Posts Tagged ‘spending

20
Oct
14

Jobs? ✔ Economy Growing? ✔ Thank You, President Obama

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Loraine Woellert: Factory Production Rebounds As U.S. Sustains Expansion

Production at American factories rebounded, claims for jobless benefits fell to a 14-year low and households held the most optimistic views in two years, signs the world’s largest economy is overcoming a global slowdown. Manufacturing output climbed 0.5 percent in September, springing back from a 0.5 percent drop the prior month, as factories pushed out more computers, appliances and building-supplies, according to Federal Reserve data issued today in Washington. Other reports showed the momentum is being sustained as the fewest workers since April 2000 filed applications for unemployment insurance last week and more consumers said this month that the economy will get better.

The reports bolster forecasts that the U.S. expansion will survive the weakening in Europe and emerging nations that has roiled global financial markets. American consumer spending, which accounts for almost 70 percent of the economy, is likely to strengthen as employment keeps growing and confidence climbs. Ford Motor Co. is among those automakers that remain upbeat. The second-biggest U.S. carmaker is adding workers at its Dearborn, Michigan, plant as it prepares for its new aluminum-bodied F-150 pickup. The truck is scheduled to arrive in showrooms by the end of the year. “These new jobs will help meet anticipated customer demand,” said Joe Hinrichs, Ford’s president of the Americas, during an Oct. 13 announcement. The company has hired more than 23,000 employees since 2011.

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06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

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Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

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9.26.14

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Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

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29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

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Jason Furman: Third Estimate of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, State and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, although it did rebound in the second quarter.

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04
Aug
14

ObamaCare: Helping Medicare Function Efficiently

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Sara Kliff: The Amazing News Buried Inside A 283-Page Medicare Report

This is arguably the most unexpected piece of news in the new Medicare Trustees report: the government’s hospital insurance program might be spending less money to cover more beneficiaries than it did a year ago. Medicare’s hospital insurance program — known to wonks as Medicare Part A — spent $266.8 billion covering 50.3 million people in 2012. In 2013, the the same program spent $266.2 billion to cover 51.9 million people. what’s definitely clear — and what’s driving this trend — is that Medicare is spending significantly less per person than they did two years ago.

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And this report expects that trend to continue for another two years going forward. By 2015, the Medicare Trustees’ Report projects that the program will spend less per person on hospital care than it did in 2008. This doesn’t happen much in health care: not just slower growth, but the actual dollar amount spent on a given type of care dropping. The Affordable Care Act, for example, penalizes preventable readmissions — times when seniors turn up at the hospital a second time after something goes wrong during their first visit. Readmissions have been falling pretty steadily for the last few years, and those reductions could be showing up in the lower per-person spending.

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11
Jul
14

ObamaCare: Preserving Medicare For Future Generations

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Mother Jones: Medicare Just Keeps Producing Great Budget News

Medicare has been a bastion of good news lately. Every year, the CBO reduces its baseline estimate of Medicare costs, which have dropped by more than $1,000 since 2010. It is clear that the Medicare savings provisions in the ACA, such as reductions in provider payment updates and Medicare Advantage payments, have played a major role. In addition to scheduled reductions in Medicare’s more formulaic payment rates, providers may be tightening their belts and looking to deliver care more efficiently in response to financial incentives included in the ACA, and it is possible that these changes are having a bigger effect than expected.

For example, CMS recently reported that hospital readmission rates dropped by 130,000 between January 2012 and August 2013. It is also possible that hospitals and other providers are using data and other analytic tools more successfully to track utilization and spending and to reduce excess costs. Another more straightforward factor is that several expensive and popular brand-name drugs have gone off patent in recent years, which has helped to keep Medicare drug spending in check.

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25
Jun
14

Rise and Shine

On This Day: President Obama and First Lady Michelle Obama talk backstage before an event for the “United We Serve” service project with at Fort McNair in Washington DC, June 25, 2009 (Photo by Pete Souza)

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Today (All Times Eastern)

10:45: The President meets with HHS Secretary Burwell

11:45: Meets with Israeli President Shimon Peres, drops by a meeting with American Jewish leaders, Roosevelt Room

12:20: Lunch with Israeli President Peres

12:35: Josh Earnest briefs the press

1:25: The President meets with Israeli President Peres

2:55: Honors NASCAR Champion Jimmie Johnson, East Room

5:0: Meets with Senate Democrats, The State Floor

7:10: Delivers remarks to the League of Conservation Voters, Ronald Reagan Building

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The Week Ahead

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Spandan Chakrabati: Putin Completes Surrender To Obama: Syria Disarms, Russia Backing Off Ukraine

Yesterday, weapons inspectors confirmed that Syria handed over all declared chemical and biological weapons to an international inspection team for destruction, completing a major foreign policy coup for the Obama administration (or in the media version, a triumph for Vladimir Putin in a negotiation over Syria where Obama got everything and Putin got nothing) – disarming a middle eastern power of its weapons of mass destruction in the midst of a civil war without firing a single shot. ISIS – the Islamic militant group that is gaining ground in Iraq – many Americans will be surprised to learn stands for Islamic State in Iraq and Syria. Incidentally, these were the same rebels McCain was urging US arms in Syria. The same media couldn’t get enough the “weak black guy” narrative then. But now that his strategy of strength, fairness and diplomacy has born major fruit? Nary a peep.

Vladimir Putin has formally asked the upper house of the Russian parliament to rescind their March 1 authorization for Putin to attack Ukraine. President Obama spoke with Putin on this matter just yesterday. Putin is backing off, with his tail between his legs. This yet another crowning foreign policy achievement for this president. Ending two wars. Securing the world’s loose nukes. Killing Osama bin Laden. Bringing the last American POW home. Disarming a middle-eastern madman without firing so much as a water balloon. Dashing Putin’s hope of a new Soviet empire. If this were any other president – let me clarify, if this were any white president – the work of carving their face on Mount Rushmore would have already begun.

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Jonathan Weisman: Cochran Holds Off Tea Party Challenger in Mississippi

With an unusual assist from African-American voters and other Democrats who feared his opponent, Senator Thad Cochran on Tuesday beat back a spirited challenge from State Senator Chris McDaniel, triumphing in a Republican runoff and defeating the Tea Party in the state where the movement’s hopes were bright. “We all have a right to be proud of our state tonight,” Mr. Cochran said at his victory party in Jackson, Miss. “This is your victory.”

Mr. McDaniel, speaking in Hattiesburg, was angry, and he did not hesitate to say so. “There is something a bit strange, there is something a bit unusual about a Republican primary that’s decided by liberal Democrats,” he said. He accused Mr. Cochran of abandoning the conservative movement. “So much for principles,” he said. The 76-year-old senator ran a largely sleepy campaign until the primary on June 3, when he was edged out by Mr. McDaniel but won enough votes to keep his opponent from outright victory. Mr. Cochran, who is seeking his seventh term, used the past three weeks to turn out Democratic voters — especially African-Americans — to make up that deficit.

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BBC: Iraq PM Nouri Maliki Rejects Calls For Unity Government

Iraq’s Prime Minister Nouri Maliki has rejected calls for a national salvation government to help counter the offensive by jihadist-led Sunni rebels. Such calls represented a “coup against the constitution and an attempt to end the democratic experience”, he warned. The US has led appeals to the country’s political leaders to rise above sectarian and ethnic divisions. Government forces have been unable to recapture the territory seized by the rebels this month. Almost half of the 300 US military advisers assigned to help the Iraqi security forces have arrived and are to start work on Wednesday. Meanwhile, the crisis in Iraq is being discussed by Nato leaders meeting in Brussels. They have been joined by US Secretary of State John Kerry, who has just returned from a two-day visit to Baghdad and Irbil.

In his weekly televised address, Mr Maliki called on “all political forces to reconcile” in the face of a “fierce terrorist onslaught”. But the Shia prime minister gave no promise of greater representation in government for the minority Sunni Arab community, whose anger at what they say are his sectarian and authoritarian policies has been exploited by jihadist militants from the Islamic State in Iraq and the Levant (Isis). Mr Maliki said forming an emergency administration that included all religious and ethnic groups would go against the results of April’s parliamentary elections, which were won by his State of Law alliance. “The dangerous goals of forming a national salvation government are not hidden,” he said. “It is an attempt by those who are against the constitution to eliminate the young democratic process and steal the votes of the voters.”

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Ari Berman: Fifty Years After Freedom Summer, The Voting Rights Act Is Needed More Than Ever

Fifty years ago, Andrew Goodman, a 20-year-old anthropology major at Queens College, went down to Mississippi for Freedom Summer. His first stop was Philadelphia, Mississippi, where he and Mickey Schwerner, a 24-year-old graduate student in social work at Columbia University, and James Chaney, a 21-year-old volunteer with the Congress for Racial Equality from Meridian, Mississippi, were sent to investigate a church burning. Schwerner and Chaney had spoken at Mount Zion Methodist Church over Memorial Day, urging local blacks to register to vote. On June 21, 1964, the young civil rights activists were arrested by the Neshoba County police and then abducted by the Klan. Their bodies were found forty-four days later in an earthen dam. Goodman and Schwerner, both white, had been shot once. Chaney, who was African-American, had been mutilated beyond recognition. The fiftieth anniversary of Freedom Summer happens to coincide with the first anniversary of the Supreme Court’s decision in Shelby County v. Holder, where the Supreme Court’s conservative majority invalidated Section 4 of the VRA on June 25, 2013. As a result, states like Mississippi, with the worst history of voting discrimination, no longer have to clear their voting changes with the federal government.

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Since the 2010 election, twenty-two states have passed new voting restrictions, according to the Brennan Center. This includes requiring strict voter ID to cast a ballot, cutting early voting, making it harder to register to vote and rescinding voting rights for non-violent ex-felons. New restrictions will be in place for the first time in fifteen states in the 2014 election. All across the country, we’re seeing the most significant push to restrict voting rights since Reconstruction. Partisanship is a strong motivating factor for the voting changes—GOP legislatures or governors enacted eighteen of the twenty-two new restrictions. So is race. According to the Brennan Center: “Of the 11 states with the highest African-American turnout in 2008, 7 have new restrictions in place. Of the 12 states with the largest Hispanic population growth between 2000 and 2010, 9 passed laws making it harder to vote.”

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The wreckage of a Ukrainian helicopter downed near Sloviansk on Tuesday

BBC: West Warns Russia Of Sanctions Amid Ukraine Fighting

German Chancellor Angela Merkel said in Berlin that new sanctions could be applied if efforts to stabilise the situation were not speeded up. UK Foreign Secretary William Hague said inaction by Russia would mean a stronger case for sanctions. President Petro Poroshenko warned he might end the truce due to violations. However, his foreign minister, Pavlo Klimkin, told reporters at a Nato meeting in Brussels on Wednesday that Ukraine would “stick to our unilateral ceasefire”. The ceasefire began on Friday. On Tuesday, a Ukrainian military helicopter was shot down with the loss of nine lives. There was also fighting overnight near the Russian border in Luhansk region. The Ukrainian military accused the rebels on Wednesday of breaking the ceasefire 44 times since it began. A separatist leader said there had “been no ceasefire”.

The truce is part of Ukraine’s plan to end two months of fighting between government troops and pro-Russian insurgents who control key buildings in towns and cities across the east. More than 420 people have been killed in the region since mid-April, the UN estimates. Mrs Merkel welcomed the surprise decision by Russian President Vladimir Putin to cancel a parliamentary resolution authorising him to use Russian forces in Ukraine. The cancellation was ratified by Russia’s upper house of parliament on Wednesday. While Mrs Merkel said the decision was “psychologically important”, she told German parliament that Ukrainian soldiers continued to die. “Progress is slow… Diplomatic solutions are always preferable but if nothing else works, sanctions can be put back on the agenda,” she said.

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Annalyn Kurtz: 3 Reasons Not To Freak Out About -2.9% GDP

The U.S. economy shrank in the first quarter of the year, and new revisions by the Bureau of Economic Analysis show the decline was even deeper than reported. Gross domestic product — the broadest measure of economic growth — contracted at a 2.9% annual rate in January through March. That’s the weakest quarter for the U.S. economy since the first quarter of 2009, amid the Great Recession. But economists aren’t too worried, for three key reasons. 1) They blame the weather: Much of the downturn was due to a brutal winter. Blizzards slowed shipments both domestically and abroad and kept consumers away from shopping malls, car lots and open houses more than usual this winter.

2) It’s not a final number: Some economists take this GDP number with a grain of salt because it will be revised again next month when the Bureau of Economic Analysis makes historical revisions. 3) Last, but certainly not least, other data show the economy is improving. Hiring slowed in December, but it has since picked up again. In the last five months, the economy added 1.1 million jobs. Hiring at that level is consistent with an economy that is growing modestly around 2% to 3% a year — not an economy that is contracting.

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NYT: Iran Secretly Sending Drones And Supplies Into Iraq, U.S. Officials Say

Iran is flying unarmed surveillance drones over Iraq from an airfield in Baghdad and is secretly supplying Iraq with tons of military equipment, supplies and other assistance, American officials said. Tehran has also deployed a unit there to intercept communications, the officials said. The secret Iranian programs are part of a broader effort by Tehran to gather intelligence and help Prime Minister Nuri Kamal al-Maliki’s government in its struggle against Sunni militants from the Islamic State in Iraq and Syria.

Gen. Qassim Suleimani, the head of Iran’s paramilitary Quds Force, has paid at least two visits to Iraq to help Iraqi military advisers plot strategy. And Iran has deployed about a dozen other Quds Force officers to advise Iraqi commanders, and help mobilize more than 2,000 Iraqi Shiite militia members from the country’s south, American officials said. Iranian transport planes have also been making two daily flights of military equipment and supplies to Baghdad — 70 tons per flight — for Iraqi security forces.

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Nigel Duara: Judge: People On No-Fly List Must Have Due Process

When it comes to its no-fly list, the U.S. government has a choice to make. More than a dozen Muslims sued after learning they were likely on the list — something the government still won’t confirm — and they found their only recourse was to fill out an online appeal form. Then on Tuesday, a federal judge in Oregon ruled that the Department of Homeland Security must give people a better avenue to pursue a claim that they were wrongly put on the list. Now, the government can seek some way around U.S. District Judge Anna Brown’s order. Or, they can do what she asked. But Brown didn’t want to dictate the rules. In fact, federal prosecutors specifically told her in court, “We urge you not to take over the policymaking.”

Instead, Brown set out a handful of guidelines that were issued by the 9th U.S. Circuit Court of Appeals in an unrelated case. She said the government must tell people what unclassified information was used to put them on the list. And if the information’s classified, at least tell them the nature and extent of it. She said it shouldn’t leave people without an option to challenge their status or make blanket rulings that ignore the specifics of people’s lives. “The (challenge) process falls far short of satisfying the requirements of due process,” Brown wrote in her ruling Tuesday. U.S. Justice Department spokeswoman Dena Iverson said government attorneys were reviewing the decision.

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Philip Klein: Health Care Spending Actually Shrunk 1.4 Percent In First Quarter Of Obamacare, BEA Says

Health care spending actually shrunk 1.4 percent during the first quarter of the year, the Bureau of Economic Analysis now says, after previously saying it soared 9.1 percent — a massive revision that will shake up the debate over how President Obama’s health care law is affecting medical spending. To give an idea of the magnitude of the swing, the 9.1 percent growth rate would have been the fastest growth in health spending since 1980,

and now the BEA says it actually shrunk more than any quarter since the first quarter of 1982 — or 32 years. The revised data suggest medical spending slowed despite the expansion of coverage. So what explains the revision? The short and easy answer is that BEA gained access to more data.

