Went to Carl’s Jr today and ordered the cheapest sandwich on the menu. (Spicy chicken sandwich) What used to be 99 cents back in the day is now 4.00 plus tax, for a smaller sandwich. So yeah. We’re fucked. Without lube. The assault on the American consumer continues
@@paulward5491what a weird comment. Someone mentioned actual inflation and not just milk and eggs which supermarkets bragged were over charging on since Biden took office, and you freak out? When Trump entered office in 2017 we had dollar menus, in 2019 they went away for 2 for $4 menus.
Cannot give enough thanks for this conversation on Trump administration plans, macroeconomics, markets, national debt, interest rates, implications of risk for individuals and their retirement plans and savings, with author, global economic analyst and Financial Times associate editor Rana Foroohar. Amanpour & Co. & PBS do a great service informing us.
The one and only economist who dares mention "the real economy". And speak to the inherent class warfare that brought us to this state: "the economy", being Wall St's hyped sales to investors, vs "the real economy" as the public lives it.
@@billmcmillan7735 don’t be surprised if Trump gets rid of the federal minimum wage altogether. Could actually be a good thing since workers would flee Red States in droves to seek better pay.
@@buzoff4642 There is no “imported labor glut”. We are begging for labourers. Agriculture and meat processing, construction, all the cleaning industries, (janitors, car detailing, landscaping and all the piece work and factory labourers are in VERY short supply. Not everyone can do those jobs! They are very physically demanding. Do you think a middled aged white guy making five times as much with half the hours and a quarter of the effort is suddenly wanting to work construction??? Deporting immigrants is the stupidest thing EVER. It’s going to devastate building projects, food prices and EVERYTHING else! Immigrants pay 96 billion dollars into SSI per year, and they can’t receive any benefits from it. It’s free money propping up SSI that will be gone. It’s lunacy.
The problem is that the people who need to listen to this video will not. And if they did, they would not understand it. Then they would get angry and accuse the presenters of being "out of touch" elites. Sigh.
@@buzoff4642 yet here we are and those that need a better economy to pay bills have voted in a presidency that will run amok and make waste of said segment of the populace. Its all good and fine if you have an investment portfolio thats making money..no sane educated individual thinks that Trumpp is better for the economy and if you have drunk the kool aid and think I am wrong..look at the historical figures and tell me which kind of admin bolstered the economy and which kind didn't.
MAGA cultist are ignorant to facts . They voted for the president that did absolutely nothing for them while he was president. They voted against the vp that created multiple policies/ acts to support the working class. Just amazing and now we have a sex offender as president who just nominated another sex offender for ag 😂this country is a joke
@@baruchevenezra7279 Why? To watch it fail? No economy can function when there are more business owners than employees, who make up the bulk of consumers. Soon, the majority of employees will be so poor they’re barely gonna be able to afford the bare essentials. Capitalism fails miserably in a subsistence- economy. Trump is gonna crater the economy… again. Guaranteed.
The majority of Americans are economically illiterate, they voted for Teagan, Bush and Trump twice and every time they increased the economic debt hugely, Bush presiding over the worst recession since the 1930s.Most people do not seem to understand that a tax cuts means LESS income for the country to spend on infrastructure, services and the citizens, the only people who did brilliantly during these three turkeys reigns were the wealthy and these were the very people who supported Trump financially during his last campaign. This guy is going to be the last straw for the USA, its downhill from here. I feel sorry for those who didn't want him as leader the rest deserve what they get. The problem is, it will also affect those of us living in other countries.
"Economic debt?" Do you mean the public sector debt or the private sector debt. Funny you should lament ignorance about econ. That the public sector debt is the private sector suprlus is how it should be and it's not a problem. No economist is really saying we need to buy back T-bills asap, and btw the threat of "Chinese bond vigilantes" has mysteriously evaporated. That's just balance sheet reconciliation.
@@erickborling1302 I’ll bet you any amount of money you’re willing to lose Trump will wreck the economy for the vast majority of citizens, will preside over one of the most divided and violent terms in history, will massively ramp up incarceration levels, massively increase the debt, harm the nation’s credit rating (again), and destabilize the country more than any POTUS since Hoover. Trump will make everything worse. Again. Take the bet.
You can be smart and happy these days. You just have to turn off your empathy and only give an eff about you and yours. It's sociopathic, but it works.
I was a waiter and busboy while I went through college and I can assure you I didn’t pay a dime in taxes on my tips. So when I heard no taxes on tips, I just laughed
She thinks market cycles (i.e. recession, expansion) are an immaculate conception, which is an absurd position. There is no "we're overdue for a recession," as fiscal and fed policy are under our command. Clearly not a great economist.
Listening to this interview I get a sense that Trump does not have an economic policy for the whole of the USA,. What he seems to do is 1; attend to his needs, 2; support his sycophants, and finally, 3; bread crumbs to the rest.
For decades, the US has not had economic policy for the whole of the USA. It has had economic policy for benefit of the elite, Wall St. For decades, the US has not had economic policy "to promote the general welfare". The very purpose of governance, according to the declaration of independence.
@@buzoff4642 And it’s only gonna get much worse under Trump. Mussolini called Fascism the seamless marriage of corporate and state power. Guess where we’re headed under Trump.
@@buzoff4642 Read, get the facts, read the history of why the gap between rich and poor has been widening, figure it out for yourself why this trend under Trump will continue. Use your own mind.
