World
Shocking News: Elon Musk under pressure to exit DOGE after Wisconsin embarrassment? White House says, ‘Garbage’
Elon Musk is on his way out, Donald Trump reportedly told his inner circle. Democrats saw a high-profile victory in Wisconsin, where Susan Crawford defeated GOP-backed Brad Svhimel in the judicial race. Through his PAC, Musk poured over $21 million into the campaign backing Schimel, he held a townhall where he handed out $1 million […]
Democrats saw a high-profile victory in Wisconsin, where Susan Crawford defeated GOP-backed Brad Svhimel in the judicial race.
Through his PAC, Musk poured over $21 million into the campaign backing Schimel, he held a townhall where he handed out $1 million checks and other giveaways to registered voters who signed a petition or referred others to sign.
Musk’s money made the Supreme Court election one of the most closely watched ones and Musk said the race would determine “the future of America and Western civilization”. It was electorally the first big test of the second Trump term.
Following the defeat, Musk had to face a wave of gloating on X while the Trump administration busied itself with the Liberation Day announcement. The Democrats’ official account posted a picture of Musk donning a cheese head and accompanied with the single word “Loser”.
“As a little girl, I never could have imagined that I’d be taking on the richest man in the world for justice in Wisconsin. And we won,” Crawford said after the win.
Well-known Elon-hater Jasmine Crockett, a Democrat House member from Texas, posted: “Well well well, I guess Wisconsin agreed on the message for old Elon: “F off!,” she wrote.
Trump confirmed Musk would be back to his business
After the election result, it was reported that Trump told his inner circle that Musk would soon leave his role and will go back to his business. Elon Musk too confirmed the same before Trump that his DOGE team was nearing the completion of their primary objective.
Garbage: White House
The White House maintained that Elon Musk was not the administrator of DOGE and is a special government employee who joins the government for a short and specific period of time — 130 days or less.
Photo by David Everett Strickler on Unsplash
The tenure of a special government employee, however, may increase.
After Politico’s Rachel Bade claimed it as a ‘scoop’, press secretary Karoline Leavitt said the “scoop” is garbage because this is already known.
“Elon Musk and President Trump have both *publicly* stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete,” Karoline said.
Business
Israel confirms use of laser weapons to defend against drone attacks
The larger Iron Beam laser, developed by Rafael Advanced Defense Systems and Elbit Systems Ltd., will be integrated into Israel’s multi-level air defenses in the next six months. The technology has been touted as a cheaper way to repel drones and short-range projectiles, with each interception costing less than . The system, however, still has numerous technical limitations and can’t work in cloudy weather.More stories like this are available on bloomberg.comIsrael has deployed laser weapons during its ongoing war to deflect “scores” of aerial attacks, including from drones, the Defence Ministry said in a statement on Wednesday. This is the first time the country has acknowledged the use of directed-energy technologies in the battlefield.The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky.
The announcement suggests that Israel may soon pull ahead of other countries in the race for laser weapons. Nations have pursued the technology for decades, but efforts to scale lasers have been complicated by significant technical difficulties. The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky. Israel’s air defenses have faced over 26,000 aerial attacks from missiles, drones and rockets since Oct. 2023. Most of the projectiles, which were fired from Gaza, Lebanon, Syria, Iran, Iraq and Yemen, were intercepted by the Iron Dome and long-range Arrow shield systems. Many drones, however, penetrated its defenses.
Business
Bessent announces ‘substantial progress’ in crucial US-China trade talks
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters.Bessent said he had informed President Donald Trump of the progress of the talks, and there would be a complete briefing on details on Monday. U.S. Treasury Secretary Scott Bessent said on Sunday that there had been “substantial progress” in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world’s two largest economies.Published on May 11, 2025
The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.
Business
Fed holds rates steady, flags rising risks of inflation and unemployment
Economic picture
With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed. Trump, however, has repeatedly said the central bank should lower borrowing costs.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Federal Reserve officials held interest rates steady for a third-straight meeting and emphasised they see a growing risk of both higher inflation and rising unemployment.Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Chair Jerome Powell will hold a press conference with reporters at 2:30 p.m. in Washington.Powell and his colleagues are determined to keep tariffs from sparking a persistent rise in inflation, and several officials have signaled they would not support lowering interest rates preemptively to protect against a slowing economy.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.“Uncertainty about the economic outlook has increased further,” the Federal Open Market Committee said in a statement Wednesday at the conclusion of a two-day meeting in Washington. “The committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”
Published on May 8, 2025
Economic picture
The central bank announced Tuesday that Kansas City Fed President Jeff Schmid would miss the May meeting due to the recent death of his wife. Kansas City was represented by First Vice President Kim Robbins. Schmid’s vote passed to alternate member Neel Kashkari, president of the Minneapolis Fed.“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the statement said.President Donald Trump‘s trade policy has unleashed a wave of uncertainty across the economy. While the levies are still being negotiated, economists widely expect the expansive tariffs to boost inflation and weigh on growth. That would pit policymakers’ two goals – price stability and maximum employment – against one another.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Officials voted unanimously to keep the benchmark federal funds rate in a range of 4.25 per cent to 4.5 per cent, where it has been since December.
Economists say it will take time for the full effect of the new tariffs to work through the economy. So far, the impact has mainly included a sharp decline in sentiment and a surge in imports. The US economy contracted at the start of the year for the first time since 2022, but a gauge of underlying demand stayed firm.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.But the president has since insisted that he does not intend to fire Powell.
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