Tag: finance

Authored by Tom Ozimek via The Epoch Times,

A proposal for a worldwide tax on the assets of the ultra-wealthy that’s being pushed by some countries within the G20 does not have the support of the Biden administration, according to Treasury Secretary Janet Yellen.

Ms. Yellen told reporters at a July 25 press conference during the G20 finance ministers meeting in Rio de Janeiro, Brazil, that the United States thinks that a global agreement on taxing ultra-high-net-worth individuals is neither practical nor a particularly good idea.

“Tax policy is very difficult to coordinate globally,” Ms. Yellen said.

“We don’t see a need or really think it’s desirable to try to negotiate a global agreement on that.”

The new global tax on billionaires was proposed by the European Union Tax Observatory last year, and last month, the Brazilian G20 presidency asked its researchers to lay out their proposal in more detail.

French economist Gabriel Zucman, an architect of the proposal, has posited that individuals with more than $1 billion in net worth should be required to pay a minimum annual tax amounting to 2 percent of their wealth, according to a baseline version of what he calls an “ultra-high-net-worth tax.”

The reason the minimum is expressed as a fraction of wealth rather than income is that wealth is far more difficult to manipulate, according to the proposal.

Mr. Zucman estimates in his report to the G20 that the minimum tax on billionaires equal to 2 percent of their wealth would raise between $200 billion and $250 billion per year from about 3,000 individuals. If the tax is extended to individuals worth more than $100 million, that would generate an additional $100 billion to $140 billion a year.

Participating countries would coordinate their efforts at a global level to collect the tax through various domestic instruments, including by a tax on the broad notion of income, as well as a wealth tax.

Now is a good time to implement such a tax, according to the French economist, because bank secrecy laws have been curtailed over the past 15 years through increased global information exchange. A key obstacle to successful implementation is gaps in information exchange, which Mr. Zucman says could be overcome by enhanced surveillance to identify the beneficial owners of assets.

The global ultra-high-net-worth tax proposal is a way to make progressive taxation more effective, according to Mr. Zucman, who argues that contemporary tax systems fail to effectively tax the wealthiest individuals and so undermine tax progressivity and all its purported benefits.

“A progressive tax system strengthens social cohesion and trust in governments to work for the common good,” Mr. Zucman writes in the executive summary of his G20 report.

“It is critical to fund the public goods and services—such as education, health care, public infrastructure—that are engines of economic growth, as well as the investments needed to address the climate crisis.”

Ms. Yellen, in her remarks in Rio de Janeiro, threw cold water on the global ultra-high-net-worth tax, but not on progressive taxation.

“We think that all countries should make sure that their taxation systems are fair and progressive,” Ms. Yellen said.

The Treasury Secretary added that the Biden administration is “strongly supportive of progressive taxation, and making sure that very wealthy high income individuals pay their fair share.”

She highlighted policies proposed by President Joe Biden, such as a billionaires’ tax, which she described as “a very worthwhile initiative.”

President Biden has put forward a proposal for a billionaire’s tax that would set a minimum 25 percent tax for the nation’s billionaires, generating an estimated $500 billion in revenue over a decade.

Critics of a billionaire’s tax have argued it would face significant legal hurdles, including constitutional challenges on grounds of it potentially being recognized as a type of direct tax that is not permitted under the U.S. Constitution.

Whatever happened to the ‘Bidenomics’ propaganda pushed by the White House and amplified by leftist corporate media outlets? Well, that narrative quickly imploded, just like the narrative that President Biden is the ‘sharpest person in the room.’ 

A majority of Americans are livid with Bidenomics. They have been financially crushed by elevated inflation and high interest rates as the national debt uncontrollably soars by $1 trillion every 100 days. The economic pain is very real and has sent households into a downward spiral. Now, credit card debt delinquencies are soaring, reaching the highest level since 2012. 

The Democratic Party’s propaganda machine in corporate media has spent this entire week attempting to convince the American people that Vice President Kamala Harris should be the next president of the US. From ‘saving to democracy’ to ‘young blood’ – the radical left has tried to spin all sorts of narratives this week, even rewriting the history of Harris’ past to skewing polls (see: here & here & here).