@@buzoff4642 Tariffs, for one. Lower wages for another. Job losses. Increasingly unaffordable housing and healthcare. Higher proportional taxes on middle and lower income households. Infrastructural decay. The hundreds of billions in costs for mass deportations passed onto the consumer. No more small business loans. FEMA gutted and disaster relief privatized. Want more?
None of what she said is encouraging to someone who lost everything in the last recession, and never recovered from my business slow-down. At 70 y.o., already moving toward poverty, and the news about what a Trump economy will bring is terrifying.
@@wayneessar7489 Move to Guyana. Fastest growing economy in the world. It’ll be booming for at least 10-20 years or so before the U.S. turns it into another banana republic.
The silver spoon draft dodger "trickle down" mafia Don will make "exceptions" with c c p for himself and politically connected friends. It'll be all "bend the knee or no trading with China for you!" Everyone else will pay put the nose with more "tariffs"
I’ve worked for the same Wall Street firm since 1991. It only took Hoover’s threat of tariffs SEVEN MONTHS to start the Great Depression. Trump’s tariffs will be even WORSE.Look around your homes. Everything made in China will increase in price 60%. If you drive a Toyota, Nissan, Honda, Subaru, Hyundai, Kia, BMW, Benz, or Chrysler product (it's an Italian company now) the price will increase 20%. Even if the vehicle is ASSEMBLED here in the States, the PARTS are still imported. Other nations will do the same to us. Prepare for high unemployment by this time next year.
@@erickborling1302 And THAT was the most intelligent reply your minuscule intellect could muster? WHAT does being a trader have to do with VERIFIABLE FACTS? I've NEVER been a trader. I started out as a broker, and I've been an analyst since 2000. Traders get their lunch eaten.
Reagan tax-cuts were 1981. And the Reagan tax-rises were in 1983. Deficits grew and so taxes kept rising until Clinton's surplus. Trump tax-cuts added circa $6tn to the national debt in four years.
Yup, Clinton booted people off welfare, into a job market while kicking off import of a cheap foreign no-legal-rights illegal labor glut and visa indentured workers. Yeah, life was great under Clinton, because of revenue surplus, eh? And the $2.13 an hour for tipped workers for the past 30 years has served the stock market well.
They live it, she narrates it. Replay the video, stop at "the real economy", and give that a think. Then, when she mentions international investors, again, stop the video, and give that a think. Summarily, she's saying the public as workers have been bled for benefit of national/international "investors". And they're not actually "investing", so much as bleeding workers of value of their labor. Because industry is no longer investing, as in conducting R&D, aka innovating.
@@buzoff4642 ya. That's why Reagan decriminalizing corporate stock buybacks was a big problem, without innovation or investment in their infrastructure companies buying their own stock just creates bubbles with nothing to back the high valuations. We are sitting on a few bubbles that look like the 2007 housing market, Trump isn't known to be subtle and when things go wrong he'll say it isn't his fault and run away.
Great interview from Hari (as usual). This stuff should be required listening for all Americans. Generally seems like we’re screwed, hope all those Trump voters don’t have buyers remorse
Play it again, Sam. 30 years at $2.13 an hour is a US national entitlement, bilk the poor? Keep importing a wage theft labor glut for industry, because they're barely getting by on record profits? Play it again, Sam.
@Izzlemcphizzle I'm sure many crazy things will go on with conspiracy theorists running the country, and many will keep listening to the crazy, blissfully unaware of the damage, until and unless it effects them.
Well, catch 22 as a national plan. Ax SS was kicked off by Reagan, to push savings into Wall St 401Ks, a mighty unstable vehicle to place retirement monies, inherently unstable due to market up/down, while retirement is a fairly fixed phenomena due to aging. Wage suppression suppressed use of 401Ks as SS replacement. But then, a sharp turn to international "investors" made citizenry monies going to 401Ks less attractive to Wall St. Lose/lose for the public.
@@stevechance150 Nothing did more damage to the general welfare of the public than importing an illegal and quasi legal labor glut. It was the most aggressive and successful class warfare tactic, for purpose of wage suppression. And that was not solely Biden. And that didn't stop under Trump 1.0.
@@paulward5491 yeah, but first Trump’s gonna try to take credit for all the good Biden has done. It will carryover into his term for a little bit, before it all comes crashing down on him.
They'll conjure even more scapegoats. The "trickle down" "maga" Extremists are extremely dangerous cult like regimes of 1930s they have to conjure endless scapegoats
Really? Check her wiki not an economist BA in English. Dont get me wrong I've been reading The FT since I lived in the UK mid 1980's fatastic newspaper but she is NOT an economist.
@@steviegee7116 Name 1 degree'd economist who discerns "the real economy", the lived economy, from "the economy" as measure of the stock market. It may not want to be what you want to hear, but told we've a "good economy" has infuriated much of the public. Apparently, on this profession domain, economics, the BA education is devoid of "the real economy".
The question should be asked why Harris and her team weren't getting advice from economists like Ms. Foroohar to provide the electorate with financial education like this. I think most people would have understood that a great deal more than the price of eggs and gas was at stake.
When you're just getting by and suddenly can't afford rent and groceries, you really don’t care what some fancy economist has to say about it. You just want someone competent to come and fix it.
@@charlesndo3148 People compare how they lived during his first term and now. People feel they got impoverished in the last 3 years. Blue collar wages dropped. College graduates with STEM majors can't find jobs. Young people especially are suffering.
