Sunday, September 14, 2025

Chump wins his war finally -- his war on the US economy

We're not even done with Chump's first year in this second term and he's already destroyed our economy.  Mary Anthony (MARKET REALIST) reports:


President Trump's tariffs have become the most talked-about trade policy move not just in America but on a global scale. They're set to affect everything from diplomatic relations to the grocery basket of an average American household. Now, a recent economic indicator has revealed that the poverty rate is expected to rise to 10.7% after President Trump imposes strict tariffs on other nations. This will unexpectedly lead to a catastrophic situation where more than one million Americans will be forced to downgrade their lifestyle.
[. . .]
A recent report by The Budget Lab at Yale stated that over 875,000 Americans will be living below the poverty line in 2026 due to Trump's imposed tariffs. The revelation also indicates that a staggering 375,000 children belonging to low-income brackets will be struggling to survive on basic needs. This shift has been determined by the Official Poverty Measure, which also states that lower-class families are among the hardest hit. Consumers belonging to this bracket tend to purchase more imported goods than higher-income households, according to industry analysts. “Tariffs are a tax on American families,” John Ricco, associate director of policy analysis at The Budget Lab, told CNN, before adding, “Because tariffs are a tax on goods and services, instead of income, they hit harder on people who spend a higher percentage of income than they save.”

Justin Boggs (SCRIPPS NEWS) adds:

The analysis assumes that incomes from jobs will remain steady despite higher tariffs. It also accounts for government programs, such as Social Security, that adjust payments based on inflation.

Yale economists say the current U.S. tariff rate is 17.4%, the highest since 1935. The report projects that the average U.S. household will lose about $2,300 a year because of tariffs.

Tariffs are taxes charged to companies importing products into the United States. The rate varies depending on the country of origin and the type of product.

While some companies tried to absorb the cost of tariffs early in Trump’s presidency, more now say those costs will ultimately be passed on to consumers.


Chump is destroying the economy before our eyes.  He's incompetent and he's a fool who went into bankruptcy four times so he certainly should not have been handed control of our economy.  He's destroying everything.  Brendan Murray (BLOOMBERG NEWS) notes Chump's tarries:

 

“Unfortunately, small and medium-sized businesses are bearing the brunt of the trade war,” said Adam Lewis, president of Clearit Customs Brokerage. “Unlike larger corporations, they don’t have the same insulation or sophistication to absorb frequent tariff changes, currency swings, and rising costs.”

Almost 60% of respondents said Washington’s policies have weakened the US’s standing as a trading partner, compared with 6% who said it’s been strengthened. Almost a quarter said the impact has been mixed depending on the country and industry, with 5% seeing no meaningful change and 7% saying it’s too soon to draw conclusions, according to Freightos.


Look around the country at the Chump economy.  Georgia?  Zoe Evans (PENNY WISE) reports,  "Five paper mills prepare permanent shutdowns across southeast Georgia through September 2025, according to multiple independent reports. International Paper and Georgia-Pacific caught officials off guard with announcements affecting over 1,700 workers, The Current GA reports, citing international trade barriers and declining wood demand. The shutdowns eliminate millions of tons of annual production capacity while devastating communities dependent on steady industrial employment for generations."  This as 744,000 workers have had been laid off from their jobs, the worst numbers since the start of the pandemic.  Mike Winters (CNBC) notes the increase in prices including, "Take bananas, for example. Prices climbed 4.9% from April through August --  equivalent to an annualized pace of about 15% -- a notable jump for a category that rarely sees much inflation. Virtually all U.S. supply comes from Central and South America and is now subject to a 10% tariff."




 Pennsylvania?  Tom Peterson (PENNY GEM) reports, "









  President Donald Trump’s aggressive steps to reshape the Federal Reserve could play out dramatically at this week’s Fed policy meeting, marking an extraordinary moment of political tension at an institution designed to operate independently from White House influence.

While financial markets fully expect a quarter-point interest-rate cut at the conclusion of the central bank’s two-day meeting on Wednesday, the gathering will be fundamentally different from those in the immediate past, as the Fed navigates unprecedented pressure from the White House, Congress and the courts that could shape the future of the central bank. 


Alex Henderson explains:


President Donald Trump and his MAGA allies continue to insist that he inherited a badly broken economy from former President Joe Biden but quickly turned the economy around.

In fact, the U.S. enjoyed record-low unemployment during Biden's years in the White House, but widespread frustration over inflation, according to polls, helped Trump pull off a narrow victory in the 2024 election. And almost eight months into Trump's second administration, the economy remains a source of frustration among many voters.

In an article published on September 13, Politico's Megan Messerly stresses that Trump is having a hard time convincing voters that the economy is performing well under his watch.

"President Donald Trump, this week, insisted Americans are experiencing the 'best economy we've ever had," Messerly explains. "Privately, White House officials acknowledge people just aren't feeling it…. Polls show Americans remain anxious about high prices, and there are signs the economy's resilience is starting to fray, making it harder for the (Trump) Administration to close the delta between how the economy looks on paper and how people feel."

Messerly adds, "The Congressional Budget Office also said Friday, (September 12) that (Trump's One Big Beautiful Bill) will have little effect on economic growth before the 2028 election, its gains blunted by the president’s tariffs and immigration crackdown."


The following sites updated:



 

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