Never mind that Trump is really just that guy at the end of the bar who, with beer-lubricated certainty and megaphone volume, tells you how to solve humanity’s most intractable problems. And maybe as he’s speaking, as you’re under the spell of it, it sounds like wisdom. But the next morning, you sober up and see it for the hogwash it is.
Trump – now hours away from his inauguration – has vowed to make sweeping changes to U.S. trade policy, and economists see his protectionism as the biggest risk to U.S. growth. U.S. companies employ more than 600,000 people in Germany, the United States’ biggest European trading partner, and German firms employ roughly the same number in the U.S.
More than 6 million Americans are directly employed by majority foreign-owned firms, and over 12 million American jobs are linked to foreign investment. These jobs pay one-third more than the economy wide average, 40 percent are in manufacturing, and there has been significant growth in Rust Belt states.
In what was scheduled as the final news conference of his presidency, Obama said that after all he has witnessed, he is walking away with a sense of hopefulness about the country and where it is going. Obama told a room of reporters that, despite the worry felt by many of his fellow partisans about the incoming Trump administration, “we’re going to be OK.”
Data from Pew Research studies and Gallup polls conclusively demonstrate that Americans, in their deepest political/social beliefs, are thoroughly liberal in most of their views and moderately liberal in the balance. They are not the “conservatives” described by the relentless propagandists of the right.
President Barack Obama will be seen by historians as the first president to bring millennial values to the challenges of the Oval Office. While much of America is divided on how well he has performed as the nation’s 44th president, Obama has won overwhelming approval from the millennial generation, born 1982-2003. Studies show that millennials appreciate the way Obama has championed their causes and created a more tolerant America.
“The U.S. car industry would have a bad awakening if all the supply parts that aren’t being built in the U.S. were to suddenly come with a 35 percent tariff,” said Germany’s deputy chancellor and economy minister Sigmar Gabriel responding to Donald Trump’s threats.
Under pressure to deliver on campaign promises to revive industrial jobs, Trump has turned his fire on carmakers that use low-cost Mexican plants to serve the U.S. market. All three German carmakers have invested heavily in Mexico, but also pointed out on Monday that they manufacturer in the United States as well.
The fight to make the Democratic Party a more representative institution was not a fight around advertising but was directly connected to the demands of historically excluded groups to be included, not as window dressing but as central players. This entire history is being denied in the name of upholding some sort of supposedly pure fight for economic justice.
Trump, who was often content to gloss over details while campaigning, is quickly grappling with the complexities of governing. Though Republicans will have majorities in the House and Senate and control of the White House for the first time in 10 years, fissures have begun to emerge on how to deliver on their campaign promises.
While it is laudable that several hundred Indianans get to celebrate the holiday season with their jobs secure, evidence from the states raises red flags on the viability of targeted incentives as a national policy for growth. Trump would need to negotiate several packages per week in order to have any noticeable effect on the U.S. economy.
On the surface, President Barack Obama’s farewell address recounted his achievements, values, and still-hopeful vision for America—much like the best speeches. But not far below was a clear template telling his supporters how and where to defend against threats by Trump and the GOP to the America they believe in.
The 1980s became known as the “Super Dollar era,” as the dollar appreciated significantly against both the Japanese yen and the German deutschemark, then the U.S.’s most significant trading partners. Not surprisingly, the U.S. trade deficit skyrocketed, as imported goods became more price competitive and U.S. exports suffered abroad.
Ross’ history owning and defending embattled steel and textile manufacturing companies that have relied on border duties to protect their industries means he will bring a unique approach to the commerce secretary job, departing from the traditional role of cheerleading for free trade and big business.
There are many challenges ahead, but nothing like the dire mess that confronted a new young president eight years ago. That will be Obama’s legacy, the steady way he worked through it. The country is dramatically better off now than it was in January 2009, and that’s what the history books will say.
The Dow came within one point of 20,000 for the first time on Friday and the Nasdaq and S&P 500 reached record highs. While Friday’s gains suggested the rally was not yet over, some investors have grown cautious.
The generally positive outlook on the economy portrayed by these journalists, economists, and other experts was once again absent at Fox News, which painted the report as another example of the president’s failing policies.
Lighthizer is not expected to be the Trump administration’s leading voice on trade policy. Last month, Trump’s team said that task would fall to the U.S. Commerce Secretary nominee, billionaire investor Wilbur Ross.
While resistance is critically important, we will fail unless resistance is contained within a long-term strategy to reverse runaway inequality and upend neoliberalism. If we don’t build an alternative movement, our defensive struggles could enhance Trump’s popularity rather than to diminish it.
President-elect Donald Trump threatened to impose a “big border tax” on General Motors Co for making some of its Chevrolet Cruze compact cars in Mexico, an arrangement the largest U.S. automaker defended as part of its strategy to serve global customers, not sell them in the United States.
Why does it matter if the rich are getting richer and the poor poorer? Not only is greater inequality a threat to our democratic capitalist society, it’s bad for the economy and causes a whole host of other problems—including other items on the president’s list. Dealing with the problem of inequality will actually make America great, rather than simply irate.
The Pew Research Center determined in June that white homes possess roughly 13 times the wealth of their black counterparts. Analysis of federal government data also determined that black people in the United States are at least two times as likely as white people to be poor or unemployed.
Like he did with polls, Trump has cherry-picked economic data. The Consumer Confidence Index did not suddenly rise after Trump’s election; it has trended upward since bottoming out shortly after the 2008 economic collapse. Its first major increase came shortly after the inauguration of President Barack Obama, and also rose similarly after his re-election in 2012
Worker advocates around the country are preparing to celebrate jumps in the minimum wage when the clock strikes midnight on Jan. 1, and they are bullish about building on those gains in 2017 despite a hostile federal government under President-Elect Donald Trump and congressional Republicans.
Under the most dire scenario, a trade war would kill nearly 5 million U.S. jobs, with Washington state hit the hardest of any state, losing 5 percent of its private sector jobs, or a total of 127,685, according to the Peterson Institute for International Economics, a pro-trade group.