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Sam Ro: This Is Precisely What Crushed GDP

Pretty much everyone was stunned to see Q1 GDP growth slashed to -2.9% from an earlier estimate of -1.0%.
The revision largely boils down to one thing: healthcare spending. “Two thirds of the revision is in consumption, cut to +1.0% from +3.1%,” said Pantheon Macroeconomics Ian Shepherdson. “Almost all of this huge hit is in the healthcare services component, cut to -1.4% from +9.1%.” According to the BEA, healthcare spending went from adding 1.01 percentage points to subtracting 0.16 from the headline GDP growth number. “So much for the BEA’s initial view that the start of Obamacare triggered a surge in spending on healthcare,” said Shepherdon.

Most economists and strategists are brushing this off. First of all, it reflects activity from Q1, which ended in March. Second, the bulk of the more recent data has been positive. “If GDP were truly so weak, we would not expect aggregate hours worked to climb 3.7% annualized through May, jobless claims to remain near cycle lows, consumer confidence to hit a cycle high, industrial production to climb 5.0% at an annual rate over the first five months of the year, core capital goods orders to be up 5.8%, ISM to be above 55, and vehicle sales to hit their strongest annualized selling pace for the year,” said Renaissance Macro’s Neil Dutta. “GDP is the outlier in these data points. I will roll my eyes and move on. Most of the data we just mentioned is consistent with underlying growth over 3.0%.”

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Steve LeVine: How A US Decision To Allow Oil Exports Could Change The World’s Energy Balance

The Obama Administration has taken a bold step toward loosening the grip of tense geopolitics on oil prices, reports the Wall Street Journal (paywall), giving the first permission in four decades for the export of unrefined American oil. The decision—not made public but announced in the form of private letters from the US Commerce Department to two oil companies, according to the paper–seems certain to cause a stir in global oil markets and perhaps send prices lower. Global oil prices have surged because of the political turmoil in the Middle East and Africa–the march of Islamic militants in Iraq, the stoppage of oil exports from Libya, and the broad turbulence in Nigeria.

The US decision allows two Texas companies—Pioneer Natural Resources and Enterprise Products Partners—to export a form of extremely light oil called condensate. The Journal’s report does not provide the volume. US condensate production in 2012, the last year provided by the US Energy Information Administration (EIA), was about 250,000 barrels a day. That is not much, relatively speaking, but the exports could have a dramatic impact if the Commerce Department provides a broader definition of what counts as condensate for export purposes.

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Your Laugh Of The Day

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On This Day

President Obama meets with members of Congress for a roundtable discussion about immigration reform, June 25, 2009 (Photo by Pete Souza)

President Obama with actress Reese Witherspoon in the Oval Office on June 25, 2009. The president was also joined by actors Paul Rudd and Jake Gyllenhaal; they are filming a movie in Washington, D.C. (Photo by Pete Souza)

President Obama cheers on a child attempting to dunk Press Secretarty Robert Gibbs at the Congressional Luau on the South Lawn of the White House, June 25, 2009 (Photo by Pete Souza)

President Obama shakes hands with attendees of the Congressional Luau on the South Lawn of the White House, June 25, 2009 (Photo by Pete Souza)

President Obama laughs as First Lady Michelle Obama does a little dance while making remarks during a United We Serve event at Fort McNair June 25, 2009

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President Obama talks with Chief of Staff Rahm Emanuel, before a meeting with African Outreach Leaders at the G8 Summit in Muskoka, Canada, June 25, 2010 (Photo by Pete Souza)

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President Obama greets guests before an event at Oyster River High School in Durham, N.H., June 25, 2012 (Photo by Pete Souza)

President Obama eats a hot fudge sundae as he talks with patrons at the UNH Dairy Bar on the University of New Hampshire campus in Durham, N.H., June 25, 2012 (Photo by Pete Souza)

President Obama waves to the audience after delivering remarks at Symphony Hall in Boston, Mass., June 25, 2012 (Photo by Pete Souza)




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