The president wasted no time telling Jay Powell and Federal Reserve members cutting interest rates by 25 basis points was a stupid move. Mr. Trump told the press the Central Bank doesn’t understand what it takes to keep a recession away from his great economy. But according to Wall Street economists, Mr. Trump’s great economy has underlying issues that continue to erode consumer confidence and business investment.
The unemployment and inflation numbers don’t indicate economic trouble. But there are other signs of an economic slowdown, and they are hard to ignore. Gross Domestic Product growth dropped again in the third quarter. Second-quarter GDP growth was 2.0 percent. Third-quarter growth was 1.9 percent.
The economic growth drop is a direct result of Trump’s tariffs, according to the IMF. If the trade war with China continues to upset supply chains and impact prices, consumers will stop buying. Retail sales dropped in September. Sales picked up in October, but the numbers are still below the projected retail numbers, according to MarketWatch.
Wilbur Ross stayed awake long enough to let 206 tech companies know licenses to do business with Huawei are in the works. Those licenses will give tech companies the ability to use Huawei products that don’t have spying apps incorporated into their DNA, according to Mr. Ross. But Wilbur couldn’t give an exact date when Trump would allow him to issue those licenses. Mr. Trump uses the Huawei ban as a bargaining tool in order to force President Xi to agree to his tech trade terms.
The impeachment is in full swing, according to Nancy Pelosi. Adam Schiff will orchestrate the public hearings in late November. But Trump and his loyal Trumpians plan to fight the impeachment proceedings. Plus, Mr. Trump still wants to get his hands on the whistleblower to prove the theory he did nothing wrong when he tried to quid-pro-quo-screw Mr. Zelensky.
Mr. Trump told ABC News a government shutdown may still be on the table unless Congress gives him the money he needs to build more border wall. Trump promised his voter base he would finish 500 miles of border wall before the 2020 election. But the Trumpster keeps running into roadblocks like not having enough skilled labor or the land rights to build more wall in Texas. If Trump and Congress can’t agree on a new spending bill by November 21st, the president may shut down the government down again.
Dil Bole Oberoi
