Author

admin

Browsing

Benefit cliffs occur when earning slightly more — through a raise or extra hours — leaves people worse off because they lose government benefits. Many economists believe these cliffs can be “smoothed out” through better program design. But this view overlooks a critical factor: human psychology. To truly address benefit cliffs, policymakers must move beyond formulas and graphs and consider how people actually think, feel, and behave. In some cases, benefit cliffs may not just be hard to eliminate — they may be impossible to fully remove.

The reason why so many experts and economists worry about benefit cliffs is that we want to have a welfare system that’s not just a safety net, but a springboard. Modern-day welfare in America includes over 80 programs such as Head Start, Medicare, Medicaid, housing vouchers, food stamps, and the like. Ideally, these programs shouldn’t just catch people when they fall — they should help launch them forward. The great tragedy is when they instead work more like quicksand and hold people back. While benefit cliffs are typically analyzed as purely mathematical problems, a full understanding requires recognizing powerful psychological realities.

Benefit Cliffs: A Visual and Emotional Drop

For many people, the term “benefit cliff” sounds abstract or technical — something you’d find in a policy paper or economic model. But the reality it describes is deeply personal and practical. The word “cliff” was chosen for two reasons. First, it captures what happens visually on a graph: the income line suddenly dives downward when a person earns a bit more money but loses more in benefits than they gain in wages. Second, it reflects how that moment feels — like standing on the edge of a steep drop. The fear of falling, of suddenly losing vital support, can drive people to act in ways that may seem irrational but are emotionally understandable: turning down job offers, quitting after a pay raise, or avoiding overtime altogether. These decisions, though rooted in self-preservation, often end up blocking real paths out of poverty. Matt Paprocki, president of the Illinois Policy Institute, puts it bluntly: 70 percent of people who begin receiving welfare benefits stay on them for life — eventually dying while still dependent on the system.

The Mathematical Perspective: Economists’ View

So, if benefit cliffs are real and if they actually trap people, can they be fully eliminated? Many experts believe so, but I wouldn’t be so optimistic. There are two ways to understand benefit cliffs: mathematically and psychologically.

First, let’s have a look at a technical, mathematical definition of benefit cliffs. According to a report by the Institute for Research on Poverty at the University of Wisconsin-Madison, benefit cliffs occur when an income increase triggers a loss of public benefits equal to or greater than the additional earnings. Economists refer to this as a marginal tax rate exceeding 100 percent — earning an extra $100 results in losing more than $100 in benefits.

The Georgia Center for Opportunity created an interactive tool that models how income changes affect eligibility for various state and federal benefits (see www.benefitcliff.org for details). Below you can see a graph from their report, “Disincentives for Work and Marriage in Georgia’s Welfare System.” Every dip you see in this graph is a benefit cliff. This graph models the statewide average scenario of a single mom, age 30, with a 10-year-old girl and a 2-year-old boy. It shows that as her income increases from $20,000 to $30,000, she experiences several abrupt drops in her budget as housing vouchers, subsidized childcare, and medical insurance are reduced or completely taken away.

Psychological Reality: Humans vs. Models

However, I find it striking that experts can pat themselves on the back and celebrate the elimination of benefit cliffs as soon as someone merely breaks even and starts earning just slightly more than they lose. For example, let’s say our single mother works overtime and earns an additional $100. If this causes her to lose $75 in reduced food stamps, many economists would declare that she is now $25 better off, and the benefit cliff successfully eliminated.

That conclusion might make sense to economists, but not to our subject — a 30-year-old single mother of two. From her point of view, she just worked extra hours and lost most of the payoff.

The disconnect between how our subject views the situation, and how economists understand it, can be attributed to Rational Choice Theory, a model through which many economists see the world. Rational Choice Theory assumes that people always make logical, rational choices to maximize their personal gain. But this model fails to incorporate the realities of human behavior.

Consider the well-known Ultimatum Game: one person proposes how to divide $100, and the other person decides whether to accept or reject the offer. Rational Choice Theory predicts that the responder should accept even $1 — after all, $1 is better than nothing. Yet in practice, people often reject offers they consider unfair, even if it means walking away with nothing. Fairness, dignity, and emotion matter. These are powerful factors that classical economic models often ignore.

Yes, our single mom might technically be $25 ahead, but I have never met a mother who works overtime, makes $100, learns she’s lost $75, and feels satisfied. A person who feels like they’ve lost most of their paycheck is not likely to stay motivated, even if they break even or come out a few dollars ahead. Experts who insist that this counts as a win are living in a theoretical world, not the one the rest of us inhabit. They celebrate technical “successes” like smoothing out the benefit cliff, but for the single mom, there’s very little to celebrate.

To see the situation through the eyes of an economist, consider the following quote from Disincentives for Work and Marriage in Georgia’s Welfare System:

One principle that cannot be violated is that a family must always be better off from earning more money. Mathematically, this is easy to explain. The marginal benefit from earnings and subsidies must always be more with increased earnings. Graphically, it is easy to show because the line combining earnings and subsidies must always have a positive slope. If at any time the slope is negative, then there is a welfare cliff.

Notice the technical language and emphasis on graphs. Yes, the slope may be positive. Yes, the math checks out. But while economists see a line bending upward, our single mother still feels like she’s falling. And that feeling matters. As one mother relying on government assistance explained to me, “It feels like no matter how much harder I try, I’m always being pulled backward.”

Loss Aversion and Real-World Choices

Let’s use a different lens and look at benefit cliffs from a psychological point of view. Loss aversion — a well-documented behavioral response — tells us that people feel the pain of loss two to three times more strongly than the pleasure of an equivalent gain.

How would you feel if you found a $100 bill on the ground, and then 15 minutes later got a flat tire that cost exactly $100 to fix? According to Rational Choice Theory, you should feel neutral — the gain and the loss cancel each other out. But in real life, you’d likely feel upset. That nail ruined your tire and whatever fleeting plans you might have had for that extra $100.

