Beer. Liquor. Cigarettes. Porn.This isn’t just a list of things that can be bad for you. This is a list of things that Americans are buying with cash welfare, thanks to a massive loophole in federal law.Thankfully, states are finally taking action to prevent this abuse and protect taxpayers, with strong guidance from the Trump administration. It’s an overlooked — but important — new front in the ongoing War on Fraud.DOJ THREATENS TO CUT BILLIONS IN WELFARE FUNDING FROM STATES FOR FAILING TO REPORT ILLEGAL MIGRANTSThe latest state to close this loophole is Nebraska. On Oct. 9, Republican Gov. Jim Pillen directed the state to stop recipients of cash welfare from spending money on items like tobacco, porn, tattoos, psychic and fortune-telling services, luxury watches and much more. Going forward, if you receive money under the Temporary Assistance for Needy Families (TANF) program in Nebraska, you cannot spend the money on things the taxpayer shouldn’t be funding in the first place.Americans may be forgiven for wondering why people in Nebraska — or anywhere else — were ever able to buy these things with cash welfare. After all, most people assume that government assistance is only supposed to fund specific things that families need. Cash welfare in particular is explicitly designed to help low-income families “achieve economic security and stability.” So, how did cigarettes and smut enter the picture?PRO-LIFE VS SOCIALISM: GOP LAWMAKERS DIVIDED OVER CONTROVERSIAL GUARANTEED INCOME PROGRAMSIt’s true that federal rules stop you from spending cash welfare at places like liquor stores. But you can still buy alcohol at plenty of other places, such as grocery stores. Similarly, you can’t spend cash welfare at casinos or strip clubs, but you can still gamble or buy pornography in plenty of other places.This loophole has existed for roughly 30 years, since TANF began — and it’s so large, it’s laughable. Did lawmakers not realize that alcohol isn’t just sold at the corner store? Do our nation’s leaders not know that “adult entertainment” is available outside of seedy clubs?WHITE HOUSE PUSHES ‘WATERSHED’ FRAUD-FIGHTING REFORM IN CONGRESS AS VANCE CONVENES TASK FORCEThese are far from the only non-essential — and deeply questionable — things that cash welfare is funding. Taxpayers are also able to pay for things like concert tickets, streaming subscriptions, tattoos and luxury services like spa treatments. It’s enough to make you wonder: When Congress created cash welfare, did it put any meaningful restrictions on how the money could be used?Unfortunately, closing this loophole in one fell swoop would require another act of Congress. But thankfully, the Trump administration has issued guidance explaining how states can close this loophole, one by one. States can’t change federal requirements for cash welfare. But they can ask the federal government to approve stronger requirements on a state-by-state basis, which explains the sudden and welcome progress.Before Nebraska, Florida took the first meaningful action to stop this abuse. In August, Republican Gov. Ron DeSantis announced that he was blocking cash welfare from being spent on tobacco products, drugs, porn, tattoos, video games, fortune-telling services, and a slew of other obviously non-essential goods and services. The Trump administration quickly approved the Florida plan, which DeSantis rightly said will protect “Floridians who genuinely need assistance” while also guarding taxpayers from fraud and abuse.What are other state leaders waiting for?CLICK HERE FOR MORE FOX NEWS OPINIONIt’s shocking that any state has allowed such blatant abuse of the taxpayer’s generosity for so long. Perhaps they’ve been waiting for Congress to act, but given the dysfunction in D.C., that was always a long shot. Regardless, now is the time for governors to act. The easiest thing to do is to follow Florida and Nebraska’s lead and simply amend their state plans for cash welfare. Governors could also work with state lawmakers if they want to ensure more permanent reforms, while holding retailers accountable for circumventing restrictions.Bottom line: Every state must close this cash welfare loophole. No one should be using the taxpayer’s money to buy pre-mixed cocktails and porn.CLICK HERE TO READ MORE FROM HAYDEN DUBLOIS
Jim Cramer makes major SpaceX call tied to Nvidia
I remember watching the first Starship flight test from my phone right from the turf. It was supposed to be a glance. Instead, I ended up in the turf’s parking lot for a couple of minutes.
