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Economic cost of the opioid crisis: $1 trillion and growing faster

The economic cost of the growing opioid epidemic topped an estimated $1 trillion from 2001 through 2017, according to an analysis released Tuesday. And the opioid crisis is projected to cost the United States an extra $500 billion through 2020 unless sustained action is taken to stem the tide, the report from health research and consulting institute Altarum said. That’s because in recent years the growth rate in the economic fallout from the epidemic has sharply accelerated, along with the number of overdose deaths related to prescription painkillers and heroin. Altarum said “the greatest cost” identified in its analysis “comes from lost earnings and productivity from overdose deaths — estimated at $800,000 per person based on an average age of 41 among overdose vic...

Conservatives lash out at GOP spending binge

The GOP is the party of fiscal responsibility no more. That’s according to some conservatives who are grappling with a Republican-backed spending binge that threatens to generate trillion-dollar deficits for years to come while staining a cherished pillar of the modern-day Republican Party. While President Donald Trump and his allies hope economic growth may ease future deficits, few fiscal conservatives cheered Monday’s release of the president’s $4 trillion-plus budget, which would create $7.2 trillion in red ink over the next decade if adopted by Congress. That follows congressional passage of last week’s $400 billion spending pact, along with massive tax cuts, which some analysts predict will push deficits to levels not in generations. Deficit hawks in Congress ...

Washington is lighting an economic fire, and ‘people should be spooked’

Investors are proving resilient on the heels of last week’s global market correction, buying on the dip and pushing U.S. stocks higher for the best two-day gain since Brexit. The equity rebound comes despite a rise in the U.S. 10-year yield to a fresh four-year high as President Donald Trump sent a request to Congress for $200 billion to support a $1.5 trillion infrastructure plan. The bulls are finding comfort in sound fundamentals and sticking to a familiar script: So long as Federal Reserve Chairman Jerome Powell takes on the mantle of gradual rate hikes, the “Goldilocks” growth story stays intact and earnings remain robust. Investors have long hoped for a so-called Goldilocks economy as it implies conditions are “just right”: growth persists but not at a p...

Trump budget trifecta: Plan aims to gut Obamacare, roll back Medicaid expansion, cut Medicare

President Donald Trump‘s budget proposal released Monday calls for yet another effort to repeal Obamacare. The budget, which faces long — if not impossible odds — of getting through Congress in its current form, also seeks to slash spending on Medicare. The Trump budget calls for cutting $237 billion to Medicare, the huge federally run program that provides health coverage to primarily older Americans. When he ran for office, Trump told voters that he would not cut Medicare or Medicaid. Trump, since being sworn in as president last year, has repeatedly tried and failed to get the Republican-controlled Congress to repeal the Affordable Care Act, as Obamacare is formally known. His new budget proposal invokes the ghost of one of those doomed repeal bills, calling for “a two-step ...

Five steps to making it as a global business leader

Fancy yourself the next Jamie Dimon, Mary Barra or Bob Iger? It’s a difficult journey to the top of any business, requiring hard work, long hours and some serious commitment. But there are some simple moves you can take early on in your career that can help set you apart from the crowd, according to global leadership development agency the Center for Creative Leadership. The strategies can be broken down into five steps, Sunil Puri, CCL’s director of research, innovation and product development for Asia Pacific told CNBC Make It. Aspiring leaders should use the early part of their career to build a “portfolio of experiences” in different types of work, said Puri, noting that is when financial and familial commitments are typically at their lowest. “Don’t...

5 steps to making it as a global business leader

Fancy yourself the next Jamie Dimon, Mary Barra or Bob Iger? It’s a difficult journey to the top of any business, requiring hard work, long hours and some serious commitment. But there are some simple moves you can take early on in your career that can help set you apart from the crowd, according to global leadership development agency the Center for Creative Leadership. The strategies can be broken down into five steps, Sunil Puri, CCL’s director of research, innovation and product development for Asia Pacific told CNBC Make It. Aspiring leaders should use the early part of their career to build a “portfolio of experiences” in different types of work, said Puri, noting that is when financial and familial commitments are typically at their lowest. “Don’t...

3M CEO on how the Scotch Tape maker will seize on the $6 billion electric car market

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3M CEO on how it will seize on the $6 billion electric car market

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Cramer’s Exec Cut: Focusing On Fundamentals

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Cramer Remix: What could trigger a new wave of selling next week

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Cramer Remix: Bonds could trigger a new wave of selling next week

With the worst sell-off in months slowly abating, CNBC’s Jim Cramer warned investors about what could spur more selling in the weeks ahead. “We still need to worry about interest rates,” the “Mad Money” host said. “If the yield on the 10-year [Treasury] keeps moving appreciably higher next week, it’s going to trigger another round of selling in stocks, which is why you need to watch the 10-year like a hawk.” But even with interest rates and risky volatility trading vehicles wreaking havoc, Cramer was able to find a silver lining. “What goes down can go up,” he said. “Sure, the economy’s booming, but if the bond supply can be absorbed and the raw costs and wages levels be tamed … then what will happen? Well, the s...

3M CEO on how the Scotch Tape maker plans to seize on the $6 billion electric car market

When people think about 3M, the 115-year-old maker of Scotch Tape, they might not associate the old-line consumer goods manufacturer with electric cars. But that’s not how 3M Chairman and CEO Inge Thulin sees it, he said in an exclusive interview on “Mad Money” with CNBC’s Jim Cramer. For Thulin and 3M, an old-line manufacturer serving a host of different industries including health care and transportation, auto electrification is just another market. The CEO detailed three elements of 3M that put his massive multinational squarely at the center of the electric car trend: its longtime involvement in the automotive, electronic and energy, and traffic safety industries. “If you take those three elements together, that is where the future is going,” Thulin ...