This psychological lens helps us better understand benefit cliffs. If people perceive losses two or three times more intensely than gains, even gradual reductions in benefits can feel like real setbacks. Losing benefits doesn’t motivate work — it demoralizes.

And things get even more complicated when you consider that many recipients don’t have PhDs or the skills to build graphs, interpret benefit curves, or navigate a maze of programs. Ordinary people have no idea whether their personal income graph has a slightly positive or slightly negative slope. (Have you ever seen anyone, when offered a raise, say: “Wait a minute! Let me first build my income graph and see how the raise would affect its slope?”)

What people do know — intuitively and from lived experience — is that welfare programs are complex and uncoordinated. Even experts struggle to make sense of them. So it’s no surprise that the mathematical explanations of benefit cliffs we often see in reports and policy papers have little to do with how people actually operate and make decisions — a disconnect that is as striking as it is overlooked.

The Savings Trap: Surveillance and Psychology

Just as benefit cliffs discourage work, the structure of modern welfare programs also discourages saving — creating a parallel psychological and bureaucratic trap. Experts often argue that modern welfare no longer disincentivizes saving because many asset tests that determine benefit eligibility have been relaxed or removed. However, even when not actively penalized for holding assets, applicants are still routinely required to report any change in assets — how many bank accounts they have, how much cash they keep, what kind of car they drive, whether they’ve sold anything, even how much they were paid for donating blood. In Michigan, for example, recipients must report changes in income or assets within 10 days of them occurring through the MI Bridges portal online. These rules create an atmosphere of surveillance. From a psychological perspective, it is clear why many low-income families avoid formal saving — not because they don’t want to build an emergency fund or earn interest, but because they fear losing what little help they have. This locks them out of the banking system, deters wealth-building, and keeps them stuck in financial precarity. In this sense, the system is not just unhelpful — it’s actively disincentivizing the very behaviors that help people climb out of poverty.

Toward a Truly Empowering Welfare System

In the end, as long as benefit cliffs are treated primarily as a math problem, we will continue to miss the mark. Benefit cliffs are not just technical design flaws — they are psychological traps. Once government assistance is extended, the experience of losing it — even gradually — feels like a punishment, not progress. This emotional reality is stubborn, deeply human, and nearly impossible to erase through policy tweaks alone. Yet many experts continue to celebrate easy fixes: a graph with an upward slope, a marginal tax rate below 100 percent, a rule relaxed. But these celebrations ring hollow when they fail to account for how loss aversion distorts perception and demoralizes effort. As long as the system makes people feel like they’re falling — even when the math says they’re rising — the cliff remains. A truly effective welfare system must begin not with a chart, but with a sober recognition of the profound difficulty of the task. Only then can we begin designing programs that truly help the poor — without hurting or trapping them along the way.

A deal that had been reached between Sens. Marsha Blackburn, R-Tenn., and Ted Cruz, R-Texas, over how states can regulate artificial intelligence has been pulled from President Donald Trump’s ‘big, beautiful’ bill.

The collapsed agreement would have required states seeking to access hundreds of millions of dollars in AI infrastructure funding in the ‘big, beautiful’ bill to refrain from adopting new regulations on the technology for five years, a compromise down from the original 10 years.

It also included carveouts to regulate child sexual abuse material, unauthorized use of a person’s likeness and other deceptive practices.

Blackburn announced Monday night that she is withdrawing her support for the agreement.

‘For as long as I’ve been in Congress, I’ve worked alongside federal and state legislators, parents seeking to protect their kids online, and the creative community in Tennessee to fight back against Big Tech’s exploitation by passing legislation to govern the virtual space,’ Blackburn said in a statement to Fox News.

‘While I appreciate Chairman Cruz’s efforts to find acceptable language that allows states to protect their citizens from the abuses of AI, the current language is not acceptable to those who need these protections the most,’ she continued. ‘This provision could allow Big Tech to continue to exploit kids, creators, and conservatives.’

Blackburn added: ‘Until Congress passes federally preemptive legislation like the Kids Online Safety Act and an online privacy framework, we can’t block states from making laws that protect their citizens.’

When asked about Blackburn pulling her support for the compromise, Cruz told Punchbowl News the ‘night is young.’

But Blackburn appears to now be co-sponsoring an amendment with Sen. Maria Cantwell, D-Wash., that would completely pull the AI moratorium from the bill.

Cantwell had earlier said that the since-scrapped deal between Blackburn and Cruz would do ‘nothing to protect kids or consumers.’

‘It’s just another giveaway to tech companies,’ Cantwell said in a statement Monday. ‘This provision gives AI and social media a brand-new shield against litigation and state regulation. This is Section 230 on steroids.’

Blackburn is one of several Republicans who have expressed concerns about the 10-year ban on state AI regulation.

Last week, 17 Republican governors wrote a joint letter to Senate Majority Leader John Thune, R-S.D., and House Speaker Mike Johnson, R-La., calling for the pause to be scrapped completely.

‘AI is already deeply entrenched in American industry and society; people will be at risk until basic rules ensuring safety and fairness can go into effect,’ the letter reads. ‘Over the next decade, this novel technology will be used throughout our society, for harm and good. It will significantly alter our industries, jobs, and ways of life, and rebuild how we as a people function in profound and fundamental ways.’

‘That Congress is burying a provision that will strip the right of any state to regulate this technology in any way – without a thoughtful public debate – is the antithesis of what our Founders envisioned,’ it continued.

Some House Republicans also said they do not support the AI provision, including Rep. Marjorie Taylor Greene, who admitted she found out about it a few days after voting for Trump’s spending bill.

‘Full transparency, I did not know about this,’ Greene wrote on X. ‘I am adamantly OPPOSED to this and it is a violation of state rights and I would have voted NO if I had known this was in there.’


This post appeared first on FOX NEWS

Donald Trump must be feeling pretty powerful.

He’s even demanding that Israel cancel the criminal trial of Bibi Netanyahu.

By any objective analysis, whether you like the president or not, he has been on an incredible winning streak for the last two weeks. Everything seems to be breaking his way.