I spend most of my days analyzing markets, studying trade setups, and digging through financial news to find stories worth telling. But watching the largest rocket ever built made all that market noise feel strangely small.
That is, until you look at the money it takes to make the ambition possible.
SpaceX is now reportedly seeking $40 billion worth of Nvidia chips, and Jim Cramer said on Oct. 7 that it “could end up being Nvidia’s largest client at this pace.”
That sentence should make you pause if you are an investor paying attention to the AI infrastructure buildout.
In an earlier report, TheStreet noted that Goldman Sachs raised its price target to $230 from $220 on Oct. 7, reiterating a Buy rating. SPCX trades at $160 as of the Oct. 8 close, according to Yahoo Finance.
That target is approximately $5 above the stock’s all-time high of $225.64, reached on June 16, just four days after the IPO, according to TheStreet.
ALSO READ: SpaceX Latest News and Stories
Goldman’s $10 bump actually matters more than it looks
When SpaceX fell to $104.83 in early August, the original $220 Goldman target looked less like analysis and more like optimism. $104.83 low also marks the lowest price SPCX has reached since its launch.
The firm’s decision to raise that target now with shares at $160 and still well below the prior target, is more than a mechanical upward revision.
More SpaceX:
Morgan Stanley doubles down on SpaceX stock for investors
SpaceX analyst plots path to bold $100 billion claim
JPMorgan resets SpaceX price target after earnings
“The $10 bump from $220 to $230 ratified their previous $220 figure, which means something with the stock at $167,” Cramer said. “Maybe there really is some rigor to this analysis.”
In other words, Goldman is saying its previous conviction was justified and extending it. For a stock as speculative and controversial as SpaceX, institutional validation at these levels carries weight.
SpaceX’s compute business is the part that changes everything
The original SpaceX investment thesis focused on Starlink subscriber revenue, reusable-rocket economics, and government contracts. Those remain important. But the thesis with the most asymmetric upside and the one driving Cramer’s Nvidia comment is compute.
SpaceX is already generating revenue by renting out excess computing power to companies including Anthropic and Google, according to Cramer, citing publicly available reports.
Reuters reported SpaceX is seeking $40 billion in new financing, $10 billion in bank loans and $30 billion in investment-grade debt, specifically to buy more Nvidia chips and expand this compute operation.
Related: Musk called Anthropic ‘evil’; SpaceX’s deal with it nearly doubled
Cramer connected the dots and said: “Musk can immediately monetize these chips. SpaceX could end up being Nvidia’s largest client at this pace. That’s fantastic news for both sides.”
Think about what that means. My TheStreet colleague Hillary Remy covered Nvidia CEO Jensen Huang‘s framework in early September. The idea was that companies buying Nvidia compute and renting it to others at a premium can generate extraordinary returns on the spread.
SpaceX, with its unique ability to eventually put compute into orbit at dramatically lower launch costs through Starship reusability, is building toward an orbital data-center model that terrestrial competitors cannot replicate.
Cramer has been defending SpaceX against critics who view it as an expensive retail-investor favorite trading at roughly 137 times next 12 months’ earnings-per-share estimates, according to FactSet.
His argument is that the multiple reflects several growth drivers simultaneously: Starlink, rockets, compute, and eventually orbital AI infrastructure. None of these is fully priced independently, let alone in combination.
SpaceX is now reportedly seeking $40 billion worth of Nvidia chips.Walter Cicchetti / Getty Images
Where Cramer stands, and why he still won’t buy SpaceX for his trust
Cramer still does not consider SpaceX appropriate for his Charitable Trust, the portfolio used by CNBC’s Investing Club, CNBC noted.
His reasoning is risk-adjusted: A stock at 137 times earnings with the lockup-unlock schedule (covered in my previous articles), significant capital needs, and execution timelines that span years requires a specific kind of conviction and risk tolerance.
“Club members, stay tuned, because it’s becoming more and more likely that SpaceX could come to fruition a lot earlier than Tesla ever did,” Cramer said.
He already owns Nvidia in the Club portfolio, so he is already benefiting from SpaceX’s chip buying, regardless of whether he ever adds SPCX.
