Meghan Markle and Prince Harry's surprise announcement on Wednesday that they will step down as "senior" members of the British family and "work to become financially independent" of the monarchy raised many questions about their income. Now, we have some answers. The Duke and Duchess of Sussex launched a brand new website on Wednesday— SussexRoyal.com —after the bombshell news they will distance themselves from royal duties. The website expands on where their money currently comes from, who pays for their royal residence, Frogmore Cottage in Windsor, and travel, as well as how they will become financially independent. Meghan, 38, and Harry, 37 , said they will continue to support Queen Elizabeth II and honor their royal patronages—through which they are ambassadors for various charities—but have decided to split their time between the U.K. and North America going forward to "enable us to raise our son with an appreciation for the royal tradition into which he was born, … [Read more...] about Meghan and Harry Financial Independence—Who Pays For House and Travel?
Addams family house
I. A Broken Economy As Barack Obama prepares to accept the Democratic nomination this week, it is clear that the economic policies of the next president are going to be hugely important. Ever since Wall Street bankers were called back from their vacations last summer to deal with the convulsions in the mortgage market, the economy has been lurching from one crisis to the next. The International Monetary Fund has described the situation as “the largest financial shock since the Great Depression.” The details are too technical for most of us to understand. (They’re too technical for many bankers to understand, which is part of the problem.) But the root cause is simple enough. In some fundamental ways, the American economy has stopped working. The fact that the economy grows — that it produces more goods and services one year than it did in the previous one — no longer ensures that most families will benefit from its growth. For the first time on record, an economic expansion seems … [Read more...] about Obamanomics
Obama on ‘Renewing the American Economy’
Following is the transcript of Barack Obama's economic speech at Cooper Union in New York, as provided by CQ Transcriptions Inc. Thank you so much for being here. Let me begin by thanking Dr. Drucker and Cooper Union for hosting us here today. I have to say that the last time an Illinois politician made a speech here it was pretty good. So... (LAUGHTER) ... the bar is high. And I -- I want everybody to know right at the outset here that this may not be living for generations to come, the way Lincoln's speech did. I want to thank all our elected supporters who are here. I want to -- there are a couple of special guests that I'm very appreciative for being in attendance: Paul Volcker, the former chairman of the Federal Reserve Board... (APPLAUSE) We appreciate his presence. William Donaldson, the former chairman of the U.S. Securities and Exchange Commission. We thank you. And finally I want to thank the mayor of this great city, mayor Bloomberg, for his extraordinary … [Read more...] about Obama on ‘Renewing the American Economy’
What It Takes to Make a Student
On the morning of Oct. 5, President Bush and his education secretary, Margaret Spellings, paid a visit, along with camera crews from CNN and Fox News, to Friendship-Woodridge Elementary and Middle Campus, a charter public school in Washington. The president dropped in on two classrooms, where he asked the students, almost all of whom were African-American and poor, if they were planning to go to college. Every hand went up. “See, that’s a good sign,” the president told the students when they assembled later in the gym. “Going to college is an important goal for the future of the United States of America.” He singled out one student, a black eighth grader named Asia Goode, who came to Woodridge four years earlier reading “well below grade level.” But things had changed for Asia, according to the president. “Her teachers stayed after school to tutor her, and she caught up,” he said. “Asia is now an honors student. She loves reading, and she sings in the school choir.” Bush’s Woodridge … [Read more...] about What It Takes to Make a Student
Back to the Center
One of the Republican Party’s most astute pols, Representative Tom Davis of Virginia, recently reflected on his party’s status among voters. In a 20-page memo for his colleagues, Davis wrote, “If we were a dog food, they would take us off the shelf.” Bad as things are, they may get worse. The signs of Republican trouble are everywhere. Eighty-one percent of Americans believe the country is on the wrong track, the worst number since The New York Times and CBS started asking the question in 1991. Consumer sentiment in May, as measured by the University of Michigan, was at its lowest level in 28 years. Republicans have lost three consecutive special elections for House seats in rock-ribbed Republican districts, a particularly ominous harbinger of electoral catastrophe. Yet Democratic successes right now are driven more by Republican failures than by an enthusiastic public embrace of what Democrats stand for. The Democratic-controlled Congress, after all, has a lower approval rating … [Read more...] about Back to the Center
The Incredible Challenge of Counting Every Global Birth and Death