And as he racks up these victories, from the powder keg of the Middle East to the staunchly conservative Supreme Court, he seems to grow bigger and stronger, like some comic book superhero, and then zap his next adversary.

By hitting Iran’s nuclear sites with 30,000-pound bombs – even as we debate the impact – Trump took a risk that stunned the world.

With media liberals and Democrats still in full resistance mode, the coverage has been largely negative, but that doesn’t matter. Since his days as a New York developer, he has been boosted by critical coverage because that drives the news agenda and gets everyone chattering about his preferred topic. 

But telling another country to drop criminal charges against its leader is a whole new level of what his native city calls chutzpah.

Trump posted the following: ‘It is terrible what they are doing in Israel to Bibi Netanyahu. He is a War Hero, and a Prime Minister who did a fabulous job working with the United States to bring Great Success in getting rid of the dangerous Nuclear threat in Iran.’

Netanyahu is in ‘the process of negotiating a Deal with Hamas, which will include getting the Hostages back,’ and Trump wonders how the Israelis could force him ‘to sit in a Courtroom all day long, over NOTHING.’

As Axios points out, Netanyahu is charged with bribery, fraud and breach of trust:  

‘He’s accused of accepting more than $200,000 in gifts from wealthy businessmen, and of granting regulatory benefits worth hundreds of millions of dollars to a telecom tycoon in exchange for favorable news coverage.’

The trial has dragged on for four years, thanks to Netanyahu’s delaying tactics, and there was this war thing that intervened. 

So now Trump has called for the trial to be cancelled or Netanyahu granted a pardon – and done it quite openly. 

Imagine if a foreign head of state urged this country to drop charges against a major political figure. But Trump doesn’t play by everyone else’s rules.

Another Trumpian tactic is to make a big move immediately after a major uproar, when the public and press barely has time to digest the previous controversy. 

So the president cut off trade talks with Canada to protest its taxation of major American tech companies such as Amazon and Google. This involves revenue they earn from online marketplaces, data and social media involving Canadian users.

Before the weekend was out, Canada caved and rescinded the taxes. It’s another case of Trump’s tough-guy negotiating tactics getting instant results.

The not-so-beautiful budget bill in the Senate is another classic case. Elon Musk – did you really think he’d stay quiet for long? – calls it ‘utterly insane’ and ‘political suicide for the Republican Party.’ The CBO says it would add $3.3 trillion to the deficit over a decade. The Senate measure would also make deep cuts in Medicaid, which Trump has vowed to protect. 

Here’s the point: One of the loudest Republican critics is Sen. Thom Tillis, who has been voting against a bill he says would betray the president’s promise to protect those on Medicaid. Trump has trashed him, saying he will recruit a challenger to oust him from the Senate in next year’s primary. 

The next day, literally, Tillis announced that he would not run for reelection. 

So Trump can save his money. He knocked out the North Carolina lawmaker with a couple of postings. 

And then there’s the Supreme Court.

By ruling that local judges cannot issue nationwide injunctions, the court has immensely increased the power of Trump and the executive branch. The 6-3 decision came in the birthright citizenship case, though not on the merits, and tore down one of the last guardrails against unchecked presidential power.

It applies to Democratic presidents too, though far more of these injunctions – 40 – have been brought against Trump just in the opening months of his second term. Joe Biden faced 14 in the first three years of his term.

These injunctions – which have always seemed unfair to me, on both sides – also extend Trump’s winning streak in the high court. He has, after all, appointed three of the six justices that make up the conservative majority.

And that’s not all. SCOTUS ruled that parents with religious objections can pull their children out of public school classrooms when books with LGBTQ themes are being taught.

In yet another decision, the court upheld a Tennessee law banning some forms of transition surgery for transgender youths. Trump has ordered transgender members of the military to leave the service.

Sonia Sotomayor read two blistering dissents from the bench, especially in the birthright citizenship case: ‘Today’s decision is not just egregiously wrong, it is also a travesty of law…No right is safe.’ 

Trump has made clear that he will use expanded powers to be even more aggressive than in the past. Throw in his pressure tactics and funding freezes against elite law firms and Ivy League universities and you have an emboldened president even more determined to stick it to his opponents and detractors.

Of course, even Trump has his limits. The effort to derail Netanyahu’s corruption trial was destined to fail. 

Oh wait.

An Israeli court yesterday canceled this week’s hearings on diplomatic and national security grounds, based on classified information provided by the prime minister and the Mossad spy agency. 

Coincidence?


This post appeared first on FOX NEWS

Here’s a quick recap of the crypto landscape for Monday (June 30) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) is priced at US$107,538, up 0.2 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$106,831 and a high of US$107,802 at the opening bell.

Bitcoin price performance, June 27, 2025.

Bitcoin price performance, June 27, 2025.

Chart via TradingView.

Ethereum (ETH) closed at US$2,510.38, up by 3.1 percent over the past 24 hours and its highest valuation of the day. Its lowest valuation on Monday was US$2,443.56.

Altcoin price update

  • Solana (SOL) was priced at US$156.95, up by 4.1 percent over 24 hours. Its highest valuation as of Monday was US$158.34, and its lowest was US$150.53.
  • XRP was trading for US$2.29, up by 5.5 percent in 24 hours and its highest valuation on Monday. The cryptocurrency’s lowest valuation was US$2.17.
  • Sui (SUI) is trading at US$2.82, showing an increaseof 0.5 percent over the past 24 hours. Its lowest valuation was US$2.75, and its highest valuation was US$2.83.
  • Cardano (ADA) is priced at US$0.5829, up by 4.8 percent in the last 24 hours and its highest valuation of the day. Its lowest valuation on Monday was US$0.5589.

Today’s crypto news to know

REX to launch Solana staking ETF this week

The REX-Osprey Solana and Staking ETF is set to launch on Wednesday (July 2), as confirmed by issuer REX Shares on Monday. Analysts had predicted this news was imminent just days before its release.

