I have to assume that if you have a keen interest in your finances that you try to stay informed about the economy and financial markets. I just finished watching Trump's cabinet meeting last week in its entirety, and I, as I believe most impartial viewers would likely agree, the prepared presentations the cabinet members delivered were shockingly sycophantic and detached from reality. Even allowing for the fact that this presentation was undoubtably delivered for the news media and propaganda purposes, and more realistic and truthful assessments are being given behind closed doors, anyone with any financial and economic background should be able to see how one-sided Bessent's economic assessment was. Here is a summary of why it was so obviously one-sided. Bessent glosses over or ignores: · the fact that the legality of IEEGA tariffs were overturned by the Supreme Court, resulting in continued trade chaos and need for budget-sapping tariff refunds · The Federal debt and deficit are ballooning out of control · Manufacturing employment is falling · Unemployment is creeping up · Developments in the Iran war, which should have been foreseen, have forced US to counterproductively lift sanctions on both Russian and Iranian oil · American farmers are suffering because of loss of soybean markets in China, as well as rising fuel and fertilizer costs · The global economy is suffering severely which will obviously impact the vitality of the US economy · Trump's maritime insurance initiative to facilitate shipments of oil through Hormuz has so far failed to produce results · Stock markets are in correction territory · the stimulative effect of tax returns are being overstated because they are being offset by rising food, energy, housing and services inflation, as well as plummeting consumer confidence · the claim that the strength of the USD is due to investment in US economy ignores the fact that there is a strong global interest in de-dollarizing the oil trade, and that this strength is likely only temporary due to flight to safety caused by global turmoil · Trump has already indicated that the Iran war will require supplementary spending of at least 200 billion, further adding to the national debt and deficit which in the long term will undoubtably result in a weaker dollar and a weakening of America's economic strength. Bessent's presentation begins at :57 minute mark
Create an account or sign in to comment