The roads surrounding the Jerusalén-San Luis Alto Picudito Indigenous reservation in Putumayo, Colombia, are treacherous on a good day. Made mostly of gravel and mud, they narrow to barely the width of a small truck in some places, and in others, especially after a storm, they yield almost completely to the many rivers with which they intersect. They also twist and turn and bump without stop. So, in the most difficult months of her pregnancy, when everything tasted like cardboard and it hurt even to sit or stand, Marleny Mesa avoided traveling altogether. This meant skipping checkups at the clinic in Villagarzón, which could take two hours or more to get to. But Marleny wasn’t overly worried. A nurse had assured her early in her pregnancy that her blood work was good and that everything looked fine. As a midwife herself, Marleny knew that making the trip would be riskier than missing a few doctor’s visits. But now, in the final days of her pregnancy, she could not shake the feeling … [Read more...] about The Incredible Challenge of Counting Every Global Birth and Death
Struggling to Keep Up as the Crisis Raced On
“I feel like Butch Cassidy and the Sundance Kid. Who are these guys that just keep coming?” — Treasury Secretary Henry Paulson Jr. It was the weekend of Sept. 13, and the moment Treasury Secretary Henry M. Paulson Jr. had feared for months was finally upon him: Lehman Brothers was hurtling toward bankruptcy — fast. Knowing that Lehman had billions of dollars in bad investments on its books, Mr. Paulson had long urged Lehman’s chief executive, Richard S. Fuld Jr., to find a solution for his firm’s problems. “He was asked to aggressively look for a buyer,” Mr. Paulson recalled in an interview. But Lehman could not — despite what Mr. Paulson described as personal pleas to other firms to buy some of Lehman’s toxic assets and efforts to persuade another bank to acquire Lehman. With all options closed, he said, the government’s hands were tied. Although the Federal Reserve had helped bail out Bear Stearns — and was within days of bailing out the giant insurer American … [Read more...] about Struggling to Keep Up as the Crisis Raced On
Closing Income Gap Tops Obama’s Agenda for Economic Change
WICHITA, Kan. — Senator Barack Obama says the top priority of the next president should be to create a more lasting and equitable prosperity than achieved by either President Bush in the current decade or even Bill Clinton in the 1990s. In an hourlong interview outlining his economic views, Mr. Obama praised the Clinton administration for reducing the deficit and setting the stage for the ’90s boom. But he said Mr. Clinton had failed to halt a long-term increase in income inequality that had left the middle class feeling squeezed. If elected, Mr. Obama said he would to try to forge a popular mandate for policy changes that could reverse a generation of slow wage growth and outlast any one administration. At the top of his list would be shifting the tax burden more toward the wealthy and making investments — in health care, alternative-energy research and education — that would cost a significant amount of money but could ultimately lift economic growth. “The project of the next … [Read more...] about Closing Income Gap Tops Obama’s Agenda for Economic Change
Larry Summers’s Evolution
Back in the 1980s , two young Harvard professors trying to reinvigorate the Democratic Party would meet at the Wursthaus restaurant in Cambridge, Mass., to have lunch and argue with each other. They must have made for an entertaining sight, one of them bearish and the other less than five feet tall, debating each other in a dark Harvard Square dive. The argument, in a nutshell, came to this. The smaller man — Robert Reich, a future secretary of labor — argued for something that he called “industrial policy.” Since the government couldn’t avoid having a big influence on the economy, he said, it should at least do so in a way that promoted fast-growing industries and invested in worthy public projects. The bearish professor was Lawrence H. Summers, who was then the youngest person to have received tenure in the modern history of Harvard University. He loved to tackle big, broad questions, and, by his lights, industrial policy amounted to another version of the governmental meddling … [Read more...] about Larry Summers’s Evolution
FBI created job for suspected spy Jerry Lee to lure him to U.S.
The suspected betrayal of U.S. informants in China by a former CIA officer is "one of the biggest losses and intelligence failures in modern history," a former counterintelligence official told NBC News. "There was a period of time when reporting to the U.S. intelligence community out of China dried up almost completely, and you don’t rebuild that base of information overnight," said Frank Figliuzzi, who was an FBI assistant director in 2011 and 2012. That assessment comes a day after the Justice Department announced the arrest of former American spy Jerry Chun Shing Lee , 53, for illegal possession of classified information — including the real names of other CIA operatives. Lee, a naturalized U.S. citizen who served in the Army and worked for the CIA for 13 years, is suspected of funneling information to China that caused the deaths or imprisonment of approximately 20 American agents , sources familiar with the case said. Ex-CIA officer … [Read more...] about FBI created job for suspected spy Jerry Lee to lure him to U.S.