US President Joe Biden on Tuesday, surrounded by Democratic leaders, signed into law the Inflation Reduction Act, one of the most consequential pieces of economic policy in recent history.
"With this law, the American people won and the special interests lost," said Mr Biden. "Today offers further proof that the soul of America is vibrant, the future of America is bright, and the promise of America is real and just beginning."
The spending bill is aimed at tackling climate change and the high cost of prescription drugs as well as lowering Washington's deficit by about $300 billion.
Democrats have called it “the fourth leg” of the Biden administration's legislative agenda, the most recent success after a string of key bills from the majority party.
The president plans to host a larger “celebration” on September 6 once members of Congress return to Washington from work in their districts.
In a memo to congressional Democrats obtained by The National, House Speaker Nancy Pelosi urged party members to use their district work weeks to emphasise the major bill as critical midterm elections approach.
"From the kitchen table to the Arctic Circle, the impacts of our Inflation Reduction Act will be wide-reaching, long-lasting and life-changing ... tomorrow, we continue our ferocious fight until the planet is saved for generations to come," Ms Pelosi wrote.
But the Inflation Reduction Act's journey to the White House was not without opposition, gaining no support from the Republican Party.
US conservatives have called the bill the “Inflation Expansion Act” and have raised alarm over its multibillion-dollar expansion of the federal taxation department, the Internal Revenue Service.
Health care
The Inflation Reduction Act delivers on two major Democratic election promises on health care: the expansion of cheaper care for millions of Americans and allowing Medicare to negotiate the costs of prescription drugs.
“As a result of this legislation, Medicare will finally have the tools and authority to negotiate with manufacturers to lower the prices of certain high-cost prescription drugs for the first time ever,” House Majority Leader Steny Hoyer told reporters at a press conference before the Friday House vote.
This measure has a 76 per cent approval rating among American voters, according to a Morning Consult/Politico survey.
The law has also capped insulin costs for those insured by Medicare, the national health insurance programme for low-income Americans, at $35 a month.
Democrats had hoped to expand that to include Americans with private insurance as well, but Republicans blocked the wider protections.
Climate
Democrats are celebrating what they call “the biggest investment to combat climate change ever”, with the Inflation Reduction Act aiming to reduce carbon emissions by about 40 per cent by 2030.
But this falls short of Mr Biden’s goal of cutting US emissions by at least 50 to 52 per cent below 2005 levels by 2030.
The bill has offered a series of tax incentives on wind, solar, hydropower and other renewables as well as a push towards electric vehicle ownership.
For example, buyers of new electric vehicles would receive a $7,500 tax credit applied at the point of purchase.
It also extended the Black Lung Disability Trust Fund, which has covered benefits for about 25,000 coal miners suffering from black lung disease.
But Senate Democrats were forced to make climate concessions due to a member of their own party, Joe Manchin from West Virginia. To earn his critical vote, Democrats agreed to mandate new oil and gas leasing, and backed future permits for oil pipelines and other infrastructure.
Climate activists such as the Sunrise Movement, which has lobbied for a more-aggressive “Green New Deal”, have said the Inflation Reduction Act is an important step that does not go far enough.
“It is both a historic investment in climate action that would have been unimaginable just a few years ago, and contains massive handouts to fossil fuel millionaires,” Varshini Prakash, the Sunrise Movement's executive director, said in a memo.
Deficit, inflation and taxation
The Congressional Budget Office projected the Inflation Reduction Act would result in a net deficit decrease of $102bn between 2022 and 2031.
And the non-partisan Committee for a Responsible Federal Budget estimated that over a 20-year period, the bill will result in about $900bn in spending and tax cuts, $2.4 trillion in offsets, and roughly $400bn in net interest savings.
Under the new law, businesses making more than $1bn a year will face a 15 per cent corporate minimum tax. Republicans have said that the measure will hurt the US economy and raise consumer prices as Americans face fears of recession and the highest inflation rate in more than 40 years.
The Congressional Budget Office concluded in their analysis that the law would have a “negligible” impact on inflation in the next two years.
Republicans on the House floor pointed to the University of Pennsylvania's Penn Wharton Budget Model, which concluded that over the next decade, “the impact on inflation is statistically indistinguishable from zero”.
IRS expansion and Republican claims
Republicans have repeatedly decried the Inflation Reduction Act's nearly $80bn in new funding for the IRS over nine years, which would increase the agency's annual spending by an estimated $14.6bn by 2031, the budget office analysis showed.
Scepticism has mounted into outright conspiracy theory, with Republican Lauren Boebert echoing right-wing claims on the House floor that the legislation will send 87,000 “armed” IRS agents to “use deadly force if necessary” against Americans.
This claim has been debunked by independent fact checkers.
Democrats asserted the increased financing will increase crackdowns on high-income tax cheats and will provide the department with critical infrastructure updates, but will not be used to increase auditing of everyday Americans.
But US conservatives have largely rejected the notion that an emboldened IRS will not increase the number of audits.
“If the Inflation Reduction Act … is signed into law, get ready to dust off your copy of the 7,000-page tax code and 14,000 pages of IRS regulations,” senior tax policy analyst at conservative think tank The Heritage Foundation wrote.
But US Treasury Secretary Janet Yellen wrote in an August 10 letter that: “I direct that any additional resources — including any new personnel or auditors that are hired — shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels.”
The letter said that “audit rates will not rise relative to recent years for households making under $400,000 annually” and that “enforcement resources will focus on high-end non-compliance”.
Animals being wiped out by climate change — in pictures
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EWafeq%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%202019%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENadim%20Alameddine%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cstrong%3E%3Cbr%3EIndustry%3A%20%3C%2Fstrong%3Esoftware%20as%20a%20service%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20%3C%2Fstrong%3E%243%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ERaed%20Ventures%20and%20Wamda%2C%20among%20others%3C%2Fp%3E%0A
Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
More Expo 2020 Dubai pavilions:
