More random thoughts #73

More random thoughts #73

In the “there they go again” department, Trump’s Office of Management and Budget headed by Russ Vought just released its economic forecast. It predicts that the deficit will be cut in half over the next 10 years. Of course only the president’s Council of Economic Advisors will issue a similar forecast. Rosy scenario anyone? I doubt if anyone in those offices actually believes such a forecast. A senior administration said that Trump’s “pro-growth tax reform, fair and reciprocal trade, unleashing American energy, cutting regulations and restraining spending boost economic growth and reduce de6cits.” Needless to say that the CBO, the Fed and independent forecasters do not agree with the president’s forecasts. CBO projects that the deficit will increase to 118 percent of GDP by 2035 while the Fed projects a deficit of $2.7 trillion by 2035 increasing from $1.9 trillion in 2025. Maybe what OMB meant that the rate of increase in the deficit will be cut in half rather than the deficit itself.

Trump is cutting out funding for the “Green New Scam” but only in the democrat (I refused to use colors) run states. Remember when the republicans in Georgia begged to keep the funding from the misnamed “Inflation Reduction Act.” Well it looks like they got their wish. OMB director Russ (Jeffries’ malignant political hack) Vought said “Nearly $8 billion in Green New Scam funding to fuel the Left’s climate agenda is being cancelled.” Where? In California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Vermont, and Washington. And what do all those states have in common? They voted for Kamala Harris.

Did you see Trump’s latest incursion into socialism? It was the announced deal with Pfizer where they will have a website “TrumpRx” directing buyers to a Pfizer website to buy deeply discounted drugs. Again all this puffery about drug pricing stuff seems to be a nothingburger. Most drugs are generic and will not be covered. Insurance reduces the costs of most drugs. So the only things affected will be Pfizer’s name brand drugs where they can reduce the price of drugs with already inflated prices. So now is this the first step into rightwing government healthcare? The president seemingly has forgotten that he used to be against this kind of stuff. But I guess if they put his name on it (TrumpRx) its ok by him. I thought he hated Obamacare?

Did you know that the blue-chip art market is in a slump? What in the wide world of sports is going on? In a world in which gold and bitcoin (bitcoin?) are considered safe havens with exploding prices, blue-chip art is in a slump? It used to be that it was a safe haven too. What happened?

Just like Trump’s tariffs are devastating Lesotho with expiration of the African free trade agreement, the same is happening in Haiti. In that country, their duty free trade program is also expiring and the Trump folks are not renewing it. The textile industry is Haiti’s largest and accounts for 90 percent of its exports. But with the ending of duty free will also come Trump’s punitive tariffs (up to 40%) on that impoverished country with whom we have a surplus. Hanes, Calvin Klein, Gap and Victoria’s Secret make garments in Haiti and without the agreement will move production to Southeast Asia. Pardon me if this makes no sense. Economic desperation will increase in an already economically desperate land. This administration has no soul. This administration has no heart.

Walmart has announced that it is removing the synthetic dyes from its branded products. It has now joined the MAHA movement. Now get rid of the high fructose sugar.

Isn’t it hilarious to see democrats running against incumbent republicans who pledged to lower the national debt now sounding like the republicans used to sound? One democrat challenger of a once diehard debt slasher who voted for the “Big beautiful bill” said “He pretends he’s a fiscal conservative, but this is $4 trillion of new debt. I mean, the next generation is really going to struggle with this. We’re mortgaging our children’s future with that $4 trillion.” One republican incumbent whined “If you explain it the right way, the BBB actually is intended to reduce the deficit over time. We can’t do it overnight, but the fact is that we’re doing it incrementally.” Now didn’t the dems say the same thing about the “Inflation Reduction Act”? What goes around.

Finally, did you see where 100 passengers got sick on a Royal Caribbean cruise ship? I have friends who love to cruise. But why anyone would want to get on one of those floating petri dishes is beyond me.