She said over and over at her rallies, etc. what she called the Trump Tax on goods. She told people that everything from shoes, phone, clothing, etc. would have this 10 to 20 percent tax hike. I heard her say this over and over! The problem is that many Trump supporters likely did not want to hear what she had to say. Their minds were made up , they are voting for him no matter what. People in the US are woefully misinformed and it is all about vibes.
Well worth the watch. The last several minutes that refer to how the proposed budget under Trump will hit everyone should be the lead portion since that boils down the 15 minute lead-in to what's really coming. What money for those that have it will be worth far less and buying anything will cost dearly. Happy New Year 2025!
What's coming is likely the general public won't be getting a free ride, off of cheap/free labor. If he does oust illegal and quasi-legal labor, yes indeed wage rates for those trying to live on min wage will rise. And if(?!?) Wall St follows its habit, that wage rise will be passed along. Again, Wall St in the US driver seat.
"efficiency" for profiteering. Not efficient use of fossil fuels, local labor, collecting tax revenue for imported goods, etc. If the plan is massive disruption of that, yielding living wage for the majority of citizens, bring it on.
Thank you for this stimulating conversation. The interviewer asked poised thought-provoking questions and Rana's answers were intellectually brilliant.
@buzoff4642 Certainly not worse. Being a member of the EU does make member states immune against global economic trends. But perhaps it is just brown people you dislike? Of the boat variety specifically?
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Thanks for having Rana on, I was looking forward to an interview like this with her! She's amazing and one of the best people to break things down right now My basic take is his economic policies, as much as they're policies, are obviously all emotionally motivated and 0% rational... He just likes the idea of tariffs because they're like a way to tell other countries "You're fired" and get the emotional high and power trip he's looking for. He's anti-union and likes deregulation and tax cuts for billionaires because he hates accountability and only knows how to live in a world where rich people get to do whatever they want. Etc, etc... If only all of that didn't have to have any real life effects for millions of people and the global economy...
There's nothing rational about a nation with $2.13 and $7.25 min wage, importing a labor glut. While eggs rise to $5 an hour. Emotion is your indignant entitlement, to benefit from that cheap labor. Daily. Every last bite of food, going into your mouth, 3 times a day. "The global economy", spreading that around the globe, having the same effect.
Americans are turkeys who always vote for thanksgiving in November. For decades now. But they really have no choice. Always the same dog and pony show.
His disruptive policies, yes. Carried out, pain for illegal labor, quasi-legal labor, investors and those who're laid off, as Wall St attempts to preserve profits with job cuts. But tight labor market makes wages rise, which has been subverted with imported labor glut, for decades. Globalism under meltdown, due to its fundamental flaw: by, for, of benefit of the elite.
Trump would just blame the democrats even though they have a trifecta. “The democrats are transgendering your dogs into cats and then eating them and that’s why gas prices are going up”
If Chump follows through (and based on his first term, there is no reason to think he won't) it's not just going to be a recession, it will be a full on depression. 1930's style
It is good to hear an intelligent and informed view on how the economy works. I am an optimist by definition and hope for the best; however I think we are headed for some pretty rough times. Gladly trumpism will fade away.
What seems clear is that most people don’t understand the economy and didn’t listen to people who could explain certain things in the right way. Even on a surface level, people with modest income should always pay attention when billionaires love their candidates. That’s telling, just by itself.
Strains on social cohesion increase when share markets go up, and taxes for the rich come down, when already the US is deeply divided and destined to be more so. If those at the bottom fail to notice, then everything should be fine.
Rhetoric induced 2nd Great Depression, Trump doesn't understand happiness commodity, he'll attempt to slowly introduce costly reforms, but it will be falling all the while.
That happened decades back. "Rising tides lifts all boats." It didn't. Perot's "giant sucking sound of jobs leaving the country" occurred. As the general public voted for Clinton, NAFTA. Which was the result, jobs left the country. But, now that it dropped the floor under the middle class, well, look who "woke" up. Ironically the "anti-woke".
@@ChadHuffman-m3u For the Indonesian, Cambodian, who were bulldozed out of their villages for industrial palm plantations, that's not "Dark Ages"? For the Mexican, Chinese, etc. farmers, who were shut out of their markets, with US Ag glut dumping into it, to force them into industry's factories, that's not "Dark Ages"? For US and other west/westernized nations, who've imported a glut of 3rd world workers, who're preyed upon by wage-theft industry, that's not "Dark Ages"?
You didn’t believe what Trump was saying in his campaign rallies? One thing for sure is that the weakening economy will be more difficult to manage, than first time round for him. Time will tell.
He did. Deport. But I'll be surprised if that occurs, it's the primary source of Wall St's record profits from national labor. Destroy competition for local labor. Tariffs. But I'll be surprised if that occurs, it's the primary source of Wall St's record profits for goods production. Destroy competition for local goods.
Assessed, by his talking points, and, the fact US is overdue for market correction. And his talking points are disruption 1) labor market, 2) import product market, and 3) deregulation. Where's the "press Hit job"?
I agree that a downturn is likely. The upcoming administration is like giving a six-year-old a chemistry set for Christmas marked "for ages 12-14." Trump's emphasis is how he looks and what makes him shine.
You're describing the average economist, who's been bullhorning "good economy", when it's only been good for those living on unearned income, aka dividends and stock prices.
Healthy economy, but still running trillion dollar deficits. I expect the deficits to continue. No one but the big bankers seem to care about budget deficits as far as the eye can see.