This fund, the first US-staked cryptocurrency ETF, will enable investors to hold Solana and generate yield through staking, potentially fostering wider institutional adoption of cryptocurrency.

REX’s launch comes after thoughtful consideration by the US Securities and Exchange Commission. The commission had previously asserted that the company’s unique C-Corp business structure could be in conflict with Rule 6c-11 under the Investment Company Act of 1940, which governs how ETFs operate and are regulated. REX updated its prospectus with positive feedback, securing regulatory approval for the fund.

OSL soars after buying Canadian crypto firm Banxa

OSL Group (HKEX:0863), a Hong Kong-listed digital asset platform, saw its shares spike 10 percent after announcing it had acquired Canadian crypto payments firm Banxa. The acquisition supports OSL’s ambitious global expansion strategy, which includes applying for stablecoin licenses as new regulatory frameworks emerge.

Finance Chief Ivan Wong explained that acquiring Banxa would enhance OSL’s cross-border payments capabilities and boost its role in the growing stablecoin market.

Hong Kong’s stablecoin bill, set to take effect on August 1, is a major catalyst for this expansion, with Chinese giants already showing interest. OSL is already licensed in Australia, with deals in Japan, Europe and Indonesia soon to close. The company aims to be a key stablecoin issuer in Asia and beyond.

Metaplanet strengthens Bitcoin treasury with fresh bond issuance

Tokyo-based Metaplanet (OTCQX:MTPLF,TSE:3350) has added another 1,005 BTC to its corporate treasury, pushing its total holdings to 13,350 BTC. To further build its crypto war chest, the company announced a zero-interest bond issuance worth US$208 million, designed to finance additional Bitcoin purchases.

Metaplanet is well known for its aggressive Bitcoin strategy, which has made it one of the world’s largest corporate holders of the cryptocurrency. Just last week, the hotel and investment firm raised US$515 million through an equity issuance to support its Bitcoin ambitions.

At current market prices around, Metaplanet’s Bitcoin stash is worth well over US$1.4 billion.

The Blockchain Group expands Bitcoin holdings and capital pool

Paris-based the Blockchain Group has further strengthened its Bitcoin treasury with the purchase of 60 BTC for around 5.5 million euros, boosting its holdings to 1,788 BTC.

The firm also raised about 600,000 euros by exercising warrants, allowing it to buy an additional 6 BTC.

Blockstream CEO Adam Back invested in the firm’s share offering, subscribing to over 2.1 million new shares, while French asset manager TOBAM contributed nearly 143,000 euros, supporting the purchase of 13 more BTC.

The company conducted an “ATM-type” capital increase with TOBAM, raising 4.1 million euros to fund 41 BTC.

Altogether, the Blockchain Group has secured a BTC yield of roughly 1,270 percent so far this year, with gains amounting to about 46.7 million euros.

Backed Finance launches tokenized stock product

Backed Finance, a company focused on bridging traditional financial assets like stocks and ETFs onto blockchain through tokenization, announced the launch of its tokenized stocks product, xStocks, on Monday.

60 stocks are now accessible on Bybit, Kraken and several Solana DeFi protocols, providing users with exposure to traditional stocks through blockchain infrastructure.

‘xStocks represent a monumental leap forward in democratizing access to financial markets,’ said Adam Levi, co-founder of Backed, in a press release. ‘By bringing familiar assets onto the blockchain with unprecedented accessibility, we are not just bridging traditional finance and DeFi; we are building the foundational blocks for a truly open, efficient, and inclusive global financial system where everyone can participate in wealth creation.’

Chainlink rolls out Automated Compliance Engine

Chainlink announced an early access rollout of its Automated Compliance Engine on Monday.

Built on the Chainlink Runtime Environment and launched in collaboration with Apex Group, GLEIF and ERC-3643 Association, the system automates the process of checking and enforcing financial rules for both traditional and blockchain-based financial activities, making it easier for established financial institutions to use new blockchain technologies in a compliant and safe way.

Topnotch Crypto launches adaptive yield contracts

Topnotch Crypto has launched its new adaptive yield contracts, which the company says are aimed at helping crypto investors maintain returns despite ongoing market volatility.

The contracts use proprietary predictive yield-switching artificial intelligence to automatically rotate customer funds between cloud mining and staking, depending on which is more profitable in real time.

The company’s strategy analyzes a range of on-chain data, from network congestion to staking rates, to continuously optimize yields. Unlike many passive strategies, the adaptive yield approach gives investors exposure to multiple cryptocurrencies to spread out risk. Another highlight is Topnotch’s use of geothermal and solar energy, which helps keep costs down while supporting sustainability goals.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

As the Senate continued to inch closer to finalizing President Donald Trump’s ‘One Big Beautiful Bill,’ the president took to social media early Tuesday to warn that a failure to come to an agreement would end in the largest tax increase in history.

The message came after lawmakers had been in a marathon ‘vote-a-rama,’ for several hours, submitting amendments to the megabill from either side of the aisle.  

‘Republicans, the One Big Beautiful Bill, perhaps the greatest and most important of its kind in history, gives the largest Tax Cuts and Border Security ever, Jobs by the Millions, Military/Vets increases, and so much more. The failure to pass means a whopping 68% Tax increase, the largest in history!!!,’ he posted.

There is currently no end in sight as Republican leaders are searching for ways to garner support for the bill while simultaneously fighting proposed amendments from Democrats who are opposing it.

GOP leaders have a narrow margin and cannot afford to lose more than three Republican senators as two, Sen. Thom Tillis of North Carolina and Sen. Rand Paul of Kentucky has already indicated that they oppose it.

Tillis announced that he would not be seeking reelection after President Trump made threats of a campaign against him.

Senate Majority Leader John Thune of South Dakota said Republicans are ‘figuring out how to get to the end game,’ but an end to the vote-a-rama has been predicted to come well into the middle of the night.

The bill, if passed, will enact Trump’s domestic tax and spending agenda that includes $4.5 trillion in tax cuts, according to the latest CBO analysis. 

