Connect with us

News

‘Indescribably Crazy’: Trump Heads to Golf Tournament After ‘Blowing Up’ World Trade

Published

on

Declaring a “national emergency that threatens our security and our very way of life,” President Donald Trump, after markets closed on Wednesday afternoon, announced sweeping tariffs on nearly every nation across the globe—tanking stock market futures in the U.S. and abroad, unleashing global “chaos,” and pushing the so-called “fear index” to “extreme.” Just 24 hours after what he dubbed “Liberation Day,” the President, on Thursday afternoon, will land at Miami International Airport and head straight to his Trump National Doral Golf Club for the LIV dinner, ahead of this weekend’s golf tournament, which he is expected to attend.

As global leaders prepare to make contact with President Trump to stave off what may become a “global trade war,” he will not be in the Oval Office, but in Florida—likely hitting the greens for the remainder of the week, something he himself accused federal workers of doing back in February. (At the same time, the House of Representatives has shut down, stalled by internal Republican divisions.)

Some critics are blasting Trump’s decision to head to his golf club during this “national emergency,” which he has a long history of doing.

And as Thursday morning unfolded, CNN chief media analyst Brian Stelter posted a screenshot of CNBC’s coverage of the “global selloff.”

READ MORE: ‘Parade of Incompetence’: Trump Security Adviser Set Up Numerous Signal Chats on Key Crises

Business media company Morning Brew offered this graphic of how the stock markets are reacting.

Economists and economic experts are stunned by Trump’s massive tariffs, deemed “worse than the worst case scenario,” according to multiple financial experts.

MSNBC’s Stephanie Ruhle, who spent decades in finance and financial journalism, criticized Trump tariffs.

“Folks who were unhappy with the economy did NOT vote for tariffs. They voted for Trump’s promise to lower inflation. His choice of action – tariff implementation will INCREASE inflation,” she noted.

And calling it “another large step toward a new old era of trade protectionism,” The Wall Street Journal Editorial Board blasted “Trump’s New Protectionist Age.”

“Blowing up the world trading system has consequences that the President isn’t advertising,” they warned, adding they could result in “shrinking world trade and slower growth, recession, or worse.”

They also declared that “Trump’s tariffs look ‘reciprocal’ in name only,” which brings up the question of how and why Trump imposed these tariffs.

“Economists and U.S. trade partners are raising questions about how the White House calculated the tariff rates it claimed other countries ‘charge’ the United States,” CNBC reports.

Meanwhile, economist Justin Wolfers explained why he says Trump’s thinking on tariffs is “bananas,” and “indescribably crazy.”

“Take a simple example,” offered Dr. Wolfers, a public policy scholar and professor of economics. “I run a trade deficit with Trader Joe’s buying their meals, while they buy none of mine. My trade deficit as a share of my imports is 100%. By Trump’s trade logic, this deficit is evidence they’re imposing 100% tariffs on the meals I try to sell them.”

RELATED: ‘Just Plain Dumb’: Trump’s Smuggled Fentanyl Tariff Mocked

“The White House ‘reciprocal’ tariff bears no relation to actual tariff barriers,” he adds. “It’s equal to half of the trade deficit (as a share of imports). This is indescribably crazy.”

Pointing to the “calculations” from the U.S. Trade Representative, Wolfers adds, “Obviously this is nonsense. Even crazier is that they’ve written what they think is a defense of this. I know not everyone speaks economist algebra, so lemme translate: This is muddled nonsense.”

Others, too, have criticized Trump’s method and calculations.

Trump’s tariff chart was ‘illogical and absurd,’ full of ‘factually incorrect’ numbers about what other countries charge the U.S.,” tech analyst Dan Ives “of Wedbush Securities wrote to clients this morning,” Stelter also reported.

“Trump doesn’t seem to mind the optics of Trump abandoning the White House to skip town early for his golf club after setting the world ablaze with the tariff announcements,” MeidasTouch News writes.

See the social media posts above or at this link.

READ MORE: ‘Paralyzed’: Johnson Mocked for Shutting House Down After ‘Brutal’ Defeat

 

Image via Shutterstock

Continue Reading
Click to comment
 
 

Enjoy this piece?

… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.

NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.

News

‘Less Blame Game, More Solutions’: Duffy Urged to ‘Do Your Job and Stop Whining’

Published

on

U.S. Secretary of Transportation Sean Duffy is under fire for deflecting blame over the escalating crisis at Newark Liberty International Airport—issues his department has yet to resolve. Critics point to his references to “cracks in the system” nationwide and a so-called “Brand New Air Traffic Control System Plan” that, so far, lacks meaningful public detail.

Politico described the Secretary’s lack of specifics by saying that the “Trump administration has closely held the exact contents of Duffy’s plan, but it’s likely to contain some combination of investments in new technologies, facilities upgrades and consolidation along with money for air traffic controller retention and hiring and overhauling the FAA’s infrastructure that allows facilities to communicate together.”

There is already “a multibillion-dollar FAA program called NextGen, which aims to transition the country away from passive radars to a satellite-based system for tracking planes, has been ongoing since 2003,” including during the Biden administration. And, as Politico also reported, the “agency is also in the early stages of a $2.4 billion, 15-year contract with Verizon, issued during the Biden administration, to replace the copper wires that have plagued Newark with modern fiber-optic cables across the country.”

READ MORE: GOP Plan Redefines Dependent Child as ‘Under 7’—But Adds Loophole for Married Couples

But according to Secretary Duffy, “Biden and Buttigieg ignored the warning signs at Newark. It was shameful.”

National security and civil liberties journalist Marcy Wheeler commented, “if this guy would just stop blaming the President whose efforts to fix FAA Republicans refused to fund and did something he might actually fix the problem. Stop whining, Crash @SecDuffy. Please do your job and stop whining.”

Duffy has repeatedly attacked his predecessor and the prior administration, attempting to blame the current crisis on them.

“So the blame belongs to the last administration?” asked former Marine F/A-18 pilot and Democratic former political candidate Amy McGrath. “You’ve got to be kidding me. The last administration passed major legislation for funding the fix [to transportation] infrastructure problems DESPITE Republicans (like Duffy) voting against it for years.”

“More lies from another failed reality show contestant,” charged U.S. Rep. Paul Tonko (D-NY). “Also, pointing fingers instead of addressing our current air traffic issues? Passengers are delayed, airlines are struggling & ATC is understaffed. We need action, not excuses. Less blame game, more solutions.”

READ MORE: GOP ‘Voucher Scheme for the Wealthy’ Would Hand $5 Billion to Religious, Private Schools

CNN’s David Axelrod mocked Duffy, writing: “Nothing like taking responsibility.”

And Professor of Public Policy Robert Reich, the former Clinton Labor Secretary, added, “when Sean Duffy was a congressman, he and other Republicans voted against upgrading air traffic control systems. Now, he’s trying to blame those systems for Newark airport’s outages – while claiming DOGE’s cuts of critical support staff at the FAA had nothing to do with it. Hello?”

Secretary Duffy on Tuesday warned, “We’re starting to see cracks in the system.”

Watch the video below or at this link.

READ MORE: ‘Bystander’ Trump Keeps Saying ‘I Don’t Know’ — Critics Ask ‘Who’s in Charge?’

Image via Reuters

Continue Reading

News

GOP Plan Redefines Dependent Child as ‘Under 7’—But Adds Loophole for Married Couples

Published

on

House Republicans, intent on increasing work requirements for assistance programs like the Supplemental Nutrition Assistance Program (SNAP), and promoting marriage, have devised a new definition for “dependent child.” Currently, an adult has a dependent child if that child is under 18 years of age. Under the new proposed House definition for SNAP, once that child turns seven—usually someone in second grade—they could no longer be considered a dependent, with one exception.

The new House proposal also adds ten years to the time when the adult needs to continue working in order to receive SNAP benefits, from 54 to 64 years of age. However, it removes the work requirement if the adult with the dependent child is married and lives with someone who already complies with the new regulations. Unmarried couples with a child would not qualify for the exemption.

The new proposal would be part of Republicans’ legislation that would provide $4.5 trillion in tax cuts, largely benefiting the wealthy.

