The stock market hit its all time high on February 19,. Thank you, President biden.
Since February 19, the stock market has lost $4 TRILLION in market value. Yesterday was the worst day for the NASDAQ in two years. Imagine that! (Well, you really don't have to imagine.) Investors apparently dislike the double whammy that Cheeto's tariffs are having on the U.S. economy: inflating prices but at the same time hurting businesses (both importers and exporters).
Moreover, the effects of Elon Musk's recent activities are only beginning to be felt, and it's likely to be pretty recessionary. The following excerpt from a news article on this situation describes it pretty accurately:
Meanwhile, most of the effects of Elon Musk’s rampage through the federal government have yet to show up in job and growth data — but they will soon. The administration’s planned layoffs of hundreds of thousands of government workers are in and of themselves a substantial hit to the economy. What hasn’t gotten as much attention is the likely effects of Musk’s canceling federal contracts and programs willy-nilly.
Most Americans probably don’t realize that while there are about 3 million federal employees (including postal workers), even more private-sector jobs depend on federal contracts and grants. They include everything from airplane machinists to medical researchers to child care specialists to food service workers. As economist Jesse Rothstein recently told me, “[T]hose companies can’t keep workers on for very long if they’re not getting paid. And so there’ll be enormous layoffs there that won’t show up on the federal ledger, but are effectively federal policy.”
Thank you, President Cheeto. What a moron ...
www.msnbc.com
Since February 19, the stock market has lost $4 TRILLION in market value. Yesterday was the worst day for the NASDAQ in two years. Imagine that! (Well, you really don't have to imagine.) Investors apparently dislike the double whammy that Cheeto's tariffs are having on the U.S. economy: inflating prices but at the same time hurting businesses (both importers and exporters).
Moreover, the effects of Elon Musk's recent activities are only beginning to be felt, and it's likely to be pretty recessionary. The following excerpt from a news article on this situation describes it pretty accurately:
Meanwhile, most of the effects of Elon Musk’s rampage through the federal government have yet to show up in job and growth data — but they will soon. The administration’s planned layoffs of hundreds of thousands of government workers are in and of themselves a substantial hit to the economy. What hasn’t gotten as much attention is the likely effects of Musk’s canceling federal contracts and programs willy-nilly.
Most Americans probably don’t realize that while there are about 3 million federal employees (including postal workers), even more private-sector jobs depend on federal contracts and grants. They include everything from airplane machinists to medical researchers to child care specialists to food service workers. As economist Jesse Rothstein recently told me, “[T]hose companies can’t keep workers on for very long if they’re not getting paid. And so there’ll be enormous layoffs there that won’t show up on the federal ledger, but are effectively federal policy.”
Thank you, President Cheeto. What a moron ...
Stock market loses $4 trillion in value amid recession, tariff fears
Stocks are slipping as selling pressure continues amid President Trump’s tariffs. CNBC anchor Frank Holland, newly-announced host of MSNBC’s ‘The Weekend’ Catherine Rampell, MSNBC co-host of ‘The Weekend’ Eugene Daniels join Ana Cabrera to weigh in on the economic impact of Trump’s tariffs.
www.msnbc.com