The problem with Democrats propping up the former ‘Border Czar’ is that it won’t affect the dire situation for tens of millions of voters who find themselves in financial turmoil because of failed Bidenomics. Many folks are suffering and have trouble paying shelter costs, and don’t get the American people started about food inflation at the supermarket – it’s a sour topic. 

The damage to the working poor and middle class has already been realized. By the way, the pain is creeping towards high-income classes… 

On Thursday, Goldman analyst Natasha de la Grense told clients, “Not a great start to earnings season in Consumer, with very few positive surprises so far. Both high-end consumption and the low-income consumer are weak.” 

With that in mind, cracks in the consumer sector are widening significantly. New data from the Philadelphia Federal Reserve reveals that the share of past-due credit card balances in the first quarter reached the highest level since records began in 2012. 

Here’s more from the report: 

All measures of balance-based credit card delinquency rates posted their highest levels in the nearly 12-year history of the series in the first quarter. Meanwhile, the total number of credit card accounts 30, 60, and 90 days past due declined for the first time in a year, following typical seasonal trends.

Figure 1 plots the share of credit card balances and accounts 60 or more days delinquent, highlighting the divergence in trends across the two measures of card delinquencies this quarter. Although the share of accounts falling behind on payments was smaller, account holders who are behind have larger balances left unpaid. Utilization and average account balances declined this quarter across all percentile cuts, in a typical seasonal reduction following holiday spending.

Furthermore, the report noted total number of credit cards fell in the quarter, consistent with seasonal trends. However, total revolving balances reached a record $628.6 billion. Revolved balances account for about 71% of total outstanding balances, the highest level since 2021. 

The report also noted that “account holders who are behind have larger balances left unpaid.”

Even with inflation cooling and rate traders pricing in the first 25bps interest rate cut in September, the lag effect will be months before consumers see any direct relief. 

Greg McBride, chief financial analyst at Bankrate, told NBC News, “Interest rates are not going to fall fast enough to bail you out of a bad situation.”

Authored by Dave DeCamp via AntiWar.com,

On Wednesday night, President Biden falsely claimed in an address to the nation that the US was not at war. “I’m the first president in this century to report to the American people that the United States is not at war anywhere in the world,” the president said.

About a half hour before Biden delivered his address, US Central Command announced that it launched new strikes targeting the Houthis in Yemen. Since January, the US has carried out hundreds of strikes in Yemen as part of a new war that has not been authorized by Congress.

US naval commanders have described the fight against the Houthis in the Red Sea as the largest naval battle the US has been engaged in since World War II. Back in April, US military officials said the munitions used in the Red Sea and other bombings Biden ordered in Iraq and Syria since October 7 had cost the US about $1 billion.

The US has also been involved in combat operations against ISIS remnants in Iraq and Syria. Earlier this month, CENTCOM said it had been involved in 196 partnered operations in both countries in the first half of 2024. US troops deployed in Syria are not welcomed by the government, making it an illegal military occupation.

At the end of 2023 and the beginning of this year, the US was fighting Shia militias based in Iraq that began targeting US bases in response to the US support for the Israeli onslaught in Gaza. In January, three US troops were killed in a drone attack on Tower 22, a secretive base in Jordan near the Syrian border.

The US launched multiple rounds of airstrikes against the Shia militias, which are part of Iraq’s security forces. The bombings enraged the Iraqi government, which asked the US to withdraw, and now the two sides are negotiating the future of the US presence.

The US has also bombed Somalia multiple times this year to support the Mogadishu-based government against al-Shabaab. The US also launched an airstrike that it said targeted ISIS in Somalia back in May.

There is this weird facet of American psychology that we don’t see airstrikes or special ops raids as being “war.” https://t.co/QMU9rJzQiz

— Jack Murphy (@JackMurphyRGR) July 25, 2024

Besides the direct combat, the US is also providing vast amounts of military aid and intelligence support for Ukraine’s war with Russia and Israel’s genocidal campaign in Gaza. President Biden has brought the US and Russia closer to a direct war than at any time in history and has continued to enable a mass slaughter of Palestinians.

Via SchiffGold.com,

Boeing’s commercial jets struggle, but its military machines thrive, all fueled by endless fiat money…

Not-so-mysteriously, none of the problems now associated with Boeing passenger planes seem to be affecting the weapons of annihilation they produce for the Military-Industrial Complex’s borderless global war machine, which is fueled by infinite fiat money.

