Election '24 has come and gone.
However, there were several important issues that did not receive sufficient attention.
As this writer sees it, there are three issues that will certainly confront President Trump’s second term.
Pakistan
From 1958 to 2024, the International Monetary Fund (IMF) has given Pakistan 22 bailouts, which is more than any other country. Pakistan in an unstable country with over 240 million people.
In fiscal year (FY) 2024, Pakistan’s inflation averaged 23.4% and its poverty rate was 40.5%.
We can't just throw money at this problem.
From FY 2002 to FY 2018, the United States gave Pakistan over $34 billion dollars in total assistance.
Any further aid must require significant political reforms. Having said that, we must work with Pakistan to secure its nuclear arsenal.
Pakistan has approximately 170 nuclear warheads. There are at least twelve foreign terrorist organizations operating in Pakistan, including al-Qaida and the Islamic State.
Throughout its history, the Pakistani military has fought four wars with India and multiple insurgencies in Baluchistan.
To avoid another war, India and Pakistan need to sign an agreement to resolve the Kashmir dispute by making the Line of Control the permanent border and gradually reduce the number of troops on both sides of the border.
This way, Pakistan’s government can reduce its defense spending and focus more on its internal development. The Pakistani Army needs to be strong enough to defeat militant groups, but it must also stop interfering in politics.
Commercial Real Estate (CRE) Loan Crisis
In February 2024, economist Desmond Lachman of the American Enterprise Institute wrote:
"In 2008, the size of the subprime lending market was around $1.3 trillion. Before the pandemic, the size of the real commercial property market was estimated at around $3 trillion.
"At the same time, the value of today’s commercial real estate has plunged to around $1.8 trillion because of a record rate of office vacancies.
"Over the next two years, falling property prices and high interest rates will make it difficult for property developers to roll over the estimated $1.5 trillion in maturing loans without substantial debt restructuring."
According to Moody’s, in 2023, America’s 25 largest banks (over $160 billion in assets) only had 4.3% of their assets directly exposed to commercial real estate.
The danger is in regional banks ($10 billion to 160 billion in assets) and community banks ($1 billion to $10 billion in assets). The direct exposure of commercial real estate was 16.5% for 135 regional banks and 24.3% for 829 community banks.
In the Harvard Business Review, economist Dana Peterson wrote:
"It’s unlikely that the Fed, FDIC, and a consortium of the largest banks can rescue hundreds of compromised commercial banks at once.
"The largest and best-capitalized banks might be reluctant to acquire the assets of smaller financial institutions with sizable CRE losses, especially if there are few operational or geographic synergies, while regulators may choose not to step in."
The solutions will require a combination of restructuring of the debt, employees returning to work, converting more commercial real estate into residential real estate, and other government actions.
Both parties in Congress need to work together to ensure that the economy has a soft landing.
Climate Change
Combating climate change doesn’t always require great sacrifices such as tax increases and new regulations.
According to the National Oceanic and Atmospheric Administration (NOAA), every year the oceans absorb 31% of carbon dioxide emissions that are sent into the atmosphere.
If mankind just stopped killing whales, they could do more to mitigate climate change.
According to the NOAA:
"When whales die, their carbon-rich carcasses often sink to the seafloor; that carbon is trapped and prevented from returning to the atmosphere as carbon dioxide.
"Whales also indirectly contribute to carbon capture by providing nutrient-rich waste to phytoplankton, which absorb large amounts of carbon dioxide."
Today, phytoplankton captures four times as much as carbon as the Amazon Rainforest.
If we could leave the whales alone, they can help the oceans capture even more carbon.
In 1986, most countries agreed to ban commercial whaling. Unfortunately, Japan, Norway, and Iceland have resumed killing approximately a thousand whales a year.
Even one whale can absorb as much as 33 tons of carbon when they die, which is the equivalent of planting over a thousand trees.
President Trump should pressure Japan, Norway, and Iceland to ban commercial whaling.
Approximately 20,000 whales die every year from collisions with ships.
These numbers can be substantially reduced.
According to the World Wildlife Fund, every year approximately 300,000 cetaceans, which includes whales, dolphins, and porpoises, die from entanglement with fishing nets.
Let's not waste the next four years. We can't afford to.
Republicans and Democrats need to work together wherever possible, and that need is now more urgent than ever.
Robert Zapesochny is a researcher and writer whose work focuses on foreign affairs, national security and presidential history. He has been published in numerous outlets, including The American Spectator, the Washington Times, and The American Conservative. When he's not writing, Robert works for a medical research company in New York. Read Robert Zapesochny's Reports — More Here.
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