This is a great reporting but I don’t believe the average working American can understand this discussion. We do a poor job of explaining and teaching economics at their level.
In conclusion: we're fucked.
The Onion again had it first.
Went to Carl’s Jr today and ordered the cheapest sandwich on the menu.
(Spicy chicken sandwich)
What used to be 99 cents back in the day is now 4.00 plus tax, for a smaller sandwich. So yeah. We’re fucked. Without lube. The assault on the American consumer continues
@casey896 the president should be put in charge of pricing sandwiches?
cope
@@paulward5491what a weird comment. Someone mentioned actual inflation and not just milk and eggs which supermarkets bragged were over charging on since Biden took office, and you freak out?
When Trump entered office in 2017 we had dollar menus, in 2019 they went away for 2 for $4 menus.
Cannot give enough thanks for this conversation on Trump administration plans, macroeconomics, markets, national debt, interest rates, implications of risk for individuals and their retirement plans and savings, with author, global economic analyst and Financial Times associate editor Rana Foroohar.
Amanpour & Co. & PBS do a great service informing us.
The one and only economist who dares mention "the real economy".
And speak to the inherent class warfare that brought us to this state: "the economy", being Wall St's hyped sales to investors, vs "the real economy" as the public lives it.
Republicans will get rid of PBS.
@@buzoff4642The public can do what other investors do.... just on a smaller scale.
But the price of eggs and bacon is more important. 😮
@@buzoff4642l
After trump’s McDonalds photo op, someone asked him about raising minimum wage, he ignored the question!
What do you think exporting the imported labor glut will do to min wage?
how come i did not hear that party? you make it up.
@@billmcmillan7735 don’t be surprised if Trump gets rid of the federal minimum wage altogether. Could actually be a good thing since workers would flee Red States in droves to seek better pay.
@@buzoff4642
There is no “imported labor glut”. We are begging for labourers. Agriculture and meat processing, construction, all the cleaning industries, (janitors, car detailing, landscaping and all the piece work and factory labourers are in VERY short supply. Not everyone can do those jobs! They are very physically demanding. Do you think a middled aged white guy making five times as much with half the hours and a quarter of the effort is suddenly wanting to work construction???
Deporting immigrants is the stupidest thing EVER. It’s going to devastate building projects, food prices and EVERYTHING else!
Immigrants pay 96 billion dollars into SSI per year, and they can’t receive any benefits from it. It’s free money propping up SSI that will be gone. It’s lunacy.
Brilliant woman.
The problem is that the people who need to listen to this video will not. And if they did, they would not understand it. Then they would get angry and accuse the presenters of being "out of touch" elites. Sigh.
Yep
True story. They just get on here, proving to us the level of their stupidity.
Bizarre presumption.
@@buzoff4642 yet here we are and those that need a better economy to pay bills have voted in a presidency that will run amok and make waste of said segment of the populace. Its all good and fine if you have an investment portfolio thats making money..no sane educated individual thinks that Trumpp is better for the economy and if you have drunk the kool aid and think I am wrong..look at the historical figures and tell me which kind of admin bolstered the economy and which kind didn't.
MAGA cultist are ignorant to facts . They voted for the president that did absolutely nothing for them while he was president. They voted against the vp that created multiple policies/ acts to support the working class. Just amazing and now we have a sex offender as president who just nominated another sex offender for ag 😂this country is a joke
If everything goes bad 4years later the goofy Trump lovers will still be blaming Biden 🙄
Classic case of the rich get richer, and the poor get poorer!
Stop being a victim and start a business
@@baruchevenezra7279Yeah let's all start a business so no one ever has to work for anyone else.... Oh wait 😂😂
@@baruchevenezra7279 Why? To watch it fail? No economy can function when there are more business owners than employees, who make up the bulk of consumers. Soon, the majority of employees will be so poor they’re barely gonna be able to afford the bare essentials. Capitalism fails miserably in a subsistence- economy. Trump is gonna crater the economy… again. Guaranteed.
@baruchevenezra7279 listen to the interview.
The poor are poor for a reason.
The former president was the king of bankruptcy. This is what th U S economy has to look forward to.
True. But I won't be shedding tears for the stock holders.
I believe Republicans want the deficit to get so high, Social Security/Medicare simply cannot be saved.
If you follow his tips on buying houses, you would have been a billionaire.
The economy under Trump’s first term was a juggernaut, fact check it?!
Are you saying he is an unsuccessful business man?
Best analysis I've heard. Please make her a regular guest!
The majority of Americans are economically illiterate, they voted for Teagan, Bush and Trump twice and every time they increased the economic debt hugely, Bush presiding over the worst recession since the 1930s.Most people do not seem to understand that a tax cuts means LESS income for the country to spend on infrastructure, services and the citizens, the only people who did brilliantly during these three turkeys reigns were the wealthy and these were the very people who supported Trump financially during his last campaign. This guy is going to be the last straw for the USA, its downhill from here. I feel sorry for those who didn't want him as leader the rest deserve what they get. The problem is, it will also affect those of us living in other countries.
"Economic debt?" Do you mean the public sector debt or the private sector debt. Funny you should lament ignorance about econ. That the public sector debt is the private sector suprlus is how it should be and it's not a problem. No economist is really saying we need to buy back T-bills asap, and btw the threat of "Chinese bond vigilantes" has mysteriously evaporated. That's just balance sheet reconciliation.