Myriad problems with Boeing passenger jets have put the company into the news just about every day for months, but the company makes much more than just planes for commercial passenger airlines. Boeing is also a major aerospace contractor that produces fighter jets, attack helicopters, predator drones, missiles, and even the president’s airplane, Air Force One. 

To be fair, Boeing’s record as of late beyond commercial jets is far from perfect — its Starliner, a crewed craft designed to bring astronauts to the ISS, was plagued with issues on the way to the space station that are now being investigated by its astronauts. And Boeing’s main rival in the space industry, SpaceX, has had its own problems with similar craft.

But when was the last time you heard about an Apache helicopter breaking down on its way to deliver a payload of highly-combustible “democracy” to a country unfortunate enough to be on the ever-expanding list of nation-states roped into unnecessary wars waged by the US or one of its global proxies?

Somehow, the systemic quality control issues at Boeing appear much more likely to get a handful of hapless air travelers injured than to cause problems with a military operation that has the “righteous” cause of protecting the petrodollar hegemon. The printing of fiat money fuels both phenomena in different ways.

Boeing’s corner-cutting and quality control issues are just one symptom of living in a fiat money system. As the dollar is debased, the incentive and ability to create solid, long-lasting products is degraded in kind. Manufacturing costs rocket upward as supplies, materials, logistics, storage, maintenance, insurance, wage demands, and every other production factor all increase, leading to a degradation in quality across the process as the irresistible temptation intensifies to prioritize minimizing costs over producing reliable, well-made, quality goods such as safe airplanes. 

US M2 Money Supply (Billions)

When individuals and corporations realize that the money is worth less than it was a year ago, and in a year will be worth even less still, these cost-cutting measures become standardized matters of policy. Inflation expectations incentivize speed of production and cost-cutting over high-quality projects that take more time and money to make, but that will last much longer.

When central bankers turn on the printer and degrade the value of each dollar in circulation, they essentially steal not just money, but time, as any ability to meaningfully save for the future is diminished and short-term profits and speculation are rewarded over quality. The lifetime of hours you spend at work — time that could be spent with your family, on building a business, on creating great art, and on being a producer of lasting and valuable things — is shrunken so that bankers, politicians, and war profiteers can become richer.

Inflation is the most insidious and destructive tax. pic.twitter.com/L8rDxOxAMR

— Fight With Memes (@fightwithmemes) July 15, 2024

And it happens regardless of “which side” is in office. This is how fiat money contributes to the degradation in the quality of goods, such as airplanes, and sends the long hours that we spend working to earn that money — whether you work at Boeing or somewhere else — into a slow-motion black hole torn open by the thievery of money printing. When bankers can create infinite amounts of the currency out of thin air, it means that long-term projects, entrepreneurship, and literally everything else that requires a lower time preference are disincentivized in favor of spending, speculating, and cutting corners anywhere possible. 

But when it comes to maintaining the Welfare-Warfare state, the ability to print infinite money is essential. Without it, the war machine consistently supported by both Democrats and Republicans would cease to exist. Dollars would be limited, there would be a practical cap on spending that would impose fiscal discipline because the currency would be pegged to something — like gold — of intrinsic value and real scarcity. That means that all of Boeing’s fighter jets, drones, military helicopters, and ballistic missiles would have to be financed through direct taxation, which Americans would never accept.

It also means that Boeing would be far more incentivized to produce passenger jets that don’t fall apart on the runway. But unlike a direct tax, stealing value (and time) by printing money takes longer to notice as it slowly drives the dollar’s value down toward zero. In a system with loose money, inflation goes up and down at different rates during different periods, but if you zoom out, you can always rely on costs going up. 

Until it passes the event horizon of hyperinflationary collapse, the debasement doesn’t happen all at once. The US dollar uses its unique world reserve currency status, enforced by the threat of violence, to delay this process and export dollar inflation to other countries. But this is how the proverbial frog is boiled. When it gets bad enough that common Americans do finally start to notice, presidents and other politicians blame “price gouging” and “corporate greed.” This would be a more honest assessment if the accusations of greed were turned inward:

Onto the bankers who enjoy the privilege of being first in line at the money printer, onto shamelessly corrupt Federal Reserve officials who take advantage of knowing exactly which economic levers are about to be pulled, onto the senators who make millions with suspiciously-serendipitous stock trades and pass bills written by lobbyists at the same corporations that funded their campaigns, and onto the presidents who encourage the Fed to print, print, and print some more so that the economy can be made to appear robust during their term in office.