READ MORE: GOP ‘Voucher Scheme for the Wealthy’ Would Hand $5 Billion to Religious, Private Schools

The new bill refers to work requirements for “Able Bodied Adults Without Dependents,” or ABAWD. It reads:

“Specifically, this section would increase the age with which ABAWDs must continue working to qualify for SNAP to 64 (up from 54 currently); it changes the generic, functional definition of ‘dependent child’ for ABAWD purposes from under 18 years of age to under 7; and it carves out an exception to the work requirements for a person responsible for a child 7 years of age or older who is married and resides with an individual who complies with the SNAP work requirements.”

An April 30 report by the Center on Budget and Policy Priorities reveals that the GOP’s proposal “could take food away from millions of people in low-income households who are struggling to find steady work or who face substantial barriers to employment, including families with children.”

That report also notes that “the people who would be newly at risk of losing food assistance under the Johnson proposal include…1.4 million older adults aged 55 through 64 without children in their homes,” “More than 3 million adults who live with school-aged children,” “Veterans, people experiencing homelessness, and young people who have aged out of foster care,” and, “About 1.6 million people living in areas without enough jobs.”

The move also comes as states lower or remove protections for child workers.

Last year, the Center for American Progress published a report titled, “Project 2025 Would Exploit Child Labor by Allowing Minors To Work in Dangerous Conditions With Fewer Protections.”

READ MORE: ‘Bystander’ Trump Keeps Saying ‘I Don’t Know’ — Critics Ask ‘Who’s in Charge?’

 

Image via Reuters

Continue Reading

News

GOP ‘Voucher Scheme for the Wealthy’ Would Hand $5 Billion to Religious, Private Schools

Published

on

Speaker Mike Johnson’s House Republicans want to insert a provision into their massive tax cuts bill that would create a system to hand private and religious schools $5 billion annually and wealthy donors yet another tax break.

Calling it an “unprecedented effort to use public money to pay for private education,” the Associated Press reports that it “would advance President Donald Trump’s agenda of establishing ‘universal school choice’ by providing families nationwide the option to give their children an education different from the one offered in their local public school.”

If enacted, the system would provide a vehicle for donors to donate cash or stocks, then receive full value via a tax credit —”100% of the contribution back in the form of a discount on their tax bills,” according to the AP. “It would allow stock holders to avoid paying taxes that would be levied if they donated or transferred the stock.”

READ MORE: ‘Bystander’ Trump Keeps Saying ‘I Don’t Know’ — Critics Ask ‘Who’s in Charge?’

Samantha Jacoby, Deputy Director of Federal Tax Policy with the Center on Budget and Policy Priorities described it as “a new federal tax credit to subsidize private school vouchers — effectively the first nationwide voucher program.” She called it “a costly tax break for the wealthy [with] an egregious capital gains tax loophole.”

Jacoby added, “this is a much more generous tax break than the existing charitable deduction. The max benefit from the deduction is 37 cents per $ donated, but the voucher credit would make taxpayers fully whole; i.e., the federal government pays the full cost of the vouchers.”

Critics are blasting the proposal.

“Voters have never approved vouchers in any state,” noted public education advocate Mike DeGuire, Ph.D. “Now the Republican-led Congress wants to spend billions to gut public education with their voucher scheme for the wealthy.”

“Trump and his cronies want [to] kick 9 million vulnerable people off Medicaid to pay for (1) tax cuts for millionaires and billionaires, and (2) $5 BILLION to send to religious schools that are unaccountable to taxpayers,” observed constitutional attorney Andrew L. Seidel, a vice president at Americans United for Separation of Church and State.

In 2019, then-Secretary of Education Betsy DeVos proposed a similar program, Education Freedom Scholarships, which was met with opposition by Democrats.

Then-U.S. Rep. Marcia Fudge (D-OH) called it “a shell game to fund private and religious schools and their providers using taxpayers as the middleman.”

READ MORE: ‘Barely Literate’: Education Secretary’s ‘Deranged’ Letter Gets Major Red Ink Corrections

 

Image via Shutterstock

Continue Reading

Trending

Copyright © 2020 AlterNet Media.