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The Supreme Court hints it will keep Donald Trump on the ballot

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WHEN THE SUPREME COURT decided Bush v Gore a generation ago, five justices in effect handed George W. Bush the presidency over Al Gore. The implications of Trump v Anderson, which the court heard on February 8th, could be similarly momentous. But this time the justices are wary of making a splash in a presidential election and of splitting their votes along ideological lines. By the end of the oral argument, a consensus seemed to have emerged: despite his role in the events of January 6th 2021, Colorado will very probably not be allowed to remove Mr Trump from its ballot, nor will the other 49 states in this year’s election.

The historic hearing marked the first time the Supreme Court had considered the meaning and reach of Section 3 of the 14th Amendment, a provision that bars officials from holding future public office if, after taking an oath supporting the constitution, they engage in “insurrection or rebellion”. When rioters stormed the Capitol trying to overturn the 2020 election, scholars pointed to this relic of the Reconstruction era—a tool originally designed to keep former Confederate leaders away from the levers of power. Voters and advocacy groups in at least 35 states emerged to contend that Donald Trump is a modern-day insurrectionist who should be disqualified from a second presidential term.

Legal efforts stalled in most states, but on December 19th the Colorado Supreme Court cited Section 3 in ruling Mr Trump ineligible to appear on the ballot for the state’s Republican primary on March 5th. Defending that decision at the federal Supreme Court, Jason Murray (representing a group of voters including Norma Anderson, a 91-year-old Republican) called January 6th a “violent assault” that was “incited by a sitting president of the United States”.

This was one of few moments in two hours of wrangling that recalled the mayhem that transpired across the street from the Supreme Court three years ago. The hearing was dominated by bloodless parsing of legal technicalities and worries about what would happen if the Colorado court’s ruling stood.

In his opening pitch, Jonathan Mitchell, Mr Trump’s lawyer, did not say a word about January 6th. He did not deny that the riot was an “insurrection” (though he did, half-heartedly, later on). At no point did he offer a defence of his client’s behaviour. Instead, he said Section 3 does not apply to Mr Trump because a “president is not ‘an officer of the United States’ as that term is used throughout the constitution”. (An officer, he later explained, is a “term of art” applying “only to those who are appointed, not to those who are elected”.) Mr Mitchell also cast doubt on a state’s power to remove a presidential candidate from the ballot based on Section 3. The second sentence of that provision permits Congress to lift the ban by a two-thirds vote. So by prematurely removing a candidate from the ballot, a state is “accelerating the deadline to meet a constitutionally imposed qualification” and disenfranchising “potentially tens of millions of Americans”.

Justices from right to left voiced scepticism about entrusting states with the power to disqualify presidential aspirants. Justice Brett Kavanaugh made much of Griffin’s case, an 1869 circuit-court ruling that said Section 3 could not be applied unless Congress passed a law permitting the removal of insurrectionists. Justices Samuel Alito and Clarence Thomas noted that states have used Section 3 to disqualify candidates only for state, not federal, offices. The chief justice, John Roberts, looked to the purpose of the 14th Amendment: isn’t its “whole point”, he asked Mr Murray, ”to restrict state power”? Empowering states to disqualify candidates at will seems to be “at war” with that aim. If states cynically nix candidates from their ballots, elections could end up turning on just a “handful of states”. That, he warned, would be “a pretty daunting consequence”.

It was not only the six-justice conservative majority who were uncomfortable with Colorado’s erasing Mr Trump from the ballot. Justice Ketanji Brown Jackson eyed the list of offices Section 3 prohibits oath-breakers from holding and noticed that “president” and “vice-president” are not among them. Justice Elena Kagan amplified Chief Justice Roberts’s worries about the disarray that would follow from 50 states each having a say on who qualifies for the ballot. “Why should a single state”, she asked Mr Murray (who clerked for her a decade ago), “have the ability to make this determination not only for their own citizens but for the rest of the nation?”

Justice Sonia Sotomayor looks to be the only possible dissenting voice on a bench unwilling to approve a new regime of states making independent judgments about candidates’ fitness under Section 3. With primary season under way, the court is probably keen to allay confusion. The answer could come uncharacteristically swiftly for a court that normally takes months to rule: the justices are next scheduled to appear in the courtroom on February 16th.

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Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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