Originally published at: https://peakprosperity.com/daily-digest/trumps-budget-passes-4-7-annual-gdp-growth-needed/
US Politics
House Republicans passed President Trump’s legislative package, dubbed the ‘Big Beautiful Bill,’ with a vote of 218-214. The $3.3 trillion bill, which faced opposition from Democrats and two Republicans, includes provisions to extend 2017 tax cuts, provide deductions for tip income and overtime pay, increase domestic semiconductor production, and reduce clean energy credits, as well as cut funding for Medicaid and SNAP. The vote followed an eight-hour speech by Rep. Hakeem Jeffries. House Speaker Mike Johnson described the bill as a significant measure, and President Trump is expected to sign it into law soon. Critics, including Rep. Hakeem Jeffries, have warned that the bill could negatively impact healthcare access and social programs, with some expressing concern over its broader implications.
Economy
Discussions around Trump’s newly passed bill have emerged, with some analysts suggesting that the U.S. needs to achieve 4-7% annual GDP growth over the next decade to manage its spending levels. However, some have expressed skepticism about the feasibility of such growth targets, citing current economic conditions as a potential obstacle.
In other news, the June U.S. Jobs Report from the Bureau of Labor Statistics showed an addition of 147,000 jobs, surpassing expectations, with the unemployment rate dropping to 4.1%. Job growth was primarily in state government and healthcare sectors, with revisions indicating strength in previous months as well. Economist Peter Schiff reportedly expressed concern that 92% of the new jobs are in sectors like government and social services, which he believes could contribute to trade deficits and inflation. The report also indicated that native-born workers gained 830,000 jobs, while foreign-born workers lost 348,000. Separately, the Bureau of Labor Statistics reported a record high in U.S. disabilities for June, with 138,000 new cases added to May’s total of 739,000, based on monthly survey data unrelated to claims.
Health
Louisiana has become the fourth state, following Tennessee, Idaho, and Arkansas, to allow over-the-counter access to ivermectin, a decision that comes amid ongoing discussions about the medication’s use. Critics, including Dr. Eric Topol, have raised concerns about the safety and efficacy of ivermectin without medical supervision, noting that the FDA has not approved it for certain widely discussed uses.
Energy
A recent discussion on the July Peak Oil Chat, hosted by Simon Michaux and featuring various guests, focused on China’s role in global energy dynamics. The conversation also covered potential solutions such as Eavor loop deep geothermal technology and advancements in hydrogen energy, highlighting efforts to address global energy demand through alternative sources. However, some skepticism was raised about the scalability of geothermal energy, with critics pointing to high initial costs and limited geographical applicability as barriers, according to Energy Insights.
Intrigue
In space exploration news, the European Space Agency’s Planetary Defenders are tracking an interstellar object, provisionally named A11pl3Z and now identified as 3I/ATLAS, passing through our solar system. This is the third known interstellar visitor. Astrophysicist Josep Trigo-Rodriguez noted its unusual trajectory and high velocity, estimating its size at approximately 25 miles. The object’s composition—whether asteroid, comet, or something else—remains unknown, and both ESA and NASA are conducting further observations to determine its origins. Some astronomers, including voices from The Planetary Society, caution that it’s premature to confirm its interstellar origin without additional data, urging continued observation.
Sources
July Peak Oil Chat: Insights on China, Geothermal, and Hydrogen with Simon Michaux and Guests
Source | Submitted by Echinacea
Planetary Defenders Track Mysterious Interstellar Object Speeding Through Solar System
“Astronomers may have just discovered the third interstellar object passing through the Solar System!”
Source | Submitted by PhilH
After 8 Hours of ‘Hogwash’ from Rep. Jeffries, House Republicans Pass Trump’s ‘Big Beautiful Bill’ with Narrow Victory
With one big beautiful bill we are going to make this country stronger, safer and more prosperous than ever before.
Peter Schiff Warns: June Job Growth Dominated by Non-Productive Sectors, Fuels Economic Concerns
92% of the 147K jobs supposedly created in June were in government, health care, or social services.
June Jobs Report Shatters Expectations with 147K Added, Unemployment Falls to 4.1%
In June, the US added 147K payrolls, blowing away the median estimate of 106K, and higher than the upward revised May print of 144K.
US Disabilities Hit Record High in June, Bureau of Labor Statistics Reports
US disabilities from Bureau of Labor Statistics broke out to another new high in June adding 138k onto May’s 739k.
Trump’s Big Beautiful Bill Sparks Race for Unprecedented GDP Growth
The US will need to grow GDP by an average of 4%-7%+ per year – for the next 10 years – to offset the spending in the bill.
Louisiana Becomes Fourth State to Make Ivermectin Available Over-the-Counter
Congratulations Louisiana on becoming the 4th state in the country to make ivermectin OTC!
U.S. Jobs Report Shocker: Native-Born Workers Gain 830K, Foreign-Born Lose 348K
🚨 BREAKING: In the latest US jobs report, native-born workers GAINED 830K while foreign-born LOST 348K.
In addition to sources submitted by community members, the following were also used in the creation of this report: Energy Insights, The Planetary Society, Rep. Hakeem Jeffries, The Washington Post, and Dr. Eric Topol.
