us the power in hungary for the experiences of those who live in every day that is that shut on us. but we have to be very careful of course, and we have to be safe enough to support that pressure. how democracy dies. democracy may be on al jazeera, the hello, i'm elizabeth put autumn in business, counting the cost on algebra, your weekly look at the world of business and economics this week, as well as finances on this train and as much of the deficit as wide and in the nation's credit raising has been downgraded for the 1st time and it's history could face a financial crisis. towers, tax cuts, and hiring. elaine moss, donald trump has outlined his vision for the future of the united states. so how

does his plan compare to dash is coming to harris, and will that work? china's lead it has pledged more than $50000000.00 in financing for africa. we look at what's behind invasions, move toward african nations. the move a 60000 does way the businesses are expected to go bankrupt in the coming months. tourism has gone around to a hold of consumption, trade and foreign investment have all slumped as well as one, gaza is damaging, almost every sector of its economy. that's a spending and borrowing a boat rocker saying to finance the mountain cost of the war. the cost is expected to reach more than $67000000.00 by next year. credit raising agencies have downgraded as well for the 1st time and it's history. and many is why the economist, one of the nation will face a financial crisis if it fails to act as of a homeland reports on a shaky gum of the 11 months on

a war footing is rose, economy is experiencing, it's slow, it's growth of recent times, in the 1st quarter of last year, contracted by almost 21 percent of the finance ministry has flushed growth prediction for these. yet from 1.9 percent to 1 point one percent katie reaching agencies of downgraded is red status by and not. feet sees its physical deficit, could reach 7.8 percent this year from 4 point one percent in 2023. the ages, he also expects that to me about 70 percent of g d p. in the medium tom experts see the changing is there as credit rating. we have an impact on government finances be with make balance that these are a so uh to finance government expending more expensive. okay. it will have the will have to pay higher interest rate for those people who buy these bonds

because the bond will be risk year. okay. so the government will, will have, will have it harder to raise money in the international market. almost every sector of the economy has been affected by the war. with the construction industry, one of the hardest hit is right. i spent more than $140000.00 palestinian walkers since october. just tell them when they're going to do. the only in this construction site is about 230 people about 70 people lives since the wall sconces since the start of the war is real. doesn't allow palestinians to work here. there's a huge lack of workforce experts, a warning that the longer the world runs on, the less likely it is the economy. we get back on its feet quickly. if we stop and control their will and then i don't know what. and then the other thing was

the wall my top. these really occurred to me today, but it's lingering of, they fix it. yes, the repair hands him him with a 0 for counting the cost. no ways. well, fund may divest from companies that health is around and it's one, gaza. it's opposed to the world's largest funds, could sell shares of companies that violate it's new interpretation of ethics standards for businesses among the companies that it's watched. all could be looking at r. r t x called general electric and general dynamics, meanwhile pulls into the council as well just to doug best from companies doing business with as well. but coming to full us city to pos such a measure. well, joining us now since took got in germany issue have i as an economic researcher and director of the alliance of justice between israelis and palestinians. thank you very much for joining us on counting the costs. firstly, how would you describe the impact of israel's war on its economy?

the impact is catastrophic, as well as crust every possible red line in terms of and planning the amount of resources that they're willing to spend. not only have they committed a and they are committing genocide against real estate agent goes on, and this is the most important issue of the loss of lives and, but in order to do so, they have a sacrifice their own future. and, and the economic crisis is something which i seriously doubt and they will ever be able to recover from okay, you say it's catastrophic and they've crossed every red line. if we look at some of those red lights, military spending, for example. do you think that raising the annual military spending well, the economy in the long time given its past, israel has paused the current military spending level june was before. and it has always recovered. indeed that there were economic crisis in the history of it's right in the 50s, in the sixty's,

