But if your relative has named you executor, you have extra weight on your shoulders. Being executor — also called a personal representative or administrator in some states — means you’re legally responsible for sorting out your relative’s finances and carrying out their wishes as outlined in their will. You have to deal with probate court, distribute assets to beneficiaries and potentially mediate conflicts. All this can feel overwhelming, especially if a family member appointed you executor without your knowledge. You can refuse the role, but may feel obliged to take it on, especially if there's no other obvious choice for the position. It’s good to break the job down into discrete steps. Here’s an overview of the key financial responsibilities involved.
The death of a family member, even a distant one, can be emotionally difficult. But if your relative has named you executor, you have extra weight on your shoulders. Being executor — also called a personal representative or administrator in some states — means you’re legally responsible for sorting out your relative’s finances and carrying out their wishes as outlined in their will. You have to deal with probate court, distribute assets to beneficiaries and potentially mediate conflicts. All this can feel overwhelming, especially if a family member appointed you executor without your knowledge. You can refuse the role, but may feel obliged to take it on, especially if there's no other obvious choice for the position. It’s good to break the job down into discrete steps. Here’s an overview of the key financial responsibilities involved.
Where will Trump's $880B budget cuts come from?
With the House narrowly passing a budget blueprint that calls for at least $1.5 trillion in spending cuts, fears are being fueled about potential cuts to popular programs like Social Security, Medicare and Medicaid. The Trump administration, for its part, has asserted it has no such plans. In late February, House Speaker Mike Johnson told CNN’s Kaitlan Collins that the White House made a “commitment” not to touch social programs. “What we are going to do is go into those programs and carve out the fraud, waste and abuse, and find efficiencies,” he said. And on March 11, the White House issued a press release, declaring “President Trump will always protect Social Security [and] Medicare” and reaffirming he has no plans to cut Social Security, Medicare or Medicaid. However, analysts worry there won’t be enough fat to trim from these programs to meet budget cut expectations — here’s what you need to know.
With the House narrowly passing a budget blueprint that calls for at least $1.5 trillion in spending cuts, fears are being fueled about potential cuts to popular programs like Social Security, Medicare and Medicaid. The Trump administration, for its part, has asserted it has no such plans. In late February, House Speaker Mike Johnson told CNN’s Kaitlan Collins that the White House made a “commitment” not to touch social programs. “What we are going to do is go into those programs and carve out the fraud, waste and abuse, and find efficiencies,” he said. And on March 11, the White House issued a press release, declaring “President Trump will always protect Social Security [and] Medicare” and reaffirming he has no plans to cut Social Security, Medicare or Medicaid. However, analysts worry there won’t be enough fat to trim from these programs to meet budget cut expectations — here’s what you need to know.
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