I love how his response to you, subtly changes the subject, without addressing the statement
@@erickborling1302 I’ll bet you any amount of money you’re willing to lose Trump will wreck the economy for the vast majority of citizens, will preside over one of the most divided and violent terms in history, will massively ramp up incarceration levels, massively increase the debt, harm the nation’s credit rating (again), and destabilize the country more than any POTUS since Hoover. Trump will make everything worse. Again. Take the bet.
I wish I wasn’t smart. I would be happy and stupid
Yeah. All of these dire consequences laid out … I wish I could look away.
You can be smart and happy these days. You just have to turn off your empathy and only give an eff about you and yours. It's sociopathic, but it works.
I mean you've been wrong your whole life. Maybe you aren't as smart as you think.
@ Who are you?
@@mikewilliams6025 Wanna make a legit bet? Notarized and legally binding? Step TF up, Pippy.
I’m sure the MAGAs who continually claimed to pollsters that the economy was their top issue will all be eagerly clicking on this video. Right?
Yes. True
Yes. The one and only economist who dares mention "the real economy".
Love your show always classy and professional ❤
great interview and this lady is well informed and great at articulating information.
I was a waiter and busboy while I went through college and I can assure you I didn’t pay a dime in taxes on my tips. So when I heard no taxes on tips, I just laughed
And overtime. Ask cops or union workers how much they make in overtime.
That ended in 1985, sir.
@@cleroyster2610 people still leave cash tips
@@fibhufky overtime isn’t a tip.
@@davidhaynes3126 He said tips and overtime won't be taxed. We'll see how that goes.
Rana Foroohar is underrated. Her books are great. Try her book "Homecoming"
She thinks market cycles (i.e. recession, expansion) are an immaculate conception, which is an absurd position. There is no "we're overdue for a recession," as fiscal and fed policy are under our command. Clearly not a great economist.
@@erickborling1302 that must be why she’s being interviewed and you’re not
Listening to this interview I get a sense that Trump does not have an economic policy for the whole of the USA,. What he seems to do is 1; attend to his needs, 2; support his sycophants, and finally, 3; bread crumbs to the rest.
Yep
For decades, the US has not had economic policy for the whole of the USA. It has had economic policy for benefit of the elite, Wall St.
For decades, the US has not had economic policy "to promote the general welfare". The very purpose of governance, according to the declaration of independence.
@@buzoff4642. I think that explains precisely what she was predicting,
for our near future, on steroids…
@@buzoff4642 And it’s only gonna get much worse under Trump. Mussolini called Fascism the seamless marriage of corporate and state power. Guess where we’re headed under Trump.
The rich will get richer and the poor, many of whom voted for Trump, will see the gap widen.
Widen because of ...?
@@buzoff4642 Read, get the facts, read the history of why the gap between rich and poor has been widening, figure it out for yourself why this trend under Trump will continue. Use your own mind.
@@buzoff4642 Tariffs, for one. Lower wages for another. Job losses. Increasingly unaffordable housing and healthcare. Higher proportional taxes on middle and lower income households. Infrastructural decay. The hundreds of billions in costs for mass deportations passed onto the consumer. No more small business loans. FEMA gutted and disaster relief privatized. Want more?
None of what she said is encouraging to someone who lost everything in the last recession, and never
recovered from my business slow-down.
At 70 y.o., already moving toward poverty, and the news about what a Trump
economy will bring is
terrifying.
Yep. I'm 75. Been watching this for decades. Corporate government. Corporate puppets. Global Ponzi scheme. What could wrong?
You are not alone in this experience and fear.
@@wayneessar7489 Move to Guyana. Fastest growing economy in the world. It’ll be booming for at least 10-20 years or so before the U.S. turns it into another banana republic.
Trump’s Made in China merch will cost more due to tariffs.
Red hats excluded. For National Security reasons.
I've already stocked up on expensive stuff from China I will need.
The silver spoon draft dodger "trickle down" mafia Don will make "exceptions" with c c p for himself and politically connected friends. It'll be all "bend the knee or no trading with China for you!" Everyone else will pay put the nose with more "tariffs"
There will be an exception for all Trump merch. After all presidential running shoes, bibles and watches are a necessary staple to sustain human life.
I’ve worked for the same Wall Street firm since 1991. It only took Hoover’s threat of tariffs SEVEN MONTHS to start the Great Depression. Trump’s tariffs will be even WORSE.Look around your homes. Everything made in China will increase in price 60%. If you drive a Toyota, Nissan, Honda, Subaru, Hyundai, Kia, BMW, Benz, or Chrysler product (it's an Italian company now) the price will increase 20%. Even if the vehicle is ASSEMBLED here in the States, the PARTS are still imported. Other nations will do the same to us. Prepare for high unemployment by this time next year.
You haven't been a Wall Street trader for 33 years.
@@erickborling1302 nice retort
@@erickborling1302 And THAT was the most intelligent reply your minuscule intellect could muster? WHAT does being a trader have to do with VERIFIABLE FACTS? I've NEVER been a trader. I started out as a broker, and I've been an analyst since 2000. Traders get their lunch eaten.
@@ChadHuffman-m3u Evidently you like abject ignorance.
Entirely possible, while globalism is slow death, designed to enrich "investors". Who aren't actual investors.
Reagan tax-cuts were 1981. And the Reagan tax-rises were in 1983. Deficits grew and so taxes kept rising until Clinton's surplus. Trump tax-cuts added circa $6tn to the national debt in four years.
