JP Morgan (the bank) is predicting a recession is coming in the second half of this year. If by "work", you mean that it will not escalate into a depression, then you may be right. But given Trump's tendency to double-down on his own stupid decisions, I would not bet on avoiding an economic depression. JPMorgan becomes the first Wall Street bank to forecast a US recession following Trump's tariffs
Former Secretary of the Treasury Larry Summers claims that Trump's tariffs are going to cost the average American family about $300k. Overall, the U.S. should expect to lose $30 trillion. Nice work, Trump. Larry Summers says Trump’s ‘masochistic’ tariffs will cost $300,000 per family of four
Trump's idea for tariffs may have come from a made-up person. Peter Navarro has been advocating for tariffs while quoting "Ron Vara", which is an anagram of his own last name, as an expert. This administration just keeps getting dumber and dumber. I mean, why does Trump attract so many fraudsters and liars? Why is he, the premier con-man in the world, unable to spot a liar and con-man? Is Trump just a dimwit and dunce? It seems to me like $30 trillion is a hell of a price to pay to worship a con-man and his liar associates. What's that I hear? Is it a right-winger talking about shaving a few dollars off the federal debt, while warming himself at the fire that's burning $30 trillion off the economy? Rachel Maddow Explains the ‘Ridiculous’ True Story That Inspired Trump’s Tariffs Plan | Video
Don’t see how it’s 300K per family? Per year? It’s me and my wife. Both are retired. I have a pension and guaranteed minimum IRA payout for as long as her and I are alive. We paid for the Ira guarantee with excess fees. We are out of the market. Both of us collect a little SS. If the SS was eliminated we’d be fine. Figuring 4 in a family that’s half or 150K for the 2 of us. I just don’t see it affecting us nearly that much. Our car is paid off and we have a small mortgage (88K). Just don’t see where he’s figuring that much.
Sure, not all of them are. Some of them are less conned than the others - swing voters who fell for election lies and obvious bullshit.
I'll try to be more accurate about the Trump cult not including every person who voted for him. Some were just temporarily conned by his lies.
I think you are probably the exception, and not the norm. If you are living on an annuity, I'm not sure what happens if the annuity company goes under. If you are on a city or state pension, there may be problems if the city or state goes bankrupt (which was not that unusual in the 1970's). I would also be concerned about runaway inflation in your position. A guaranteed payout is only as good as your ability to buy things with that fixed level of income. Being partially invested in the stock market at least provides some hedge against inflation. Social Security also has the potential to issue cost of living adjustments to help offset inflation. If this turns into a financial depression, large numbers of Americans will be out of work for extended periods of time. The economy will have to rebuild itself over a decade or two for a full recovery. People with large amounts of debt (especially student debt, which cannot be avoided through bankruptcy) will be in serious trouble. Most Americans are heavily dependent on the stock market in some form going into retirement. An old colleague told me that his financial advisor said that the ideal market mix (before all the tariff talks) was 65% stocks, and 35% bonds. This mix could handle even a moderate stock market crash and recover such that there was no net negative impact on your portfolio. It would not weather a major stock market crash, which might be expected if we see a depression. I think a major problem is that it's been 90 years since Americans have experienced a depression. Most people do not know that a depression is even a possibility. They have been insulated from that by the benefits of the free trade system that was adopted after WWII, which Trump is now dismantling. The biggest problem is that Donald Trump doesn't know what he doesn't know.
If we hit a 30s type depression then all bets are off on anything financial. No one is totally immune.
I would have said we have too many guardrails (both artificial - regulation, and natural - oil prices) for that to happen again. It was hard to predict an unhinged lunatic just plowing us through said guardrails. Let's hope they hold or someone grabs the wheel.
Feel for you brother. I am 70k lighter today because of this dumbass and the ignorant fools and suckers that voted for this life long NY democrat. It just occurred to me, that makes him a RINO! Who’s the suckers now?