when is rose and had the more or socialist economic structure before a socialist only for jews. so it say an ethnography, and based on apartheid system. but when there is a sense, sense of collective responsibility and collective and news for the jewish population is read. and there was a willingness of individuals to sacrifice funding greater and collective, very survival. this doesn't exist anymore is always become a highly capitalist economy. is there any way to listing and as a best to educate it is where it needs the most skilled is really the ones for absolutely necessary for the economy or something at so the military spending that is it only a drop in the bucket to what's really happening in terms of this economic crisis and the effect that in order to finance the military spending, israel is going into debt, which it goes on a out of control. and he's willing to sell it involves an ever increasing interest

rates and means that as an investment overall is really economy has become unsustainable. okay? you know, when you talk about debt again, the economy is no doubt on the strain deficit as whitening. but what do you say to those who say the projected vive and national debt is manageable given israel entered the war with a relatively low the national debt. i think it's a misunderstanding of the way that to the macro economic indicators of be measured because in fact the things which are impacting is where the negatively are counted as if they were positive. for example, the fact that the there was more private spending and more government spending in order to deal with the consequences of the war in order to how those families were displaced on their homes in order to increase the production in the arms factories . and so that creates the image is safe and recovery is possible and in fact the collapse of the g p for example, is now measured and only about 3 percent. and over the last year, when in fact, if you take into consideration of the non productive parts of the peanut are

increasing meaning only the increase in g d p. as a result of the crisis itself, as a result of dealing with the loss of properties and income, then you realize and then that the actual drum, a in the economic productivity is far bigger. and without productivity. there was no way to recover from the debt and there there's simply no way to generate that income. and because the, the is really is what most, an interested in the economic development of the stem, the closest. they're also the ones we're leaving. and just just look into what's happening to the staff are these really minister of finance, which is big the spinning as, as these workers are leaving. and because they have it all facing their own account . ok. so you're saying it's very welcome to leave and we know that at least a 140000 as one has full go on at least a 140000 palestinian workers because of restrictions on them coming into as well. since the world again, hasn't been able to fill this gap with foreign workers. what impact has this had on

this way? the economy? there's a kind of arrogance expecting that the people from a developing countries say a specifically from a malawi and from india. and would be willing to come in and take some place of the thought of seeing workers and accepted and very little wages and very difficult to work conditions. and eh, including of course, the risk of, of working in a word zone. and but more importantly, the expectation that day is they don't care about the moral ethical implications of taking. and then what makes isabella seeing workers will depend on and this is and not materialize. the workers did not come in as a result of this, the construction sector has come to a complete stop. houses. apartments are not being built in each row because this sector is completely dependent on what has to be in labor and, and now we see something very interesting. we see that a why of, and these really economies collapsing that housing prices are not collapsing. and because there's such a shortage in housing,

and so many israelis are using this to sell their houses to sell their apartment as fast as they can to raise the cash quickly and, and take their money out of the country in order to save their, their savings basically, yeah, to save the their families and add to those, is there any tools or do you get into thinking that bases the apartments and houses we continue to increase in value and somehow, and these rarely economy, what we would cover apartheid would be sustained a are taking mortgages in order to buy those or so that's from the possible real estate causes in the making as well. just lastly, do you see all of these economic considerations having a political impact as well? what would the public's advertise full war? nothing yahoo has to pass a budget by march 2025 doesn't have as he has, but the government has been always willing to bend the rules and break the law and change whatever they need. add, they are packing. the supreme court with the subject can say,

judges and support the government. so we actually did see how the economic situation has led to the large unions and to call for a general strike. and today they were calling for an end of the war and forwarded and we cease fire, an exchange of prisoners. and the, the, they were saying that if this doesn't come, then the state of is one who comes in and add the head of the teachers who insights me. my, my children to grow up as refugees unless, and we start the war. and so they have also lost hope, and the government simply decided not to abide by their and decisions because of the political but by these demands that because of the political crisis, because they are afraid of going and having elections. and what instead they did was to take these very courts that are packed with their supplicants and called the strikes and you may go and they stop the struck. and but of course, this doesn't change public opinion. you can stop this, right? but people will not then start thinking that the economy will become better to have

