While President-elect Trump’s proposed tariffs are unwise, they are not unconstitutional, as federal law grants the president significant power to impose them. The Supreme Court, however, has established a “major questions doctrine” that allows it to veto executive branch actions deemed too ambitious. Given the Court’s recent history of using this doctrine to strike down Biden administration policies, it remains unclear whether they will apply it to Trump’s tariffs, potentially setting a dangerous precedent for future presidents. The upcoming legal battle over tariffs presents a dilemma: a ruling against them would further empower an already powerful Court, while a ruling in favor would cause economic hardship for many Americans.
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Tesla and SpaceX CEO Elon Musk, a vocal supporter of President-elect Donald Trump, has endorsed the idea of allowing presidents to influence Federal Reserve policy, reflecting a growing pressure campaign against the central bank’s independence. This follows President-elect Trump’s repeated calls during his campaign to have a say in Fed policy, a departure from the traditional practice of maintaining the Fed’s autonomy to focus solely on the economic health of the United States. Musk’s agreement with Senator Mike Lee’s call to “#EndtheFed” suggests a potential shift in the relationship between the White House and the Federal Reserve under the new administration, echoing the contentious relationship that existed during Trump’s first term.
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Despite President-elect Trump’s campaign promises for tax reform, his true focus remains on delivering massive tax cuts for the wealthy and corporations. The 2017 Tax Cuts and Jobs Act, his signature legislative achievement, exemplifies this, significantly reducing corporate taxes and providing substantial tax cuts for the wealthiest Americans. The upcoming expiration of these tax cuts presents an opportunity for Trump to further his agenda by extending these benefits and potentially slashing corporate taxes even lower. These policies would further exacerbate income inequality, inflate the deficit, and strengthen the influence of corporations and wealthy individuals on American politics, ultimately hindering efforts to address pressing issues facing working families.
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Kamala Harris’s Wall Street-approved economic pitch, heavily influenced by corporate donors and elites, fell flat with the American public. This disconnect between her campaign’s focus on economic opportunity and the everyday struggles of Americans was a significant contributing factor to her underwhelming performance. While Harris presented a macroeconomic plan aimed at boosting growth and stability, many voters felt disconnected from its potential impact on their lives, especially amidst rising costs of living, stagnant wages, and a sense of economic insecurity.
The core issue was the lack of tangible, relatable solutions that directly addressed the everyday concerns of the working class. Harris’s campaign focused on policies favored by Wall Street, such as tax cuts and deregulation, which were seen as disconnected from the needs of ordinary Americans struggling to make ends meet.… Continue reading
Federal Reserve Chair Jerome Powell has stated he will not resign from his position, even if asked to do so by President-Elect Donald Trump. This declaration came during a press conference following a meeting of the Federal Reserve, where a reporter pointed out that some of Trump’s advisors have suggested Powell should step down. Powell’s firm “No” response to this question was followed by a clarification that he does not believe he is legally obligated to resign.
Further inquiries from journalists focused on the President’s authority to dismiss or demote Powell. The Fed Chair definitively stated that such actions are “not permitted under the law”.… Continue reading
The Federal Reserve’s recent decision to cut interest rates has sparked a wave of commentary, much of it focused on the timing of the announcement, just days after Donald Trump’s election victory. Many believe the headline is misleading, suggesting a connection between the two events that simply doesn’t exist.
The truth is, the Fed’s rate cut was anticipated and planned for months, long before the election. The decision was based on economic indicators and projections, not on the outcome of a political race. The rate cut was a pre-determined action, and it would have happened regardless of who won the election.… Continue reading
It’s no secret that companies are preparing to raise prices to offset the impact of President Trump’s global tariff plans. This is a move that executives are openly acknowledging, and they are clear about who will ultimately bear the brunt of these tariffs: American consumers.
The logic is straightforward. Tariffs, by their very nature, are taxes imposed on imported goods. These taxes are not borne by foreign countries, but rather by the American companies importing those goods. To maintain profitability, these companies will have no choice but to pass on the increased costs to consumers in the form of higher prices.… Continue reading
Donald Trump’s victory in the US presidential election triggered predictable reactions in the financial markets. Share prices rose due to the anticipated boost to corporate profits from tax cuts and trade barriers. However, the US dollar strengthened and bond yields increased, reflecting investor concerns about higher inflation and a wider budget deficit resulting from Trump’s economic policies. These policies, including tax cuts, tariffs, and reduced regulations, are expected to have a short-term stimulative effect but could ultimately lead to lower economic growth, both in the US and globally.
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Australia’s decision to slash $10 billion from student debt amid rising cost of living pressures resonates deeply with me, as it underscores the consistent struggle that many of us face in navigating the complexities of education finance. As someone who values education immensely, I’ve observed how student debt has become a burdensome reality for many, and this bold move by the government might just signify a turning point in how we perceive and manage educational funding.
Australia’s education system is unlike the predatory structure seen in the U.S., where student debt can feel insurmountable. The capped annual fees of AUD $5,000 to $10,000 per course tied to the HECS-HELP scheme represent a much more manageable burden.… Continue reading
The personal consumption expenditures (PCE) price index, a key indicator of US inflation, rose by 2.1% in September, down from 2.2% in August. This is the lowest level since 2021 and is seen as a success for the Federal Reserve, which was aiming to reduce inflation to 2%. In a move from its previous stance that price growth would be “transitory”, the Federal Reserve raised interest rates to a 20-year high before beginning to cut them again in September. Despite this positive development, the high cost of living continues to be a hot topic ahead of the US presidential election. Furthermore, almost half of US citizens surveyed in a recent poll wrongly believe that the country is in recession.
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John Q. Hosedrinker 
Matt Underwood