Reagan tax cuts were wonderful, it increased my take home pay, less federal withholding on my paycheck.
Clinton surplus led to a recession. National "debt" is a nonissue.
It’s not coincidence that the period of time referred to as the great prosperity ended when Reagan took office.
Reagan is solely responsible for the entire mess that we’re in today. The amazing thing is, Trump is going to be twice as bad for America.
Yup, Clinton booted people off welfare, into a job market while kicking off import of a cheap foreign no-legal-rights illegal labor glut and visa indentured workers.
Yeah, life was great under Clinton, because of revenue surplus, eh?
And the $2.13 an hour for tipped workers for the past 30 years has served the stock market well.
You forget how foreign investment and foreign tourism will also go down to about zero in short order.
Which would be welcome.
This will be like giving your 2 year old responsibility for the checking account! But in trump's case it is with the house money not his own.
The house money is money owned by the public interest, and no one other than that.
That perfectly describes what handing over the economy to shareholder interests has done.
Along with the government reigns.
Play the video again.
Excellent conversation. If only the folks that voted for the president elect would listen.
They live it, she narrates it. Replay the video, stop at "the real economy", and give that a think. Then, when she mentions international investors, again, stop the video, and give that a think.
Summarily, she's saying the public as workers have been bled for benefit of national/international "investors". And they're not actually "investing", so much as bleeding workers of value of their labor. Because industry is no longer investing, as in conducting R&D, aka innovating.
@@buzoff4642 ya. That's why Reagan decriminalizing corporate stock buybacks was a big problem, without innovation or investment in their infrastructure companies buying their own stock just creates bubbles with nothing to back the high valuations.
We are sitting on a few bubbles that look like the 2007 housing market, Trump isn't known to be subtle and when things go wrong he'll say it isn't his fault and run away.
Great interview from Hari (as usual). This stuff should be required listening for all Americans. Generally seems like we’re screwed, hope all those Trump voters don’t have buyers remorse
Trump supporters are to dumb to know who’s screwing them!
I hope they do have buyers' remorse.
Play it again, Sam.
30 years at $2.13 an hour is a US national entitlement, bilk the poor? Keep importing a wage theft labor glut for industry, because they're barely getting by on record profits?
Play it again, Sam.
@@lauracohen4914 I was being sarcastic 😂 I hope they do too. As they say, “play stupid games, win stupid prizes”
@Izzlemcphizzle I'm sure many crazy things will go on with conspiracy theorists running the country, and many will keep listening to the crazy, blissfully unaware of the damage, until and unless it effects them.
She is so fundamental, pragmatic, and intelligent in her explanations.
How do you defend the absurd idea that recession/expansion is an immaculate conception and recession, like a volcanic eruption, is "overdue?"
@@erickborling1302 She did explain it. Hyped stock market is due for a "market correction".
Look up history on the tulip craze.
Trump will balance the checkbook by cutting out Social Security and Medicare.
Sorry about that.
And Trump will blame Biden.
Well, catch 22 as a national plan.
Ax SS was kicked off by Reagan, to push savings into Wall St 401Ks, a mighty unstable vehicle to place retirement monies, inherently unstable due to market up/down, while retirement is a fairly fixed phenomena due to aging. Wage suppression suppressed use of 401Ks as SS replacement.
But then, a sharp turn to international "investors" made citizenry monies going to 401Ks less attractive to Wall St.
Lose/lose for the public.
@@stevechance150 Nothing did more damage to the general welfare of the public than importing an illegal and quasi legal labor glut.
It was the most aggressive and successful class warfare tactic, for purpose of wage suppression.
And that was not solely Biden. And that didn't stop under Trump 1.0.
Lets see who the Trumpers blame everything on this time when shit hits the fan.
The Biden administration.
@@paulward5491 yeah, but first Trump’s gonna try to take credit for all the good Biden has done. It will carryover into his term for a little bit, before it all comes crashing down on him.
It's already hit the fan, for Trumpers.
The likes of you haven't paid any attention to their demise.
Hence, Trump.
Pick up a mirror.
They'll conjure even more scapegoats. The "trickle down" "maga" Extremists are extremely dangerous cult like regimes of 1930s they have to conjure endless scapegoats
Forouhar is one of the best economists I know.
Really? Check her wiki not an economist BA in English. Dont get me wrong I've been reading The FT since I lived in the UK mid 1980's fatastic newspaper but she is NOT an economist.
@@steviegee7116 Her commentary indicates she's marginally credible even though she has some valid points.
@@steviegee7116 Name 1 degree'd economist who discerns "the real economy", the lived economy, from "the economy" as measure of the stock market.
It may not want to be what you want to hear, but told we've a "good economy" has infuriated much of the public.
Apparently, on this profession domain, economics, the BA education is devoid of "the real economy".
We are cooked
Many senior citizens will be collateral damage (homelessness, loss of access to life-saving health care, Etc.)
Yesterday was my first time streaming Amanpour and Co. via PBS App on my home theatre.
This isn't facebook.
I loved Rana's book-- sharp lady.
Such a knowledgeable thoughtful and humanist guest.
The question should be asked why Harris and her team weren't getting advice from economists like Ms. Foroohar to provide the electorate with financial education like this. I think most people would have understood that a great deal more than the price of eggs and gas was at stake.
