Trump says he may cut income tax ‘completely’ because of tariff income. This statement, frankly, is a head-scratcher, and not in a good way. It’s the kind of pronouncement that makes you wonder if we’re living in a parallel universe where the rules of economics have been rewritten. The core idea, as far as I can gather, is that increased revenue from tariffs – essentially taxes on imported goods – could somehow offset the need for income taxes. This is where things start to fall apart.
First off, let’s talk numbers. The US is currently swimming in a massive deficit, with trillions of dollars in debt.… Continue reading
Trump signs order to remove tariffs from Brazilian beef, coffee, and it’s a bit of a head-scratcher, isn’t it? It’s like, he slapped these tariffs on in the first place, seemingly without a clear plan, and now he’s removing them. It’s a classic case of self-inflicted wounds, only to then pose as the hero who mended them. You have to wonder, was this some grand strategic masterstroke, or just another instance of someone improvising their way through a complicated situation?
The whole situation seems to have been tied to the political landscape, particularly with Brazil’s former president, Bolsonaro. Now, with Bolsonaro facing legal troubles, it almost feels like the tariffs were some kind of leverage play that ultimately didn’t work out as planned.… Continue reading
A recent Fox News poll reveals widespread economic dissatisfaction among voters, with 76% viewing the economy negatively and increased costs for essential goods and services. Voters primarily blame Donald Trump for the current economic state, with his economic policies perceived as detrimental by a significant portion of the electorate, contributing to record-low approval ratings. While Republicans are favored on issues like border security, Democrats are seen as stronger on affordability and healthcare. Moreover, the poll indicates voter frustration with political leaders across the board, including Trump and members of Congress, suggesting a lack of trust in their representation.
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On Sunday, former President Trump announced a plan to distribute at least $2,000 to every American, excluding high-income individuals, using funds generated from tariff revenue. This proposal, likely requiring Congressional approval, mirrors a similar bill introduced by Senator Josh Hawley earlier this year for $600 rebates. However, the Treasury Department has previously indicated a priority of using tariff revenue to reduce the national debt, which currently stands at $38.12 trillion. Despite the conflicting goals, tariff duties collected through the first three quarters of the year reached $195 billion, although consumers currently face an effective tariff rate of 18%, the highest since 1934.
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The Democratic party, described as dysfunctional, is in dire need of a revitalization to effectively counter the threat of a fascist-leaning Republican party. Zohran Mamdani, a New York State Assembly member, represents a beacon of hope for a new generation of Democrats by focusing on practical solutions such as affordable living and higher wages. However, this approach challenges the established “moderate center” of the party, which prioritizes corporate interests over working-class citizens. The article argues that the future of the Democratic party hinges on advocating for the needs of the majority, achieved through raising taxes on the wealthy and eliminating corporate influence.
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As part of ongoing efforts, Canada’s Prime Minister Mark Carney has set a goal to double non-U.S. exports within the next decade, citing the negative impact of American tariffs on investment. The Prime Minister’s remarks indicated that Canada’s reliance on the U.S. as a primary trade partner has created vulnerabilities, with industries like autos, steel, and lumber facing challenges. With decades-long economic ties between the two nations now shifting, Canada is re-engaging globally, including with India and China, to diversify its trade partnerships, especially since the free trade deal with the U.S. is up for review in 2026.
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US farmers face “financial calamity” without extra aid soon, Republican lawmakers say, and the political landscape is predictably, and perhaps ironically, ablaze with debate. The core of the issue is simple: a group of individuals, U.S. farmers, are facing significant financial hardship, and Republican lawmakers are advocating for government assistance. But the circumstances surrounding this call for aid are anything but straightforward.
The crux of the matter is that many believe the current predicament is a direct consequence of policies supported by these same farmers. The trade wars initiated during the previous administration, a core promise made to this demographic, have led to depressed crop prices and restricted exports.… Continue reading
President Putin has downplayed concerns about Russia’s slowing economic growth, attributing it to a deliberate effort to curb inflation and maintain macroeconomic stability, despite expectations of a slowdown from 4.3% to around 1% GDP growth. This stance echoes similar comments from the Central Bank Governor, who denies the existence of a recession, although data suggests a technical recession based on quarterly GDP declines. However, this contradicts prior statements from Russia’s Economic Minister as well as reports suggesting the government is considering increasing the value-added tax to manage its budget deficit and preserve reserves, potentially conflicting with Putin’s previous tax assurances.
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For decades, policies have favored the wealthy, leading to stagnant wages for the middle and working classes despite significant increases in worker productivity. Trade agreements and deregulation have contributed to job displacement and income inequality, rewarding corporations at the expense of communities. This has resulted in a situation where the benefits of economic growth have largely gone to the top earners, while the majority of Americans have seen their share of the national income decline. To rectify this, systemic changes like universal healthcare, affordable childcare, and investments in infrastructure are needed to create an economy that works for everyone.
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President Trump touted the government’s new investment in Intel, expressing his enthusiasm for similar deals to benefit the U.S. economy. This recent investment, a 10% stake valued at approximately $8.9 billion, is part of a broader strategy to establish a sovereign wealth fund, according to White House economic advisor Kevin Hassett. Trump believes these deals will bring more money and jobs to America, and he signed an executive order to start such a fund. Hassett noted this move isn’t unprecedented, citing previous government involvement in private companies like Fannie Mae and Freddie Mac.
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Matt Underwood 
John Q. Hosedrinker