America’s Trillion-Dollar Borrowing Addiction – Swamponomics

The post-debt ceiling borrowing persists.

by Andrew Moran | Aug 12, 2023 | Business News, Lights, Camera, Action, Opinion, Swamponomics

It has been two months since President Joe Biden and House Speaker Kevin McCarthy (R-CA) reached a debt ceiling agreement that was comically named the Fiscal Responsibility Act. Both Republicans and Democrats took a bow, declaring that it would be the first step toward reining in the fiscal recklessness that has transpired in the 21st century. But can Washington declare a financial victory? Find out with Liberty Nation’s Andrew Moran on this week’s Swamponomics:

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So is Donald Trump looking at workarounds to I don't know essentially shadow the Federal Reserve in terms of policy That's a really interesting word you just used shadow So there's a man he's a billionaire his name's Scott Besant And he uh spoke to Barron's magazine recently and he put together the idea of having a shadow Federal Reserve chair Now this idea is that uh Donald Trump he would nominate a uh Jerome Powell successor as soon as he enters the Oval Office thereby everyone focuses mainly on what this uh incoming chair would say as opposed to what Jerome Powell would do over the over the next 2 years So so that's that that is quite a coincidence as we're using the word the word shadow Now when it comes to Jerome Powell he's slashing interest rates If you look at the summary of economic projections and all the commentary coming from both Jerome Powell and his colleagues they're lowering interest rates That is the objective right now And they said that if the labor market suddenly weakens out of nowhere then they're going to be more aggressive in cutting interest rates So the Fed is lowering interest rates The Fed is doing exactly what Donald Trump wouldn't want to happen And now considering there's a lag effect in monetary policy these rate cuts despite the grievances by Trump and his allies it's perfect timing because by the time he enters the Oval Office you know the lag effect is usually between four and maybe 24 months So there's debate on that which is RealLiberation com of course But overall this unwinding of restrictive monetary policy is going to benefit the Trump administration in the early years of the second term Yeah I think that's um it's gonna yeah it looks like it will sort of catch him on the upswing uh combined with the other things that he's going to do it's well that he says that he's going to do such as cutting gas prices in half things like that I think that will essentially have a cumulative positive impact all around Your thoughts There's a but though There is a but So Powell was asked about how a Trump presidency would impact monetary policy So he said in the near term the election is not going to affect the Fed's economic outlook There's a but to that He said that but if let's say Uh the administration's policies of tariffs uh were to create the expected inflationary effect then the Fed may have to respond by either hitting the pause button on rate cuts or perhaps even imposing rate hikes Now now Dronkow he admitted he said that it's very likely the Fed's going to start raising rates but all the market watchers and economists say that is a possibility if the aggressive tariff introductions by the second Trump term will lead to price pressures Though that of course is a broader conversation which we touched upon a little bit earlier. See full video here: https://www.youtube.com/watch?v=angGYxS1dMA

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Now that's obviously not going to be the whole picture for tariffs but things are starting to happen in the economy now already in anticipation So essentially they're trying to future-proof themselves is that about right Okay so I mean we go on a history of it in the last few years but I'll go to the most recent news story and that came from Steve Madden. See full video here: https://www.youtube.com/watch?v=angGYxS1dMA

And the only way to recognize it and try to correct it is to start reporting objectively on the upcoming Trump administration Do I expect that to happen Absolutely not just like the Democratic Party if they want to spend The next 4 years ginning up scandals about Trump supporting impeachment efforts and the like and all the things or even trying to indict the sitting president when Donald Trump enters the Oval Office again uh that trend is only going to continue And I think it's a totally different media environment now And these broadcast networks have contributed to their own demise by so blatantly favoring the left and trashing the right And people aren't stupid.

They fail to recognize that The American people recognized just how much they put their thumb really their whole body on the scale to get first Joe Biden elected and then Kamala Harris I mean it was so palpable Uh but what they what they seem to what they seem to Can I just interrupt you on that one This is really important to bring up You were watching the MSNBC as well uh throughout the election night And I was there in the wee small hours Listening to every word following all my sources updating our amazing coverage on LibertyNation com and it devolved the MSNBC panel They started talking about we are losing We have lost They used the word we to describe Kamala Harris' campaign The first honest thing they've said most of the campaign Exactly right when Kamala Harris lost they lost Because what Kamala Harris was selling the public didn't buy And therefore when the media were saying we are losing they've lost too.

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