Bits n’ pieces from east, west and beyond

East, west or beyond, sooner or later events elsewhere may have a local impact. A recent sampling:

The Treasury Department’s Financial Crimes Enforcement Network has finalized two rules to stop corruption and money laundering in U.S. residential real estate and private investment.

The U.S. has been one of the world’s money-laundering capitals, which has been seen as a national security threat due to the involvement of organized criminals, corrupt government officials and business leaders. Europe’s Commission on Security and Cooperation stated the U.S. Treasury’s decision closes a “crucial pathway for Russian money laundering and sanctions through real estate and private equity.”

At a Wisconsin rally presidential candidate Donald Trump spoke about grocery costs. He said prices are up “50, 60, 70 percent.” He added: “Some people don’t eat bacon anymore. We are going to get the energy prices down. When we get energy down, you know -- this was caused by horrible energy -- wind, they want wind all over the place. But when it doesn’t blow we have a little problem. This was caused by energy. This was really caused by energy, and also their unbelievable spending. They are spending us out of wealth, actually, they are taking our wealth away because it was caused by energy.” 

Economists say grocery prices have risen “nowhere near” 50% overall, The Atlantic stated. Trump also said at a Moms for Liberty event, sans evidence, that schools are providing gender-transition surgeries for students: “Your kid goes to school, and he comes home a few days later with an operation.”

Wind and solar now generate more electricity than coal: U.S. Energy Information Administration.

With Social Security recently turning 89, former SS trustee Robert Reich explained why full benefits could end in 2033. At that time recipients would get 77% of normal if shore-up action is not taken. So far a Republican plan is to repeal taxes on SS benefits and to raise the retirement age. The Committee for a Responsible Federal Budget says the repeal would increase the budget deficit by up to $1.8 trillion by 2036, and make SS insolvent two years earlier than currently projected.

Reich suggests addressing why SS is running short, which past SS trustees never anticipated: the rich have gotten richer, and with their cap on what they pay into SS, the result has been less revenue for the program; once an income reaches the $168,600 cap for the year, SS taxes are no longer paid in. So a person earning $20 million annually will pay in about 1% of their income, while those earning less than the cap pay in all year. Reich says the current cap program has cost SS about $1.4 trillion since 1983. A proposal in Congress would raise the cap to $250,000 and also subject investment income to SS taxes. That plan is estimated to make SS solvent for the next 75 years without raising taxes on 93% of American households.