a thank you so much for your analysis. we really appreciate it. thank you very much . national economic ran a phones that's what the republican presidential nominees says he's offering the american voters. but less than 2 months until the election, donald trump has unveiled a sweeping plan to know what taxes bring down the government spending and caught red tape to to point the wills which us man eat on mosque to help him. trump plan is in sharp contrast to that with his democratic ride when coming to harris. that's largely based on president's job items policies. but well he outperform harrison cub inflation reducing debt and spilling economic growth. we'll discuss that with i guess shortly. but 1st, that's what trump had to say. i will create a government efficiency commission task is conducting a complete financial and performance audit of the entire federal government and making recommendations for drastically forms. we will eliminate regulations that

drive up housing for us with a goal of cutting the cost of a new home. in half will create america's own software and well fund to invest in great national endeavors for the benefit of all of the american people. the reduction in the corporate tax rate from 21 percent to 15 percent solely for companies that make their product in america. to address these dire energy crisis that kamala and joe have created, i will immediately issue a national emergency declaration to achieve massive increase in domestic energy supply. when it's breakdown, some of those pledges and have a look at how they can pay to have as as plans. tom put lower the corporate tax rate from 21 percent to 15 by contrasts harris would raise it to 28 percent. trump proposed sweeping taxes on impulse enter the united states house would,

followed by this policy who's maintained or increased most of tom's towers on china transplanted cub inflation includes drilling a lot more oil over id as a rec, what high to bring down fuel costs? harris has again stopped with bivens approach to bring down the prices of every day items like prescription drugs. both candidates have propose plans to low a housing costs the pen bolton budget model that the university of pennsylvania says plans by both candidates would increase the budget deficit for tons plan would add almost to $6.00 trillion dollars to an over a decade compared to houses just or the one trillion a while let spring in august to discuss this further. joining us from london is greg swenson. he's a founding partner at met. shouldn't back break mcadam and just also the chairman of republicans overseas and in washington dc is palo fonts. kara, he's the president of the global policy institute, think tank,

we have discuss houses, economic vision with you both on a previous episode. so let's follow up on that. as we discussed drums, policies reg, i'll start with you in london, it's not just the pen wharton budget model full costing that. trump would greatly increase the deficit. others have said this, goldman sachs sacks, one of the world's biggest investment bags recently said trumpets low economic growth. what do you think of his plans to the economy especially compared to houses? well, i think, you know, there's problems probably some partisan influence at the pen morton, as well as the goldman sachs. and i think they, they would probably look more at, at the dynamic growth follows tax cuts for example. and in tax revenues end up increasing. so i think if you look at a step from a static point of view, yes, come all of you could argue hers is only one trillion trumps. has 5 choice tax cuts work and they works for the trump administration,

especially after they took effect in 2018, 2019 was a seller year. so i think he's got the track record. i totally agree with the corporate tax rates cut. um that's, that's always beneficial to the economy. it's better for workers, it's better for customers, it's better for shareholders. so it's worked before it worked in 2018 and i'm sure it would work again. i'm a little bit soft on the terrace, you know, tasks as, as we all know, our taxes ultimately on consumers. i think they're fine when they're selected, when they're specific towards a, you know, a, a dedicated cause, like the unfair trade that was, that was occurring with china. so that was not free and fair trade. so i thought it was totally justified to put some terrace on the chinese and i, and that's why the binding harris administration kept those terraced. but i do agree that you know, just across the board terrace on your allies, on your best trading partners, is a mistake. okay, just on the 1st point that you made, you think that the pen was in budget model, even goldman sachs that they might be some pauses on analysis here. what about the

