More Economic Chaos
Week In Review: May 23, 2025
I’m rolling out a new weekly feature here at Salty Politics called “Worst Corporate Media Take of the Week.”
This week’s take comes from Politico, on the subject of the House passage of the One Big Beautiful Bill.
Tax cuts for whom? If by working families, Politico means the ones who work with a team of interior designers to ensure that the molding on their yacht is just so, then yes, Trump’s One Big Beautiful Bill certainly gives them a tax cut. But if we are talking about real working families, the ones who work paycheck-to-paycheck to make ends meet, then this bill is going to harm them tremendously. According to the Guardian:
“Pediatricians are losing sleep at night over this program,” said Dr Sue Kressly, the president of American Academy of Pediatrics, in a press call on Tuesday.
“There are going to be short-term impacts where we really see hungry kids and the impact on their growth trajectory,” she continued, “and then medium-term impacts, in which you stress the entire family and the family has to make decisions about – ‘Do I pay for food? Do I pay for safe housing? Do I pay for visits to the doctors?’”
According to the nonpartisan Congressional Budget Office, the poorest 10% of Americans would see their household resources go down by 4% if this bill were to become law. But if you ask Politico, gutting healthcare for tens of millions of people, slashing food assistance from millions more, and hiking fuel and commuting costs, among other horrors, are “tangible” victories for Republicans to “laud.”
📢 Exclusive Zoom AMA for Paid Subscribers: Trump, Russia & the New Geopolitics
Wednesday, May 28, 2025 @2:00 PM ET
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Remember around April 2, when Donald Trump decided that the nice economy Joe Biden left for him had to be shattered because… Joe Biden had left it for him and everything that Biden touched needed to be eviscerated?
After weeks of turmoil followed Trump’s Liberation Day announcement, Trump made a laughable attempt to pretend that he was actually cutting deals with other countries. The stock market, which really, really didn’t want the good times to end, rallied on the hope that maybe Trump has finally seen the light and would roll back his tariff threats. (The bond markets continue to be the adults in the room. The yield on 30-year US government bonds is up 5% and is on the cusp of reaching the highest level in 18 years. Meanwhile, even before the House voted to explode the debt by trillions of dollars this week, Moody’s lowered the nation’s credit rating for the first time in history.)
The fundamentals of Trump’s economic plans are rotten to the core, which is why even JP Morgan Chase Chairman Jamie Dimon, who had told Americans to “get over” inflation concerns in January, is warning that the markets and central banks are too complacent about the coming calamity. The odds of stagflation, Dimon warned, are about double what the market is currently pricing in.
Last Sunday, Secretary of the Treasury Scott Bessent acknowledged that Walmart shoppers — and not China — will be picking up the cost of Trump’s tariffs. Meanwhile, Trump is pledging to place an additional 25% tariff on Apple, Samsung and other mobile phone manufacturers unless they move production to the United States. (As I keep warning, back-to-school and Christmas shopping seasons are going to be brutal.)
But what Trump demands of others, he never asks of himself. Cashing in on the presidency, the Trump Organization is offshoring most of its developments. The company is in talks or in the process of building developments in Vietnam, Qatar, Dubai, Oman, and Serbia, among other places — and you can bet none of them will be built using American workers.
Is this what you voted for, America?
Further Reading:
Politico: Playbook: Terror in DC
The Guardian: Republican cuts to food and health benefits ‘will kill’, advocacy groups warn
House Committee on the Budget: New CBO Analysis Confirms GOP Budget Bill Would Rob Working Americans to Reward the Ultra-Rich
CNBC: JPMorgan CEO Jamie Dimon says markets are too complacent on tariffs, expects S&P 500 earnings growth to collapse
PBS: Bessent acknowledges Trump’s tariffs may mean shoppers will pay more at Walmart
CNN: Trump threatens 25% tariff on Apple and says Samsung and other tech companies could be next
The Daily Beast: Eric Trump Breaks Ground on $1.5B Resort in Country Desperate for Tariff Relief From His Dad
The Associated Press: Trump company strikes Qatari golf resort deal in a sign it’s not holding back from foreign business
The New York Post: Inside the Trump Organization’s first high-rise in Dubai — home to the world’s highest pool
CNN: Luxury skyscrapers, golf courses and cryptocurrency: The Trump family’s rapidly expanding Middle East business
Sarajevo Times: Trump and Kushner Put Belgrade Luxury Project on Hold
“When you buy apples, when you buy bacon, when you buy eggs, they would double and triple the price over a short period of time, and I won an election based on that. We're going to bring those prices way down." - Donald Trump, Meet the Press, December 8, 2024.