Until central banking is fundamentally changed (or the Fed abolished entirely) with a hard money standard, expect more of the same. Until, of course, the dollar is finally printed into oblivion and a monetary reset forces the empire’s hand. When that day comes, it will be disastrous, and the regime will try to blame everyone and everything except itself as it presents an even more centralized, bigger government and bigger banking “solution.” 

But it will also be an opportunity to replace the current system with something better. However, it will be up to the people to look past the propaganda to recognize the issue, and demand hard money — lest we surrender another hundred-plus precious years of stolen time to the bankers and their political cronies.

Authored by Arijit Sarkar via CoinTelegraph.com,

Singapore’s internal investigation into nationwide terrorism threats has revealed a significant reliance on cash transfers for fundraising. In contrast, the adoption of cryptocurrency among terrorist organizations remains low.

The Singapore terrorism threat assessment report 2024, released July 25, highlighted an elevated terrorism threat to the nation owing to global instability. The report was issued by the Internal Security Department of the Ministry of Home Affairs.

Bypassing regulations with cash

The Singapore government noted an increase in the use of cryptocurrencies to raise funds for terrorist activities by various Islamist terrorist groups. However, the Islamic State in Iraq and Syria (ISIS) continues to receive most of its funding through cash transfers.

“Although there is increasing use of cryptocurrencies, the predominant means for financial transactions by ISIS and its affiliates remain cash couriers and informal value transfer systems (hawala).”

Wire transfers through financial institutions, money service businesses and cash couriers remain the top choice for terrorist organizations to raise capital. While Singapore reported no indication of an imminent attack, the primary threat driver continues to be online self-radicalization driven by supporters of the terrorist group Hamas.

Crypto donations in terror financing

The report also noted that, in February, a Philippines-based pro-ISIS media group ran a fundraising campaign in support of the “mujahideen (fighters)” and shared posters soliciting cryptocurrency donations.

The agency reminded citizens that funding terrorism is a crime. Since 2015, 13 individuals have been convicted for terror financing, which includes three Singaporeans and 10 foreigners.

Singapore’s ongoing effort to curb terror financing through regulation

The Monetary Authority of Singapore (MAS) recently increased the risk level for crypto exchange platforms or digital payment token service providers from medium-low to medium-high as part of an update to the country’s laws on Countering the Financing of Terrorism.

Key findings of the Money Laundering National Risk Assessment in the Anti-Money Laundering landscape. Source: MAS

The change aims to prevent terrorist organizations from exploiting Singapore’s economic openness as an international financial, business and transport hub for terrorist financing purposes.

[ZH: These findings run in direct contrast to Senator Elizabeth Warren’s constant diatribes against crypto.]

As Decrypt’s Stephen Graves notes, her intense scrutiny of crypto mining in the U.S. comes as she faces headwinds in her campaign to impose tighter restrictions on crypto in the U.S.

Just this week, Sen. Roger Marshall (R-KS) pulled his support for Warren’s Digital Asset Anti-Money Laundering Act of 2023. His withdrawal was especially notable because he co-sponsored the bill.

Crypto firms have stepped up their efforts to unseat Warren, who has linked the digital asset class to crimes including child sexual exploitation, terrorist financing and the fentanyl trade.

Ripple Labs has donated $1 million to help defeat prominent crypto critic Sen. Elizabeth Warren (D-MA) this November.  A company spokesperson confirmed to Decrypt on Tuesday that it made the payment to the Commonwealth Unity Fund, a super PAC set up to support the campaign of one of Warren’s Republican challengers, crypto attorney John Deaton.  The spokesperson declined, however, to comment on whether Ripple plans to spend additional funds on the race. They also did not clarify how the company’s…

This month, Ripple Labs donated $1 million to the Commonwealth Unity Fund, a a super PAC set up to support the campaign of one of Warren’s Republican challengers, crypto attorney John Deaton.

In February, it was revealed that pro-crypto super PAC Fairshake, which has raised hundreds of millions of dollars from crypto firms, poured $10 million into attack ads directed at prominent Warren ally Katie Porter, a Democratic congresswoman currently in a four-way race for California’s open U.S. Senate seat.

