But where was Steve Bannon — Marty Bannon’s big shot son, a former Goldman Sachs banker and now political adviser to Donald Trump — when he unloaded his life savings at the bottom of the market? Apparently not calling home and saying, “Dad, don’t sell your stock now.” Instead, the younger Bannon exploited his father’s financial trauma to sell his doctrine of economic nationalism — a mishmash of emotions that blames everyone but oneself.
Since almost immediately after his inauguration as 45th president of the United States, Donald Trump has been claiming credit for what he sees as a miraculous recovery in the nation’s economy. But how much credit is actually due to his administration?
When the AFL-CIO and other critics of right-to-work laws describe them as “right-to-work-for-less” laws, they aren’t merely being rhetorical; research demonstrates that right-to-work promotes inferior working conditions.
In his new book, Antony Loewenstein analyzes not only how natural disasters and war can be vehicles for capitalist policies, but how corporations push their neoliberal agenda and rake in enormous sums of cash, from immigration, refugee detention, prisons, and discoveries of natural resource reserve
You’ll see plenty of headlines about how earnings have “accelerated,” but that’s only if you’re a hawk, a nitpicker-in-extremis, or you earn so much money that money is an abstraction.
It is frightening to see Trump unleash ICE on powerless immigrants, but bend over backward to placate financial elites. A bully attacks the weak and cowers before the powerful.
The fancy joint session address to Congress is not a place you can lead chants like, “Lock her up.” Best to avoid the word “carnage” if possible. If you’re the American president, please act like one. For the first time in a long life, Trump tried to do that. Fake gravitas does not become him, but his slick performance fooled half the people.
President Obama left his successor a strong foundation on which to build real economic prosperity. If Donald Trump pursues policies that weaken it, he could end up putting the whole structure – and people’s economic security – at risk.
This is the old ‘guns vs. butter’ scenario taught to young students in elementary economics classes. If economics is a matter of choices over scare resources, and if budgets are a way to project your values, then Trump has made his views clear – guns matter more than butter.
The Trump administration is now in its second month, and it’s done almost nothing. It hasn’t even put forth coherent plans to do what the president says he wants to do. Complicating matters further, it remains unclear what the president wants, and he may not even know.
Donald Trump’s address to Congress on Tuesday was a bold attempt to push forward his trademark nationalist agenda—protectionism, restrictions on immigration, a military buildup—but it was also notable for the ways in which he tried to protect himself from charges of racism and xenophobia.
Commentators have cast Trump’s populist appeal as “Jacksonian.” However, these comparisons overlook experiences of marginalized people while defining history in terms of the ideologies of progress and American exceptionalism.
Trump’s spending blueprint previewed a major address that he will give Tuesday night to a joint session of Congress, laying out his vision for what he called a “public safety and national security budget” with a nearly 10 percent increase in defense spending.
While it has become a popular notion in the West that immigrants jeopardize the job prospects of natives, over 30 years of economic research give strong reason to believe otherwise. And in fact, the opposite may be more likely: There’s evidence immigrants actually promote economic growth.
Here is the GOP scam in a nutshell: Tax cuts for truly wealthy people increase their income and wealth; tax cuts for working people actually decrease their income and wealth over time. Get ready for voters who have no idea how this all works to get totally behind the GOP “we’ll cut your taxes” rhetoric, not realizing that Paul Ryan, Mitch McConnell, and Donald Trump/Mike Pence view us all as merely useful idiots.
Andrew Puzder’s replacement, Alexander Acosta, hails from an immigrant background (his parents came from Cuba), and he is a former U.S. attorney. But there is no reason to expect him to have any great compassion or concern for the little guy. Trump’s white working-class supporters are in for nothing but disappointment.
President Donald Trump swore in former Goldman Sachs banker and Hollywood financier, Steven Mnuchin, as Treasury secretary on Monday, putting him to work on tax reform, financial de-regulation, and economic diplomacy efforts. At a White House swearing-in ceremony, Trump said Mnuchin would be a “great champion” for U.S. citizens.
Following an election that was, in large part, an expression of Americans’ deep unhappiness with the economy, President Donald Trump’s promise to bring back job growth and a booming stock market appear to be somewhat at odds with the policies he’s putting in place during the first 20 days of his presidency.
Combining public bluster with behind-the-scenes diplomacy, China wrested a concession from the United States as the two presidents spoke for the first time this week, but Beijing may not be able to derive much comfort from the win on U.S. policy toward Taiwan. In getting Trump to change course on the “one China” policy, Beijing may have overplayed its hand.
In a letter to Goldman Sachs’ CEO Lloyd Blankfein, Democratic Senators Elizabeth Warren and Tammy Baldwin asked for details on “lobbying” activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice.
“What Donald Trump wants to do is fire one of the most important financial cops and then say to the American people, you keep walking down this dark alley and, you know, what happens is what happens,” Warren said in a recent interview. The financial cop in question is Consumer Financial Protection Bureau director Richard Cordray.
Public opinion surveys consistently reveal that the great majority of us say that people on the lower rungs of the economic ladder — the poor and the failing middle class— are the ones Congress should focus on. But, then, regular people don’t run Congress — or Donald Trump’s White House.
U.S. stocks opened lower on Monday as investors sought fresh catalysts after a strong jobs report last week, while uncertainty over President Donald Trump’s policies continued to weigh. Investors are wary about Trump’s focus on isolationist policies including travel restrictions to the United States.
After a weekend of protests sparked by Trump’s immigration and refugee ban, on the heels of his spat the prior week with the Mexican president and confusing White House statements on import taxes, Wall Street is rethinking its assumptions about a Trump presidency and how good it will be for the economy.
The overwhelming majority of economists agree that prosperity requires countries to specialize in what they are good at producing, rather than trying to make and consume everything domestically. And the only way that specialization can work is if countries trade with one another and also allow a degree of capital and even labor mobility.