The package would also roll back billions in green energy tax credits threatening wind and solar investments, according to Democrats.

Billionaire Elon Musk, who until a few weeks ago led the Department of Government Efficiency (DOGE), took to social media late Monday, lashing out at Republicans as ‘the PORKY PIG PARTY!!’ for including a provision, he argued, would raise the nation’s debt limit by $5 trillion.

Trump fired back at Musk on Truth Social, threatening to turn DOGE on its former leader. 

‘Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!’ the president wrote. 

The bill will also impose $1.2 trillion in cuts to Medicaid and food stamps and make sign-up eligibility more rigorous and change federal reimbursements to states. It will also provide a $350 billion infusion for border and national security to include deportations.


This post appeared first on FOX NEWS

Uranium market watchers know that Canada’s Athabasca Basin is among the world’s richest uranium jurisdictions and hosts several of the highest-grade uranium deposits on the planet.

Spanning close to 100,000 square kilometers of the Canadian Shield of Northern Saskatchewan and Alberta, the Athabasca Basin is a major contributor to Canada’s status as the second largest uranium producer and the third largest country by uranium reserves.

Unsurprisingly, the region is home to the world’s largest uranium mine, Cigar Lake. The mine reports average grades of 14.69 percent U3O8 and accounts for 14 percent of global uranium production.

First commissioned in 2014, Cigar Lake is operated by uranium major Cameco (TSX:CCO,NYSE:CCJ), which holds a 54.547 percent stake in the mine, as part of a joint venture with Orano Canada at 40.453 percent and TEPCO Resources at 5 percent. Ore from the underground mine property is processed at Orano’s McClean Lake mill, located 70 kilometers from the mine.

Uranium was first discovered in the Athabasca Basin in 1934, and today the region remains a major hot spot for uranium exploration. In recent years, a number of Athabasca Basin uranium companies have made exciting new discoveries, sparking a staking rush by others looking to get in on the action.

Athabasca Basin uranium exploration companies

1. ATHA Energy (TSXV:SASK,OTCQB:SASKF)

ATHA Energy has an extensive uranium exploration pipeline across Canada, including in Saskatchewan’s Athabasca Basin. At 3.8 million acres, ATHA’s land package in the Athabasca Basin includes the Gemini project, a basement-hosted near-surface uranium deposit with uranium intercepts of between 6,190 and 96,600 parts per million.

The company also holds a 10 percent carried interest in exploration projects operated by NexGen Energy (TSX:NXE,NYSE:NXE) and IsoEnergy (TSX:ISO).

2. Azincourt Energy (TSXV:AAZ,OTCQB:AZURF)

Azincourt Energy has two uranium projects in Canada, one of which is its East Preston joint venture project near the southern edge of the Western Athabasca Basin. Azincourt has an 86.5 percent interest, with the remainder held by Skyharbour Resources. The 20,647 hectare property is adjacent to Skyharbour’s minority-owned Preston project.

Azincourt says it is targeting basement-hosted unconformity-related uranium deposits in two prospective conductive, low-magnetic-signature corridors. The company is planning for a fall 2025 geophysics exploration program at East Preston in preparation for a potential winter 2026 diamond drill program.

3. Baselode Energy (TSXV:FIND)

Baselode Energy’s strategy is developing assets near the Athabasca Basin with similar geology. Its ACKIO near-surface uranium discovery at its Hook project is located directly adjacent to the Athabascan Basin. First discovered by the company in September 2021, the ACKIO near-surface uranium prospect is more than 375 meters along strike, and more than 150 meters wide.

Baselode has identified at least nine separate uranium pods, or small bodies of mineralization, on the project. Drill results from its summer 2024 exploration program were released in May 2025, demonstrating the potential for further expansion of the known uranium mineralization at ACKIO.

4. CanAlaska Uranium (TSXV:CVV)

CanAlaska Uranium is a project generator with interests in a portfolio of assets in the Athabasca Basin covering 1.24 million acres. The company is advancing its West McArthur joint venture with Cameco, which is situated near the McArthur River mine in the Eastern Athabasca Basin. CanAlaska owns 85 percent of the project.

CanAlaska’s 2025 C$12.5 million drill program at West McArthur is aimed at expanding and delineating the high-grade Pike Zone uranium discovery.

Earlier this year, the company completed the first drilling in over 10 years at its wholly owned Cree East deposit in the south-eastern portion of the Basin. The drill program was fully funded by Nexus Uranium (CSE:NEXU,OTCQB:GIDMF) as part of an option earn-in agreement to earn up to 75 percent interest in the project.

5. Denison Mines (TSX:DML)

Uranium miner Denison Mines’ direct ownership interests in the Athabasca Basin region covers approximately 384,000 hectares. The company has a 22.25 percent stake in the McClean Lake mine and mill joint venture project operated by Orano Canada.

Denison’s flagship project in the region is Wheeler River, considered the largest undeveloped uranium project in the eastern region of the Athabasca Basin. Wheeler River hosts the high-grade Phoenix and Gryphon deposits.

According to a 2023 feasibility study, Phoenix hosts a proven and probable resource of 219,000 metric tons at an average grade of 11.7 percent uranium for 53.3 million pounds. The company plans to develop the deposit as an in-situ recovery operation.

The Canadian Nuclear Safety Commission is slated to conduct hearings for the project’s environmental assessment and license on October 8 and December 8 to 12, 2025. If approval is granted, the company is looking to break ground in early 2026 and commence production by the first half of 2028.

As for the Gryphon deposit, Denison has evaluated it as a conventional mine in a pre-feasibility study. The company conducted a field program in the first quarter 2025 that may be used for a future feasibility study.

6. F3 Uranium (TSXV:FUU,OTCQB:FUUFF)

F3 Uranium has three exploration properties in the western region of the Athabasca Basin: the advanced-stage Patterson Lake North project, which hosts the JR discovery, as well as the early-stage Minto and Broach projects.

In February 2025, the company launched a drill campaign at its Patterson Lake North project followed by ground geophysical exploration programs at its Broach and Minto projects. F3 Uranium raised C$7 million in flow-through shares in May 2025, which will go towards further exploration of its uranium projects.

7. Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF)

Forum Energy Metals has numerous wholly owned and joint venture projects hosting new discoveries of high-grade unconformity-related uranium deposits in the Athabasca Basin. So far in 2025, the company’s focus has been on the Northwest Athabasca (NWA) project, a joint venture between Forum at 45.4 percent, NexGen Energy at 25.3 percent, Cameco at 18 percent and Orano Canada at 11.3 percent.

Early in the year, Forum announced an option agreement allowing Global Uranium (CSE:GURN,OTCQB:GURFF) to earn up to 75 percent of Forum’s stake in the property by spending C$20 million in exploration expenditures at NWA.

In April, Global Uranium completed a diamond drilling program and ground geophysical surveys on the project, which intersected elevated radioactivity and alteration systems distinct to unconformity-type uranium mineralization.

8. IsoEnergy (TSX:ISO)

IsoEnergy has a portfolio of projects and joint ventures in the Eastern Athabasca Basin, and its main focus is the Hurricane deposit at its wholly owned Larocque East uranium property.

The company discovered Hurricane in 2018 and it now stands as the world’s highest-grade indicated resource of uranium. A 2022 resource estimate reported an indicated high-grade resource of 63,800 metric tons grading 34.5 percent uranium for 48.61 million pounds of contained uranium.

IsoEnergy’s summer exploration program will include drilling to test potential resource expansion at Larocque East as well as exploration at its other Athabasca Basin projects.

9. NexGen Energy (TSX:NXE,NYSE:NXE)

NexGen is another uranium mining company with a large land package in the basin, including its development-stage Rook I project.

Rook I has a measured and indicated resource estimate of 256.7 million pounds contained uranium from ore grading an average of 3.1 percent U3O8. The 2021 feasibility study outlines an 11.5 year initial mine life with up to 29.2 million pounds of U3O8 production per year for the first five years.

The Federal Environmental Impact Statement for Rook I was accepted in January 2025, and the Canadian Nuclear Safety Commission has proposed hearing dates for the project on November 19, 2025, and February 9 to 13, 2026. NexGen plans to immediately begin construction activities following final federal approval.

10.Paladin Energy (TSX:PDN)

Paladin Energy’s Patterson Lake South (PLS) project hosts the large, high-grade and near-surface Triple R deposit, which has the potential to produce both uranium and gold. The company acquired it as part of its acquisition of Fission Uranium in 2024. Paladin also holds six early-stage uranium projects in the basin.

PLS’s mineral reserve estimate includes probable reserves of 93.7 million pounds from 3 million metric tons of ore at an average grade of 1.41 percent U3O8. The 2023 feasibility study demonstrates life of mine production of approximately 9 million pounds U3O8 per year over a 10 year mine life.

The company released positive drill results from its winter drill program on the Saloon East zone in June 2025 showing the potential to further grow the resource base of the property outside of the Triple R deposit. The project is advancing through the environmental permitting process.

11. Purepoint Uranium (TSXV:PTU)

Purepoint Uranium has an extensive uranium portfolio, including six joint ventures and five wholly owned projects all located in the Athabasca Basin.

Purepoint has a significant joint venture relationship with IsoEnergy (TSX:ISO) that includes a 50/50 joint venture agreement to explore 10 uranium projects across 98,000 hectares in the eastern portion of the Athabasca Basin. The partners launched a 2025 drill campaign in May at the Dorado project, which will include approximately 5,400 meters across 18 holes, targeting high-priority electromagnetic conductors for uranium mineralization.

Its joint ventures also include the Hook Lake uranium project in the Patterson region, in which it owns a 21 percent interest alongside Cameco and Orano Canada, which both hold 39.5 percent.

12. Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF)

Skyharbour Resources is another junior mining company with an extensive portfolio of uranium exploration projects in the Athabasca Basin, comprising 36 uranium projects over 614,000 hectares. The company’s core projects include its 57.7 percent owned Russell Lake project — a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) — and its wholly owned Moore project.

Skyharbour’s 49,635 hectare Preston uranium project in the western portion of the Athabasca Basin is the subject of a 7,000 meter 2025 summer drill campaign being conducted by its joint venture partner, Orano Canada. Orano is the majority owner and operator at the project at 53.4 percent, while Skyharbour owns a minority interest of approximately 25.6 percent. The remainder is held by Dixie Gold.

13. Standard Uranium (TSXV:STND,OTCQB:STTDF)

Standard Uranium is an emerging project generator that holds interest in over 94,476 hectares in the Athabasca Basin, including its flagship Davidson River project in the southwest region of the basin.

In spring 2025, Standard Uranium partnered with Fleet Space Technologies Canada on three ExoSphere Multiphysics survey grids across the Warrior, Bronco and Thunderbird conductors at Davidson River. The surveys will provide important data for upgrading drill targets across the property through imaging of density anomalies in the basement rock.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Thanks to exchange-traded funds (ETFs), investors don’t have to be tied to one specific stock. When it comes to biotech ETFs, they give sector participants exposure to many biotech companies via one vehicle.

ETFs are a popular choice as they allow investors to enter the market more safely compared to investing in standalone stocks. A key advantage is that even if one company in the ETF takes a hit, the impact will be less direct.

All other figures were also current as of that date. Read on to learn more about these investment vehicles.

1. ALPS Medical Breakthroughs ETF (ARCA:SBIO)

AUM: US$81.2 million

Launched in December 2014, the ALPS Medical Breakthroughs ETF tracks small- and mid-cap biotech stocks that have one or more drugs in either Phase II or Phase III US FDA clinical trials. Its holdings must have a market cap between US$200 million and US$5 billion.

There are 104 holdings in this biotechnology fund, with about 50 percent being small- and micro-cap stocks. Its top holdings include Nuvalent (NASDAQ:NUVL) at a weight of 3.55 percent, Axsome Therapeutics (NASDAQ:AXSM) at 3.42 percent and Alkermes (NASDAQ:ALKS) at 3.18 percent.

