[Pain] HUGE, self-inflicted Recession incoming due to Trump/Musk

A society that generally lacks patience and the promoting of instantaneous results fueled by social media algorithms? Eh, who knows...

 

I had to look up the tax thing. It might be legit unless that leak was to make him back down lol

https://www.yahoo.com/news/trump-might-raise-taxes-rich-222651998.html
Trump Might Raise Taxes on Rich to Cover Breaks on Tips

The article describes a potential shift in Republican tax policy, where the Trump administration is considering raising taxes on the ultra-wealthy to fund tax cuts for the middle class and eliminate taxes on tips. The move would be a significant departure from traditional Republican orthodoxy and could have significant implications for the GOP's base and its approach to taxation and government spending.

“If we renew tax cuts for the rich paid for by throwing people off Medicaid, we’re gonna get f---ing slaughtered,” the White House official told Axios.
​

Kamala supported the tips idea, so the party will back him up to get it thru, amirite?

 

Trump's golf costs to taxpayers are already over 26 million dollars, and he hasn't even been in office 3 months.

The grift continues, as DOGE fires folks left and right.

https://www.pennlive.com/news/2025/...-for-taxpayers-hits-incredible-milestone.html

 

An argument can be made for all Dems with money in the market to take it out. 1) longest bull market 2) take profitd, be like Buffet and go to safety
3) blame the crash on Trump, though it was probably coming anyway.

 

No - I don't agree with this.

There are a number of fields, especially intellectual fields and craft fields where those over 70 can still perform at a high standard. I think those that want to retire should be in a position to do so - but hard retirement isn't something that a lot of people end up wanting.

 

Elon and Donald - The Tariff Brothers.

 

"For a long time I have not said what I believed, nor do I ever believe what I say, and if indeed sometimes I do happen to tell the truth, I hide it among so many lies that it is hard to find."

Niccolo Machiavelli

 

I'm not plugged into this at all, but I assume the rationale is that retail banking is a competitive industry and they can and should leave product features like the overdraft fee to the free market to solve. If customers don't like $35 overdraft fees, some bank will market their $5 fee and snap up a bunch of market share. If you do it instead by regulatory fiat, then competitors are constrained in how they can innovate products for customers and the market becomes less efficient.

I suppose my counterargument to my imagined argument is that the most valuable banking customers are probably insensitive to the level of overdraft fees because it is mostly only levied on people with not much money. The free market is not very good at optimizing essential products for low income customers. So some regulatory paradigm needs to be in place to prevent the industry from engaging in practices that effectively exploit one demographic of customer to subsidize another.

 

Atlantic wrote a piece about how credit cards service "2 types" of customers.

There Are Two Kinds of Credit Cards
Yet another way the poor are subsidizing the rich

In the credit-card industry, the well-to-do are known as transactors. They pay off their balance in full every month, avoiding late fees and interest charges. They use credit cards as a convenient payment method, and as a way to earn travel points, cash back, airport-lounge vouchers, seat upgrades, and other goodies. Given how valuable these rewards are, transactors make money by spending money. “If you’re spending $100,000 a year, you’re getting maybe $1,500 back in terms of points or cash,” Aaron Klein of the Brookings Institution told me. “You’re not paying taxes on that. It’s worth closer to $2,500 or $3,000 a year in taxable income.” (That’s double the average worker’s weekly earnings.)

Credit-card companies compete intensely for transactors’ business, Klein explained. These customers rarely default. They rack up huge monthly charges, with firms such as Chase, Citi, American Express, and Capital One skimming a share of their spending. They travel often, allowing credit-card companies to make lucrative deals with airlines and hotel chains.

In contrast, the have-nots are known as revolvers. Revolvers are subprime borrowers who use credit cards as a payment tool and as a short-term loan, to cover surprise expenses and groceries the week before payday. Such customers tend to take out no-frills cards, without lavish cash-back rewards and travel points. They also tend to carry a balance from month to month, and sometimes from month to month to month to month.

“When you talk to rich people who pay off their balance, they think that credit-card companies are losing money on them, and they’re the ones subsidizing the people who carry a balance,” Klein explained. “It’s the exact opposite.”

Rich families make out in two ways...​

Teach your kids finance yall, even if you have to beat it into them. It'll literally cost them if you don't.

The irony here is that these revolvers are mostly dummies who don't follow the news and will believe whatever conman who promises the moon.

So why are these congressmen screwing over their own constituents plus The Poors? Because they can get away with it.

 

It's the internet. A lot of the last cycle was to punish incumbents bungling over inflation (that we exported along with their rising energy prices from sanctioning Russia). But there are deep cultural shifts among younger gens that tie with internet usage. The internet also taps an audience that wasn't politically savvy or frequent voters before.

https://www.nytimes.com/2025/03/18/opinion/ezra-klein-podcast-david-shor.html

They have audio in the link.

The interview doesn't go into it, but Romania's canceled election had the pattern of a state sponsored astroturf campaign to put their far-right guy into power. Some group spent tons of money on Tiktok ads to make him more sympathetic and passionate for the candidate and they ended up with an upset.

Ofc an idiot like Vance then blames the EU over Romania's election for "not upholding freedom even if they don't like the results". Like it was at least 80% Putin/trollfactory who wanted another Orban and used the same playbook, you walking queef with eyeliner.

 

That’s why I co-signed a cc for each kid at 16 yo. They learned how to use a cc under my roof before sending them out into the wild. They had to pay it off each month from their job money. Plus I could keep an eye on the non cash purchases

 

It's a miracle.
Kudlow has been kissing Trump's taint for years.

 

replace "Recession" with stagflation

Stagflation Warning Signs Emerge In The U.S. Economy
​

 

@Nook completely destroyed the economy. We went from +2% projection for this quarter when Biden was in office to Trump completely destroying the economy

 

Look, we all have our doubts about @Nook but let’s not take it too far.