When you're just getting by and suddenly can't afford rent and groceries, you really don’t care what some fancy economist has to say about it. You just want someone competent to come and fix it.
Simple. Voters dont think like that
@@fibhufky who is competent? Trump?
@@charlesndo3148 People compare how they lived during his first term and now. People feel they got impoverished in the last 3 years. Blue collar wages dropped. College graduates with STEM majors can't find jobs. Young people especially are suffering.
She said over and over at her rallies, etc. what she called the Trump Tax on goods. She told people that everything from shoes, phone, clothing, etc. would have this 10 to 20 percent tax hike. I heard her say this over and over! The problem is that many Trump supporters likely did not want to hear what she had to say. Their minds were made up , they are voting for him no matter what. People in the US are woefully misinformed and it is all about vibes.
JOBS for ALL. American AND immigrants, they built our country. BRING THEM in, let them pay taxes, let them produce goods and services,
Castles in the air.
Very interesting and relevant topic! Looking forward to your next video! 😘🍭
Well worth the watch. The last several minutes that refer to how the proposed budget under Trump will hit everyone should be the lead portion since that boils down the 15 minute lead-in to what's really coming. What money for those that have it will be worth far less and buying anything will cost dearly. Happy New Year 2025!
True
What's coming is likely the general public won't be getting a free ride, off of cheap/free labor.
If he does oust illegal and quasi-legal labor, yes indeed wage rates for those trying to live on min wage will rise. And if(?!?) Wall St follows its habit, that wage rise will be passed along. Again, Wall St in the US driver seat.
Breaking the supply chain immediately reduces efficiency and creates inflation.
"efficiency" for profiteering. Not efficient use of fossil fuels, local labor, collecting tax revenue for imported goods, etc.
If the plan is massive disruption of that, yielding living wage for the majority of citizens, bring it on.
@@buzoff4642 How long have you been on minimum wage ?
@@sarahann530 It's not about me.
What a clever lady
Thank you for this stimulating conversation. The interviewer asked poised thought-provoking questions and Rana's answers were intellectually brilliant.
Why should we listen to her? She knows what she is talking about. In the Brexit debate, we never listened to experts and that turned out great!
Pre Brexit was going great?
@buzoff4642 Certainly not worse. Being a member of the EU does make member states immune against global economic trends. But perhaps it is just brown people you dislike? Of the boat variety specifically?
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Excellent analysis. Thank you Rana Foroohar.
Thanks for having Rana on, I was looking forward to an interview like this with her! She's amazing and one of the best people to break things down right now
My basic take is his economic policies, as much as they're policies, are obviously all emotionally motivated and 0% rational... He just likes the idea of tariffs because they're like a way to tell other countries "You're fired" and get the emotional high and power trip he's looking for. He's anti-union and likes deregulation and tax cuts for billionaires because he hates accountability and only knows how to live in a world where rich people get to do whatever they want. Etc, etc... If only all of that didn't have to have any real life effects for millions of people and the global economy...
There's nothing rational about a nation with $2.13 and $7.25 min wage, importing a labor glut. While eggs rise to $5 an hour.
Emotion is your indignant entitlement, to benefit from that cheap labor. Daily. Every last bite of food, going into your mouth, 3 times a day.
"The global economy", spreading that around the globe, having the same effect.
Excellent conversation. Richly informative.
I'm sorry I don't understand why people voted Trump.
SCOTUS
Americans are turkeys who always vote for thanksgiving in November. For decades now. But they really have no choice. Always the same dog and pony show.
@ey67 It's perplexing.
Racism and Good old Propaganda plus a touch of idiocy!😂
I couldn't afford another four years of this.
It will mean pain.
His disruptive policies, yes. Carried out, pain for illegal labor, quasi-legal labor, investors and those who're laid off, as Wall St attempts to preserve profits with job cuts.
But tight labor market makes wages rise, which has been subverted with imported labor glut, for decades.
Globalism under meltdown, due to its fundamental flaw: by, for, of benefit of the elite.
Wow wow wow. Incredible talk brilliant guest
How many times have we watched the stock market crash and a depressed economy result? Get ready, it's coming!
Good. A reality check on this global Ponzi scheme is way overdue
Yes. As she said, it's overdue. The embedded Max Profit cycle. Hyper inflate on sugar water, then bust. Rinse (launder/deflect cause), repeat.
Trump promised "deflation" multiple times to cheering crowds, they don't understand a Depression of the economy is bad for some reason...
A recession under Trump sounds awful
Trump would just blame the democrats even though they have a trifecta. “The democrats are transgendering your dogs into cats and then eating them and that’s why gas prices are going up”
If Chump follows through (and based on his first term, there is no reason to think he won't) it's not just going to be a recession, it will be a full on depression. 1930's style
It is good to hear an intelligent and informed view on how the economy works. I am an optimist by definition and hope for the best; however I think we are headed for some pretty rough times. Gladly trumpism will fade away.
What seems clear is that most people don’t understand the economy and didn’t listen to people who could explain certain things in the right way. Even on a surface level, people with modest income should always pay attention when billionaires love their candidates. That’s telling, just by itself.
I am comforted by the fact that economist, such as this lady, are always wrong! Politics aside, don't bet against America. We will do just fine.
Great insights!
It's President Elect not President.
That's what I said. I'd prefer neither, however.
prayers remove Donald Trump now 😊😊
Strains on social cohesion increase when share markets go up, and taxes for the rich come down, when already the US is deeply divided and destined to be more so. If those at the bottom fail to notice, then everything should be fine.