2. Tema Oncology ETF (NASDAQ:CANC)

AUM: US$72.18 million

The Tema Oncology ETF provides exposure to biotech companies operating in the oncology industry. It includes companies developing a range of cancer treatments, including CAR-T cell therapies and bispecific antibodies.

Launched in August 2023, there are 51 holdings in this biotechnology fund, of which about half are small- to mid-cap stocks. Among its top holdings are Roche Holding (OTCQX:RHHBF,SWX:RO) at a weight of 5.32 percent, Eli Lilly and Company (NYSE:LLY) at 5.19 percent and BridgeBio Pharma (NASDAQ:BBIO) at 4.88 percent.

3. Direxion Daily S&P Biotech Bear 3x Shares (ARCA:LABD)

AUM: US$52.8 million

The Direxion Daily S&P Biotech Bear 3x Shares ETF is designed to provide three times the daily return of the inverse of the S&P Biotechnology Select Industry Index, meaning that the ETF rises in value when the index falls and falls in value when the index rises. Leveraged inverse ETFs are designed for short-term trading and are not suitable for holding long-term. They also carry a high degree of risk as they can be significantly affected by market volatility.

Unlike the other ETFs on this list, LABD achieves its investment objective through holding financial contracts such as futures rather than holding individual stocks.

4. Tema Heart and Health ETF (NASDAQ:HRTS)

AUM: US$50.83 million

Launched in November 2023, the Tema GLP-1 Obesity and Cardiometabolic ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. The fund was renamed on March 25 from Tema Cardiovascular and Metabolic ETF, and again on June 27 from the GLP-1 Obesity and Cardiometabolic ETF.

There are 47 holdings in this biotechnology fund, with about 75 percent being large-cap stocks and 18 percent mid-cap. About three-quarters of its holdings are based in the US. Its top holdings are Eli Lilly and Company at a 9.78 percent weight, Abbott Laboratories (NYSE:ABT) at 4.58 percent and Novo Nordisk (NYSE:NVO) at 4.42 percent.

5. ProShares Ultra NASDAQ Biotechnology (NASDAQ:BIB)

AUM: US$47 million

The ProShares Ultra NASDAQ Biotechnology ETF was launched in April 2010 and is leveraged to offer twice daily long exposure to the broad-based NASDAQ Biotechnology Index, making it an ideal choice “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.” However, analysts also advise investors with a low risk tolerance or a buy-and-hold strategy against investing in this fund due to its unique nature.

Of the 262 holdings in this ETF, the top biotech stocks are Gilead Sciences (NASDAQ:GILD) at a 5.57 percent weight, Vertex Pharmaceuticals (NASDAQ:VRTX) at 5.53 percent and Amgen (NASDAQ:AMGN) at 5.33 percent.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Mali’s military-led government has completed its takeover of the Yatela and Morila gold mines.

Reuters reported on Monday (June 30) that according to the Malian government, control of the Yatela mine in Western Kayes and the Morila mine in Southern Sikasso has officially been transferred to the Society for Research and Exploitation of Mineral Resources of Mali (SEMOS), a newly formed entity in the country.

The Yatela mine was abandoned in 2016 by Sadiola Exploration Company — a joint venture between South Africa’s AngloGold Ashanti (NYSE:AU,JSE:ANG) and Canada’s IAMGOLD (TSX:IMG,NYSE:IAG) — after the operators deemed continued production uneconomic despite leftover reserves.

Morila, once one of Mali’s flagship gold sites, was abandoned in 2022 by Australia’s Firefinch, which had taken over the site from Barrick Mining (TSX:ABX,NYSE:B) and AngloGold. Mali’s government says Morila was left with “significant environmental and financial liabilities,” raising concerns about whether SEMOS can turn operations around profitably.

These moves are part of a broader push by Mali’s military government, which came to power after coups in 2020 and 2021, to restructure the gold sector and capture more revenue from high commodities prices.

Mali produces around 65 metric tons of gold annually, making it Africa’s second largest producer, yet it lacks an internationally certified refinery and is heavily dependent on foreign operators for both technology and market access.

Earlier this year, Business Insider Africa reported that the country had started construction on a Russia-backed gold refinery, another step meant to increase control over its natural resources.

Since taking power, Mali’s authorities have steadily pressured miners via higher taxes, tougher licensing conditions and new contract terms aligned with its 2023 mining code, which grants the state a bigger stake in operations.

Yet critics caution that simply taking over mines without clear management plans or technical expertise risks undercutting investor confidence and missing out on today’s high gold price.

Gold is up 28.5 percent year-to-date, hitting an all-time high of US$3,500 per ounce in April, driven by geopolitical fears and US President Donald Trump’s aggressive tariff policy.

Mali’s ongoing dispute with Barrick Mining

Mali’s relationship with Barrick has soured amid the country’s move to exert resource sector control.

Earlier this month, a commercial court in Bamako ordered the temporary transfer of control of Barrick’s flagship Loulo-Gounkoto gold complex to a state-appointed administrator for six months.

Judge Issa Aguibou Diallo appointed Soumana Makadji, a former health minister and certified accountant, to oversee the complex, participate in negotiations and report to the court quarterly, but not to the government directly.

Barrick called the move “unjustified” and “unprecedented,” maintaining that it remains committed to previous mining conventions and that the Malian government’s push to apply the 2023 mining code retroactively is legally invalid.

Barrick’s Loulo-Gounkoto complex, among the most productive gold mines in Africa, has been inactive since January after Malian authorities seized roughly 3 metric tons of gold over disputed taxes.

Since November 2024, the government has also blocked gold exports from the site, escalating tensions as the gold rally has boosted Mali’s hopes for greater revenue.

The government insists that Barrick must comply with its revised mining framework. Barrick, on the other hand, has started international arbitration to protect its long-term agreements.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investor Insight

South Harz Potash (ASX:SHP) is an advanced-stage potash development company unlocking value from one of Europe’s most strategic fertilizer assets. Headquartered in Perth, Australia, the company is currently advancing a dual-asset acquisition strategy to complement and enhance the long-term value proposition of its wholly-owned South Harz Potash Project.