Below is the most recently available national data on the average price of apples, bacon, and eggs. It’s been four months and those prices are not “way down.”
Apples (Honeycrisp, per pound): $2.87 (up from $2.31 when Biden left office)
Bacon (sliced, per pound): $7.009 (April, 2025, up from $6.915 in December, 2024, which was Biden’s last full month in office)
Eggs (Grade A, Large, per dozen): $5.12 (April, 2025, up from $4.15 in December, 2024, which was Biden’s last full month in office)
Salty Sunday:
On Joe Biden
Maybe now they’ll leave Joe Biden alone — or, better yet, spend some time assessing his actual presidency, both in isolation and in comparison with what has followed.Stick it to legacy media, which has consistently beaten up on a decent man. To support my work, consider becoming a free or paid subscriber.
Salty Monday:
Biden Cancer Exposes the Cruelty of MAGA
If you want to know the absolute cruelty of MAGA, take a look at Donald Trump Jr’s social media post after Joe Biden announced that he has an aggressive form of prostate cancer.
Salty Tuesday:
What Oprah, Springsteen, Bono and Beyoncé Should Do Now
In 1985, Bob Geldof and Midge Ure organized two of the greatest music events in modern history to raise money for Ethiopian famine relief. Two shows were held on the same day — one at Wembley Stadium in London and one at JFK Stadium in Philadelphia. Artists such as Led Zeppelin, Queen, U2, David Bowie, The Who, Paul McCartney, Elton John, Bob Dylan, Eri…
Salty Thursday:
Democrats, We Have a Problem
📢 Exclusive Zoom AMA for Paid Subscribers: Trump, Russia & the New Geopolitics
Salty Friday:
Republicans Don't Intend to Have Free and Fair Elections Again
Before we get to today’s newsletter, please read the announcement below:
Bonus Content:
On Wednesday, I joined Abby Phillip on CNN for the hour. Here’s the first segment, where we talk about Trump coming for the legislative branch.
And here’s the second segment, where my Republican sparring partner just simply refuses to discuss what in the world can possibly be wrong with Trump’s mental health but… Biden, Biden, Biden!
On Thursday, Olga Lautman and I hosted another great episode of Pax Americana. Check it out below:
Pax Americana: Episode 7
Thank you P. J. Schuster, john king (MY HUMBLE OPINION), A. Hofferkamp, Politics And Aphrodisiacs, Ronna Smith, and many others for tuning into my live video with Olga Lautman! Join me for my next live video in the app.
On Coffee and Conversation, we had a long chat about how corporate media has gone MAGA to stay in Trump’s good graces. (With a little Springsteen clip about what’s at stake.) Watch below.
Have a wonderful rest of the weekend, thank you to everyone who gave their all to protect us and Stay Salty!
Julie
Even before this cruel and God awful bill was passed Trump and Musk had already taken a wrecking ball to the things the poorest among us depended on. Seniors and the disabled don’t deserve Meals on Wheels. Small children shouldn’t have head start and heaven forbid poor kids should be given free breakfast, lunch and nutritious snacks so they can concentrate enough to learn. Let’s not forget how those who depend entirely on social security could end up on the street. There is nothing to laud about this revolting bill the republicans passed. Now the poor shouldn’t be able to see a Dr either or be able to afford groceries because their already paltry SNAP benefits have been cut. It’s going to take awhile for the full impact of this cruel bill to be felt by the poorest of the poor but what this quote with the cutesy little getting across the finish line imagery shows is some of the media is as clueless and cruel as the designers of this bill are. This can’t stand and all of us need to flood senators with constant phone calls, mail, and if possible in person visits to their offices demanding they do not agree to this bill.
Keep telling the truth, Ms. Roginsky!
Buttugly Billionaire Bill. Let’s not adopt their words but use reality against them.