Mississippi will be among hardest hit states if US defaults on debt – National & International News – FRI 12May2023

Mississippi will be among hardest hit states if US defaults on debt.

Object that crashed into New Jersey bedroom is a 4.5 billion-year-old meteorite. 

Turkish election: Erdogan faces biggest challenge yet to his 20-year rule. 

NATIONAL NEWS

Mississippi will be among hardest hit states if US defaults on debt

Congress has recessed this week having made no real progress in raising the debt ceiling. Talks earlier this week between President Biden and House Speaker Kevin McCarthy do not seem to have yielded much in the way of results. McCarthy and other House Republicans are demanding deep spending cuts in exchange for raising the debt ceiling. Biden and other Democrats are insisting that raising the debt ceiling should be wholly separate from budget discussions, as they have been every time Congress raised the debt ceiling since 2011.

Though Congress isn’t currently in session, a team of negotiators from both sides is still working. It’s not clear on what terms they are negotiating since both McCarthy and the White House reported still being “far apart” at the end of Tuesday’s meeting.

Last week, the White House Council of Economic Advisers predicted that the US would lose about 8.3 million jobs in the event of a protracted default. This week, researchers with Moody’s Analytics published a report showing how each state would be impacted.

Unsurprisingly, states like Mississippi that rely heavily on federal spending are some of the most vulnerable. Even a brief default could cost nearly 9,000 jobs in Mississippi. In the event of a protracted default, Moody’s predicts Mississippi’s unemployment could peak at 9.2%.  

Object that crashed into New Jersey bedroom is a 4.5 billion-year-old meteorite

On Monday, Suzy Kop of Hopewell Township, NJ, came home to find debris littering her father’s bedroom. Searching for the cause, she found a strange-looking dark rock measuring about 4 inches by 6 inches. The rock was heavy for its size, about 2.2 pounds and still warm to the touch. 

Researchers at The College of New Jersey have determined that the rock was in fact a 4.5 billion-year-old meteorite. The object had punched a hole in Kop’s roof, crashed through the ceiling of her father’s bedroom, struck the hardwood floor and then bounced back up to hit the ceiling again. Fortunately, no one was home when the object crashed into the house.

Since it was warm, Kop worried that the rock might be radioactive but tests showed this wasn’t the case. Scientists say the rock is composed largely of chondrite which makes it rare even among meteorites. About 500 meteorites hit the surface of the Earth each year. However, less than 10 are usually recovered since most hit the ocean or fall in remote or inaccessible areas. 

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INTERNATIONAL NEWS

Turkish election: Erdogan faces biggest challenge yet to his 20-year rule

On Sunday, Turkey is holding presidential elections for a 5-year term. Many are hopeful this election could bring an end to over two decades of quasi-dictatorship by the incumbent, President Recep Tayyip Erdogan. Erdogan, 69, rose to power in 2002 while the country was reeling in the aftermath of a massive earthquake and rampant inflation. In the years since, Erdogan has heavily consolidated power, imprisoned critics and created a stranglehold on Turkey’s media.

Erdogan’s rule may now end very much as it started, with inflation around 44% and the country still struggling in the aftermath of twin earthquakes that hit southern Turkey in February. Those earthquakes killed at least 50,000 people, though it’s likely the true toll is much higher since officials have simply stopped counting. Millions were left homeless and entire thriving cities were reduced to rubble. 

Erdogan’s government was heavily criticized for its slow and inadequate response to the earthquake. He also bears a lot of the blame for the immense destruction and loss of life. After the earthquake, old video emerged in which Erdogan bragged about helping builders skirt regulations that would have made their buildings safer. Many of the buildings that collapsed were built within the last 10 to 15 years.

Parties unite behind challenger

Six disparate opposition parties have come together to put forward a coalition candidate to challenge Erdogan, Kemal Kilicdaroglu, 74. Kilicdaroglu has painted himself as a moderate and promised to improve Turkey’s ties with the West and restore the democracy that has been heavily eroded by Erdogan.

The politics of the 6 coalition parties vary widely and include ultra-nationalists, Kurds, left, right and center. Much like the fragile unity government that briefly unseated Prime Minister Benjamin Netanyahu in Israel, they may find it difficult to govern even if Kilicdaroglu wins.

It’s also unlikely that Erdogan will go quietly if he loses. Despite the many problems plaguing his government, Erdogan maintains a core of support between 30% and 45% of the population. He also still has a lot of support in key Turkish industries. Additionally, during previous Turkish elections, there have been widespread “irregularities”, all of which seemed to work in Erdogan’s favor.

If none of the candidates gets at least 50% of the vote (that’s 50% plus 1 vote), there’ll be a run-off election on May 28.

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