non past on committee for a responsible federal federal budget? with said the house has planned, could add $1.00 trillion dollars to the us deficit over the next decade, and that trump would cost taxpayers about the same. yeah, and again i to, it's hard to look at the static models that just look at the, you know, the actual, you know, simple math on, on how much is you cutting taxes. but you have to look at the economic growth of follows. and you saw a tax revenues go up, tax revenues in the us are at all time highs. they're way too high. i think spending is a problem. i'm not saying that trump and other republicans are totally innocent on spending. but you see the rapid expansion of the deficit since bought and took office, you know, get, you know, these reckless spending plans are all going to the depths that we're not paying for spending has to be caught in i, i, i can't promise you that the trump will be as good as the tax, i mean, not spending cuts as i would like, as

a conservative would like. but i have to think he's going to be better than on any democrat, but especially kamala harris. potter. what do you think of what you've heard? sofa, a lot of this stuff has been said before tried and failed regarding the 1st of uh, touch guns that occurred under under trump one. they increased the big office. they did not check the 8. well, you didn't have the revenue growth so that some people magically think is going to happen. so the idea being, if we've got taxes, there's more economic activities, which bound the tax base, i guess what? lower taxes, but more revenue. that didn't happen in 2022 school when not be right before the beginning of coverage. if we forgot truck presented a budget with the economy, essentially pulled employment and growing. get a pretty decent click about 2 percent. that's one trillion dollar deficit. ok. this is mr. trump 2020, then koby happened and everything went up, you know, in

a different place because the government was forced under trump. and also later on, on dividing to pump the liquidity into the economy. because as everything had frozen on account of coverage. but the notion that there is going to be any spending cuts under on the truck is the notion of, particularly because there's absolutely nothing in this plan about reforming entitlements spending, which, unless we forgot constitute 70. i repeat 70 percent of all federal spending to say i'm doing a pointer, you must ask the person who will bind up all of the don't the waste and the excess regulation and the simply by streamlining obviously that's a great idea. i find it ironic that she would get a point to a billionaire was made money precisely on account of regulations of

a set of slides and tax preferences for electric vehicles. which by the way, the republicans in general of 8 because they think that anything but it's got to do with the green economy. and that would include electric vehicles that are up against america's interest. and it seems we're talking about being tapped on china . let's not forget that mister musk makes automobiles in china, tyler, just lastly, despite the inflation of being down, despite unemployment being down, you know, the median household income being out for the 1st time after 3 years decline. the polls show voice is still trust. trump move with the economy, then coming to have us in the election. how does she or the come that despite favorable numbers as well? uh, just for one, let me mention the initiative that she has unveiled uh a few days ago about supporting the uh, creation and the growth of small and medium enterprises. uh and,

and she put this under the banner of uh, economic opportunity. i think that is a great idea because the country to most people think america is not made out of but general electric and ibm and google and x on and, and an apple is made out of a new norm as a texture environment. oh, small medium enterprises. which are the biggest job creators in the united states. so her plan to boost as i may use, a piece of something that i think could be extremely valuable for the economy in general. because that also means and that follows, i guess what, mr. trying to do with like do you regulation, limiting the amount of paper work and, and red tape and what have you that any small entrepreneur in game that isn't what that's, i wouldn't be small interpreter in the united states as to navigate. but i think

this is something that you resonate with middle america and quite frankly, with republicans what's, what's, what can be in a position to growing small businesses that which are the life and blog of the old economies around the, the 50 united states. the fact that at the moment scale, but we'll have to see what happens after this debate in which quite frankly trump didn't manage to explain any of this. uh and uh, and that according to follows. uh, ms. harris seems to have done a lot better and we'll have to see what happens between now and the election. which message resonates more with that with the voters? and by the way, we're talking about the reducing the corporate rate at to 50 percent. but only for companies to produce everything, a 100 percent in the united states. that's a joke, because nobody does, this isn't globalized because i would not, i would be hard pressed to think about companies that use their entire set of