A close-up of a few notes AI-generated content may be incorrect.

Overview

South Harz Potash (ASX:SHP) holds a high-potential critical minerals opportunity strategically located in central Europe. Due to its central location, the South Harz Potash Project is primely positioned to capitalise on long-term potash price upside via its direct access to European agricultural markets, electrified rail infrastructure, and existing brownfield underground access.

Europe is seeking to enhance critical mineral resilience amid tightening global potash supply chains. European MOP supply has declined over the past decade, while imports face growing geopolitical risk due to sanctions and restrictions on major exporters such as Belarus and Russia. South Harz Potash offers a potential reliable, low-carbon, and locally-sourced future potash supply to Western Europe’s agricultural centres.

South Harz Potash completed a Pre-Feasibility Study on Ohmgebirge in May 2024, which confirmed strong project economics and scalability. The company’s key potash assets are situated over perpetual mining licenses, underpinning sustained tenure security.

A disciplined capital allocation approach sees South Harz Potash exercising ‘strategic patience’ and aligning further advancement and development of Ohmgebirge with more favorable potash market dynamics. In the meantime, the company is carefully preserving and growing the long-term real option value that it holds from being a potential world-class future domestic potash supplier to Western Europe.

Company Highlights

  • Advancing a Dual-Asset Strategy: Targeting acquisition of a second critical minerals project complementary to the company’s flagship Ohmgebirge Development, part of its broader South Harz Potash Project in Germany.
  • Preservation and Growth of Long-Term Potash Option Value: Amidst current global and potash market volatility, the South Harz team is focussed on advancing its potash assets via non-dilutive funding sources such as German R&D tax rebates, ERMA funding, and ongoing engagement with financial and industry parties on potential strategic asset-level investment.
  • Western Europe’s Largest Potash Resource: The South Harz Potash Project comprises a dominant 659 sq km land position in Germany’s South Harz Potash District, being three perpetual mining licences (including Ohmgebirge) and two exploration tenements.
  • Perpetual Tenure: The South Harz mining licences are perpetual with no holding costs and no royalty obligations, ensuring maximum project flexibility and value retention.
  • Long-Term Macro Tailwinds for Potash: Europe faces declining MOP supply and is increasingly reliant on imports amid geopolitical disruption in Belarus and Russia. South Harz Potash is primely positioned to deliver stable future supply of sustainable, low-carbon potash to European markets.

The South Harz Opportunity: A Dual-Asset Strategy

South Harz Potash has a dual-asset strategy designed to drive long-term value growth complementary to its South Harz Potash Project.

#1 Acquire and Advance Second Critical Minerals Asset

Leveraging its existing corporate foundation and established presence in Europe and Australia, the company is targeting the strategic acquisition of new critical minerals assets that offer strong potential to drive shareholder value creation while potash markets progressively recover.

With global market conditions rapidly evolving, South Harz Potash holds the purpose and patience to explore new opportunities, backed by a steadfast and supportive major shareholder base.

#2 Preserve and Grow Long-Term Value in South Harz Potash Project

South Harz Potash’s flagship Ohmgebirge Development, part of its broader wholly-owned South Harz Potash Project, is centrally located in Germany’s historic South Harz mining district. It is associated with established regional infrastructure, offering valuable and highly differentiating brownfield development opportunity.

Ohmgebirge hosts a maiden Ore Reserve of 83.1 Mt at 12.6 percent potassium oxide (K₂O) and a total sylvinite Mineral Resource exceeding 286 Mt. The future development of Ohmgebirge benefits from access to over 60 percent renewable grid power, electrified rail to major European ports, and water recycling systems – supporting a low-impact, sustainable operation.

Ohmgebirge forms the foundation of South Harz’s potash strategy, with nearby licences – Ebeleben, Küllstedt, and Mühlhausen–Nohra – offering modular long-term expansion potential.

Management Team

Len Jubber – Executive Chairman

With over 30 years in the mining sector, Len Jubber has held leadership roles including managing director and CEO of Bannerman Resources, managing director/CEO of Perilya, and chief operating officer of OceanaGold. He began his career with Rio Tinto in Namibia and brings a wealth of technical, commercial, and entrepreneurial experience to the company.

Dr. Reinout Koopmans – Non-Executive Director

Dr. Reinout Koopmans brings 15 years of investment banking experience from London, having led global public equity raising for natural resource companies at Deutsche Bank and headed the European equity capital markets team at Jefferies International. He also served as a management consultant at McKinsey & Co in Germany and Southeast Asia. Koopmans holds a PhD and MSc from the London School of Economics and a degree from Erasmus University, Rotterdam.

Rory Luff – Non-Executive Director

Rory Luff is the founder of BW Equities, a specialist Melbourne-based equities advisory firm, with over 15 years of experience in the financial services industry. He has spent most of his career advising resource companies on capital raisings and financial market strategies.

Richard Pearce – Non-Executive Director

Richard Pearce has over 30+ years’ experience in the mineral industry across critical, industrial and energy minerals. His participation spans the full asset life cycle and value chains, and includes key roles held across board directorships, exploration and operations management, mining finance, M&A, business strategy and operational improvement. He has a proven business development and asset commercialisation track record.

Dr. Babette Winter – Regional Director & Managing Director of Südharz Kali GmbH

Dr. Babette Winter holds a PhD in chemistry and has extensive experience in politics, communication, public administration, environmental issues, and technology. She served for over five years as state secretary for Europe in Thuringia and held various leadership roles in environmental policy and public relations within German governmental bodies.

Graeme Smith – Company Secretary

Graeme Smith is an experienced finance professional with over 30 years in accounting, corporate governance, and company administration. He is a member of the Australian Society of Certified Practising Accountants, the Institute of Chartered Secretaries and Administrators, and the Governance Institute of Australia.

This post appeared first on investingnews.com