DonnieDim has ffed this up big time! Down hill from here!
As long as wealthy people are winning, I don't care what happens to the little people. Their lives don't matter.
"the real economy", when do you _ever_ hear that in a conversation about the economy?
We are ******!
Rhetoric induced 2nd Great Depression, Trump doesn't understand happiness commodity, he'll attempt to slowly introduce costly reforms, but it will be falling all the while.
No tax on tips - it's a means provided by Trump/Musk to restructure the higher end corporate pays; that's nothing to do with low paid labor jobs
Agreed. C Suite bonuses are going to be called ‘tips’.
It is an attempt to pretense, that $2.13 an hour is livable and should be preserved. Because naked, $2.13 an hour is shameless profiteering.
Great video! I really liked your drawing technique. How long have you been practicing this art? 🍭💝
they all knew all of this..all of them left right up down in out....this entire system is based on power, pretense, prejudice.
Has stupidity in America crossed the Rubicon"
That happened decades back.
"Rising tides lifts all boats." It didn't.
Perot's "giant sucking sound of jobs leaving the country" occurred. As the general public voted for Clinton, NAFTA. Which was the result, jobs left the country.
But, now that it dropped the floor under the middle class, well, look who "woke" up. Ironically the "anti-woke".
Thank you
Last one to leave, turn out the lights. America headed into the Dark Ages.
Stop that nonsense. You are wrong, wrong, wrong.
The world is about to enter the dark ages
@@ChadHuffman-m3u For the Indonesian, Cambodian, who were bulldozed out of their villages for industrial palm plantations, that's not "Dark Ages"?
For the Mexican, Chinese, etc. farmers, who were shut out of their markets, with US Ag glut dumping into it, to force them into industry's factories, that's not "Dark Ages"?
For US and other west/westernized nations, who've imported a glut of 3rd world workers, who're preyed upon by wage-theft industry, that's not "Dark Ages"?
Excellent discussion
Where are all the MAGA comments? Amazing how reality discussions cause them to scurry away.
Let’s back up….what economic plan? Seriously.
Labor market. Offload the profiteering sugar water: imported labor glut, so industry doesn't have to compete for workers.
US' ridiculous min wage.
Great podcast thank you
Outstanding commentary!
very useful exhange. sobering.
Can’t be worse than what we’ve had for the last 4 years
Oh yes, it can be a lot worse.
Strap in for some mighty turbulence.
The only question will be what it looks like when the dust settles.
@
The Biden-Harris administration has left a mess, they’re not going to clean it up, but it has to be cleaned up.
The Biden-Harris administration has left a mess, it’s got to be cleaned up!
Incomes will soar for those at the top.
Incomes will be sorely disappointing for middle & lower income groups.
Great Depression II,
and decades of stagflation.
it will be an expensive lesson if Trump impose tariffs
I watch any video with this excellent commentator
He’s full of sh I t
reality check time
💯 💯 💯 💯 💯 💯 Meanwhile, the planet is on fire. 💯 💯 💯 💯 💯 💯
For most Americans they will no longer have a need for a wallet .
The economy is thriving....
No-one really knows so best just wait and see.
You can't run a country like a CEO of a company
...after the Casinos.... what else could go wrong??? we picked it! let s roll with it... see how far down the pit we go
Great analysis! Except, Trump hasn’t really told us what he’s actually going to do.
You didn’t believe what Trump was saying in his campaign rallies? One thing for sure is that the weakening economy will be more difficult to manage, than first time round for him. Time will tell.
Everything she cites either came directly out of Trump’s mouth or was a promise in Project 2025.
@catc8927 Trump is not affiliated with P2025, as I understand.
He did.
Deport. But I'll be surprised if that occurs, it's the primary source of Wall St's record profits from national labor. Destroy competition for local labor.
Tariffs. But I'll be surprised if that occurs, it's the primary source of Wall St's record profits for goods production. Destroy competition for local goods.
These people are complete bubble, living clowns. The average price of a car is nearly $50,000.
Who's "these people"? She did say "the economy" reflects the stock market, and not "the real economy", as in the lived economy by those on wages.
Where were all the economists when we afford groceries during the Biden administration
Trump's economic plan will help America
Selective hearing here, any disagreement remarks are deleted.
Some valid points but a press Hit job on trump.
Assessed, by his talking points, and, the fact US is overdue for market correction.
And his talking points are disruption 1) labor market, 2) import product market, and 3) deregulation.
Where's the "press Hit job"?
I agree that a downturn is likely. The upcoming administration is like giving a six-year-old a chemistry set for Christmas marked "for ages 12-14." Trump's emphasis is how he looks and what makes him shine.
You're describing the average economist, who's been bullhorning "good economy", when it's only been good for those living on unearned income, aka dividends and stock prices.
We're going to party like it's 1929!!!
Healthy economy, but still running trillion dollar deficits. I expect the deficits to continue. No one but the big bankers seem to care about budget deficits as far as the eye can see.
There's nothing healthy about it. "sugar water" as she puts it.
Wage theft, as the public experiences it.
Kiss your 401 k good bye it’s about to get Trumped. The trump train is about to crash and take us with it .
There is no broad "us", in 401K market.
This is a great reporting but I don’t believe the average working American can understand this discussion. We do a poor job of explaining and teaching economics at their level.
Trickle down never, ever works. NEVER.
doesn't even have a plan ffs.