Israeli Prime Minister Benjamin Netanyahu was angered by Vice President Kamala Harris’ on-camera statement following their Thursday meeting, and he now says the words threaten to sabotage any potential peace deal with Hamas.

Diplomats speaking with Axios said Netanyahu’s criticism stems from Harris speaking as if a ceasefire and hostage exchange would mark the final end of the war in Gaza, whereas Israel’s position has all along been that counter-Hamas operations could resume even if a hostage deal is reached.

Following the Harris-Netanyahu meeting which lasted about 40 minutes, the Vice President said “It is time for this war to end in a way where Israel is secure, all the hostages are released, the suffering of Palestinians in Gaza ends and the Palestinian people can exercise their right to freedom, dignity and self determination.”

She added: “And as I just told Prime Minister Netanyahu it is time to get this deal done. Let’s get the deal done. So we can get a ceasefire to end the war. Let’s bring the hostages home. And let’s provide much needed relief to the Palestinian people.”

Israeli officials told Axios that the Biden meeting was much more constructive than the one with Harris, but that they were “caught off guard” by Harris’ follow-up statement:  

• The Israeli officials said Netanyahu and his team were caught off guard by Harris’ on-camera statement and taken aback by its tone, which they said sounded much more critical than Biden’s.
• “Harris’ statement after the meeting was much more critical than what she told Netanyahu in the meeting,” one Israeli official claimed.

According to more, “The Israeli official also said Netanyahu was unhappy with the fact that Harris criticized Israel publicly for the humanitarian crisis in Gaza and for killing civilians, especially at the current timing amid the hostage deal negotiations.”

But an aide to the vice president said he has no idea what the Israeli side is talking about and emphasized the private meeting between Harris and Netanyahu was “serious and collegial.” 

BREAKING: VP Harris speaks after meeting with Israeli PM Netanyahu

Harris calling for an immediate cease-fire deal to free the hostages.

The VP saying she “will not be silent” about the suffering in Gaza, the “devastating” loss of life and the “dire” humanitarian crisis. pic.twitter.com/Fe5QPoOuFh

— MSNBC (@MSNBC) July 25, 2024

So for now, it appears Netanyahu is ready to blame lack of progress in a ceasefire on VP Harris, and the current chaos of American politics after Biden bowed out of the presidential race. Israeli officials have tried to push a narrative that says a truce deal is impossible if there is any daylight in messaging between Washington and Tel Aviv.

But what Israel wants is a perpetual ‘blank check’ from the US taxpayer (akin to Ukraine’s Zelensky), and makes a lot of noise and complains bitterly in any instance where US leadership is not 100% on board, or issues some degree of criticism of Israeli military action.

Authored by Steve Watson via modernity.news,

Senator Chuck Grassley Has Released the full video taken by a police bodycam on the rooftop from which Thomas Matthew Crooks attempted to assassinate President Trump.

Full bodycam footage from the aftermath of the Trump assassination attempt has been released. Full report here: https://t.co/UR3TVDG6Ws pic.twitter.com/4W6YySbwvi

— m o d e r n i t y (@ModernityNews) July 26, 2024

The footage is an extended version of video released earlier this week, obtained from the local Beaver County Emergency Services Unit.

This morning I released the FULL extent of bodycam footage Ive received frm Beaver Co Emergency Services Unit showing aftermath of Trump shooting The public’s biz ought 2b PUBLIC U can find the video on my website https://t.co/qoyYauMncg

— Chuck Grassley (@ChuckGrassley) July 25, 2024

It shows the immediate aftermath of the shooting, with Crooks’ dead body lying on the roof and several officers surrounding him, along with a federal agent.

In addition to the previously discussed comments of the officers, the footage also shows them expressing concerns about potential explosive devices, three of which were later found in Crooks’ car and home.

The officers can be heard urging the FBI to expedite their response.

In a press release, Grassley pointed to two core concerns raised by the footage.

1. A fragmented and delayed chain of communication between local and federal law enforcement.
2. A seemingly delayed response in identifying and disabling a potential detonator device, including a potential device located next to the deceased shooter.

“The video footage additionally records law enforcement discussing the need to use a drone to inspect and secure the water tower on site,” Grassley notes.