inputs on us based supply chains. maybe right, one or 2? sure. we have run out of time, but thank you both very much for your perspectives on this, that is a pound of on square out in washington dc and greg swenson in london. thanks again . china is seeking the cost itself as a leader of the developing world president cheese and paying welcome to more than $50.00 african latest to the farm on china africa cooperation. last week, he paged more than $50000000.00 in financing for the continent and to help create $1000000.00 jobs. but western nations and other critics excuse badging, of lowering african nations and unsustainable debt among them is the us that's back linked to re gain influence in the continent. a report by gallop says americans, popularity is waning, and africa while natural china is growing. veronica pedrosa reports, smiles and handshakes as african leaders gathered in paging for

a tri annual summit. they came to paging in the hope of striking business deals, and china says it's ready to be the trade pump the for the continent. we live fine yet. over the next 40 years, the chinese government is willing to provide the financial supports amounting to $50000000000.00 to africa. mean view of china is africa's biggest trading partner. last year, total trade between pages and africa exceed $280000000000.00. china has invested heavily in infrastructure projects and in the continents rich mineral deposits. in recent years, african countries have borrowed heavily from china collectively, owing paging some $30000000000.00. on the list, say china is keeping africa nations new investment loans so they can pay back old on us. what it's intended is really to invest in at least in syria, into areas that generate growth. i'm facilitating other on what investment in

economic activities such that those loans can be paid back by the return they generate leaders. it says trade relations between china and africa. a good for both sides and denied that china is debt trapping the confidence. i don't necessarily buy in the notion that try to say invest in change of it, and those countries end up in the debt check prices. china is also in competition to influence on the continent with the us. and the summit comes as weston countries impose hefty terrace on imported chinese goods, mike electric vehicles and solar panels. and with africa being the fastest growing continent china and they have already alternative market for its goods. veronica

pedroza alj, a 0 for counting the cost. and this is a highlights of the week oil price. why does it remain some dude, the spot production cost since 2022 geopolitical intentions in the middle east of the halt and libya's output and total opec plaza has been holding back around $5000000.00 barrels a day, or around 5 percent of supplies to pro pump prices, but the spot that the price of brent crude, the international benchmark, has full and to around to $70.00 a barrel of last week. that's the lowest since 2021. the oil producing group led by saudi arabia and russia has recently decided to delay plans to restore output by 2 months until december. that's because of that was flowed back into the market a lot would follow. and that would push prices further down the decline in prices office. some relief to consume is feeling the pinch of high inflation. but at least the price is too low. if a saudi arabia and other nations to cover the government spending much of the

dropping process has been attributed to weak demand for oil, particularly in china, while the world as well stocked with supplies from countries outside or pac, including presume canada, diana, the united states. okay, plus may have prevented an oversupply with the delayed tapering of its output costs . but it's unclear how much longer the root contains barrels off the market major or produces target oil price about $80.00 a barrel, while others wants higher production to boost investment. and that's actually for this week to get in touch with us on ex, formerly known as was a, i'm at this put on them, and they use the hash tag, a ctc, when you do would drop us an e mail counting the cost of allergies. they don't match as i address and there's more for you online as i would just be your adult. com slash ccc, that'll take you straight to a page which has individual reports, links and entire episodes for use a catch up phone. and that is it. so this edition of counting the cost,

i'm elizabeth put on them from the whole team. thank you for joining us. the news on algebra is next for 16 years after the 2008 global financial crisis, you've taken home more than $480000000.00. your companies now bankrupt, our economy is in the state of crisis. i have a very basic question for you. is this, the countless people lost their homes in the us alone, but who was held responsible and caused a 1000000 to lose that job? the man who sold it getting

ideals, the french republic because of the claim. but just what is more than friends in a full pot series, the big picture takes and in depth no. from the same size episode to an allergy. 0, [000:00:00;00] the states that even come in as an international inside corruption, excellence award,

denominator here on now. the the and all the major demonstration of is riley and hundreds of thousands of people. the long there are a ton of captains held in garza the hello. i'm sorry, i'm the y z. this is al jazeera life from don't. and so coming up on the program, returning to what was once home people go back to a gaza city, neighborhood of to 20 days of his riley from baldwin's whole villages swamped to the devastation from flooding and romania. and it could get worse in central europe