If you can stomach the volatility and believe, as Cramer suggested, that Goldman’s $230 target is becoming increasingly justified, the gap between SPCX’s current price and that target is the market’s uncertainty about execution.
Flight 15, expected later in October, could provide the next signal that either narrows or widens that gap.
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Workers erupt over DC plan to bring robotaxis to city streets: ‘This is bulls—’
A new proposal that could bring driverless rideshare vehicles to the streets of the nation’s capital is causing an uproar among union workers, drivers and religious leaders who fear the technology could eliminate jobs.Protesters gathered outside the John Wilson Building as D.C. council members met to discuss legislation that would allow Waymo and other autonomous vehicle operators to offer commercial rides in Washington, D.C. The protesters urged the council to reject the legislation, arguing that an influx of robotaxis would displace rideshare drivers.”We came out here today strongly because we feel that these robotaxis will put people out of work,” one protester told Fox News Digital. “And people need jobs.”TERRIFIED PASSENGERS FILM WAYMO AUTONOMOUS VEHICLE DRIVING INTO LIVE FIREWORKS IN SAN FRANCISCO”I’m against robotaxis because it takes away from the community, it takes away from their jobs, it takes away food from their table,” Frederick from Virginia said.He continued, “People need jobs to be able to support their family.””It’s bulls – – -,” Sabrina from Washington, D.C., said. “Let’s not bring robots taking my neighbor’s jobs. My folks that drive for a living, let’s just not take their jobs.”Another person at the protest acknowledged that autonomous vehicles could eliminate some driving jobs but argued the city should “take the offensive” by shortening the workweek without cutting pay and expanding employment elsewhere.”We should take the offensive on job issues,” Michael from Washington, D.C., said. “We should shorten the workweek, without a loss in pay. So we’ll create more jobs in public transportation, in hospitals, in service industries. So we actually maybe will lose some jobs to taxi drivers, but we’ll create better paying jobs.”The Autonomous Vehicle Deployment Authorization Amendment Act of 2026 — introduced by Councilmember Charles Allen in May — would create a program for commercial autonomous vehicles in D.C. that would be run by the District Department of Transportation.TESLA ROBOTAXI MIAMI LAUNCH COMES WITH LIMITSWaymo says its latest safety data, covering more than 270 million miles of autonomous driving, shows its vehicles were involved in 82% fewer injury-causing crashes and 95% fewer crashes involving serious injuries or worse compared with human-driver benchmarks in the same operating areas.Supporters of robotaxis have also pointed to the potential for lower fares without a human driver, although current comparisons have found Waymo’s prices can vary widely and are not consistently cheaper than traditional rideshare services like Uber and Lyft.Protesters claimed that while prices may be lower as the driverless vehicles roll out, the rates will eventually spike.”That’s just something just to…get our antennas up and have us saying, ‘Yeah, ooo, we’re gonna get cheaper rides,’” Sabrina said. “It might be cheap for the trial periods, and then all of a sudden we’ll be paying $50. So no, I don’t believe that. That’s just some crap just to get people engaged with the Waymo.””They seem the same price to me,” Helen from Maryland said. “They’re in other cities and it seems like not much of a difference in the pricing.”ZOOX ROBOTAXI REDESIGN BRINGS BIG RIDER UPGRADESThe proposed regulatory framework, which could bring robotaxis to the city by 2028, would initially limit operators to 200 vehicles. Companies seeking commercial permits would have to demonstrate at least 180 days and 250,000 miles of autonomous vehicle testing in the District and submit plans aimed at reducing disparities in service availability and wait times across the city’s eight wards.There was a public hearing on the bill in July, but no vote has been scheduled. The bill would have to be approved by the entire council before self-driving cars start to hit the city’s streets.”A worker should be at the table,” Metropolitan Washington Council, AFL-CIO President Samuel Epps told Fox News Digital at the protest. “We shouldn’t rush this.””I don’t think it’s good for the city,” Eddie said. “If my children gonna get in a car, I would prefer for a human to be driving.”
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Loose rules let state police in New York hand out lax discipline for misconduct, grantee finds
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The post Loose rules let state police in New York hand out lax discipline for misconduct, grantee finds appeared first on The Fund for Investigative Journalism.
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