He adds “Records obtained by my office corroborate that USSS had assigned an Unmanned Aerial System drone operator to the event.”

BOTTOM LINE: Secret Service/DHS/FBI hv a responsibility to EXPLAIN 2 the American ppl what went wrong on July 13 + how they plan 2 fix it

If fed govt isnt willing 2 give u the facts then I WILL

— Chuck Grassley (@ChuckGrassley) July 25, 2024

As we previously highlighted, Crooks was able to fly his own drone over the rally site just hours prior to Trump taking the stage.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

New quarterly smartphone shipment data in China reveal that domestic handset makers have secured all five top spots, pushing Apple from number 5 to number 6. 

Canalys research shows China’s smartphone market recorded 10% year-on-year growth in the second quarter, with shipments exceeding 70 million units.

A further breakdown of the report:

Vivo reclaimed the number one spot by shipping 13.1 million units, capturing a 19% market share. This growth, a 15% increase over the previous year, was driven by strong performance in offline channels and robust online sales during the “618” e-commerce festival. OPPO held onto second place, shipping 11.3 million units, buoyed by the launch of its new Reno 12 series. HONOR was third, with shipments of 10.7 million units, marking a 4% year-on-year increase. Huawei followed closely, taking fourth place with shipments of 10.6 million units, though its growth has slowed slightly. Xiaomi saw a 17% year-on-year increase and re-entered the top five by shipping 10 million units. The significant marketing buzz this quarter surrounding Xiaomi’s first electric car, the SU7, was one of the contributors to solid sales of its K70 and flagship 14 series.

Here’s the focus: 

“Apple ranked sixth with a market share of 14%, a decrease of 2% from the second quarter of the previous year.” 

Canalys Research Analyst Lucas Zhong said, “It is the first quarter in history that domestic vendors dominate all the top five positions.” 

Despite Apple’s aggressive discounts in the world’s largest smartphone market, Tim Cook & company couldn’t hold on to the number five spot as market share deteriorated in the quarter.

Apple faces intense competition from Huawei, and Chinese consumers are increasingly abandoning foreign brands for domestic ones as the tech war between Washington and Beijing intensifies.

Authored by Matt Lamb via The College Fix,

Being almost killed ‘can cause a wave of sympathy,’ professor says

President Donald Trump may take a page out of the “authoritarian playbook,” and use his assassination attempt to make himself more powerful, according to a New York University professor.

Historian Ruth Ben-Ghiat wrote in The Conversation that “assassination attempts can cause a wave of sympathy for leaders that can boost their personality cults as well.”

“And with each failed attempt, the personality cult themes about the leader’s macho toughness, resilience and invincibility gain credence among his followers,” the history professor said. “This was certainly the case with Castro and Mussolini, and it has been the case so far with former President Donald Trump.”

“From Mussolini and Hitler onward, strongmen have posed as victims of internal and external enemies, as well as protectors of the nation – as the only individuals who could save the people and lead them to greatness,” she said.

(This is not the first time she has compared Trump to Mussolini.)

“The effects of the assassination attempt on Trump are so far in line with authoritarian history,” she wrote, analyzing how Trump responded to being shot at. “Chief among its aftereffects is a boost to Trump’s victimhood persona.”

The professor noted that many Republicans showed solidarity with Trump after he survived an assassination attempt.

“The attack has also brought Trump even more loyalty from followers bonded to him,” she wrote. “At the [Republican National Convention], many wore ear bandages as signs of support. Trump’s wounds are their wounds too – to them, he embodies the nation, expresses their sufferings and risks his safety on their behalf.”

His campaign, according to Ben-Ghiat, “has always had vengeance and retribution for those who persecute him, in his telling, as a central theme.”

She then connected the assassination attempt and Trump’s response to the much fretted about “Project 2025,” a long white paper from the Heritage Foundation.

It includes firing bureaucrats who refuse to do their jobs and implement the executive branch agenda. Former Trump officials are involved with the project, but the president himself has no involvement in it.

Nevertheless, Ben-Ghiat is concerned.

“The assassination attempt on Trump may be used as justification for these measures, just as other attacks have been used by other authoritarians in history.”

Editor’s note: The College Fix is a recipient of a grant from the Heritage Foundation for an initiative unrelated to Project 2025.