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Unknown A
Welcome everybody. We have another GDP decline projection. The economy is starting to crumble, stocks are in the toilet and Trump doesn't seem to care. I hope you'll join me tonight for a live stream of the State of the Union address. We'll be hearing from members of the House and Senate. I'll have pre speech coverage and post speech coverage, maybe even an opportunity for you to call in. All of it will start at 8pm Eastern on YouTube, Twitch and Facebook. Hope to see you there. State of the Union, 8P East, 5P West. Also, thank you to everyone who keeps subscribing to the podcast on Apple and on Spotify. Over on Apple we have now reached spot 53among all news and politics show we just beat out Michael Knowles, that disgusting and despicable extremist and hopefully we will continue on up. So remember, no matter where you watch, you can subscribe to the podcast.
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Unknown A
It's free. Spotify. Apple really helps us. Listen. Economic growth projections are collapsing. Donald Trump has enacted tariffs. Every sign is pointing to a crumbling economy and Donald Trump does not care. Now yesterday I brought to you the unfortunate news that the Atlanta Fed has a new GDP projection and it went from the expectation of about 2% growth after Q1 of this year down to a reduction in GDP of 1.5%. While Donald Trump, with the new tariffs that are enacted today, the counter tariffs from China and elsewhere and other negative factors, the Atlanta Fed has reevaluated and now has issued an updated downward revision. And this is painful. Now expecting Q1 GDP to decline 2.8%, an economic shrinkage of 2.8%. Despite Donald Trump and his acolytes and his suck ups and his brown nosers telling us he'll be so good for the economy that GDP growth is just going to explode and everybody will be doing so well.
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Unknown A
And meanwhile, Donald Trump's tariffs take effect today starting at the stroke of midnight. Eastern, I guess. Eastern, I don't know. Imports from Canada and from Mexico will now be taxed. Yes, a tariff is an Import tax at 25% with Canadian energy products subject to 10% import duty. The 10% tariff that Donald Trump placed on Chinese imports in February is now doubled to 20%. Beijing immediately retaliated with tariffs of up to 15% on a wide array of US farm exports. This is going to crush farmers. Trump insists that he was so good for the farmers in his first term. He wasn't. He actually had to bail them out and now he is just going to crush them. And what I hope is the most Important takeaway. Listen, we can spend hours talking about the pros and cons of tariffs when carefully executed as a scalpel rather than a sledgehammer.
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Unknown A
And when they can do A and when they can do B, and what kinds of tariffs in different situations. Yesterday I did a Tic Tac live. I was live on Tic Tac. I was actually chewing gum instead of having tick tacs. That's the funny thing. But I was live on Tick Tac and someone called in and said, you know, I don't really get the big deal. If we put a 10% tariff on whoever and whoever puts a 10% tariff on us, we're sort of even. It's even, Stephen and I explained. No, no, no. You have to consider how much do we export and how much do we import from that particular country? What do we export and what do we import? Do the exports or imports have more or fewer substitutes from other countries? The idea that just, hey, we. 10%, 10%. It's all the same.
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Unknown A
First of all, if that were the case, there would be no point to the tariffs. But of course, that's not the reality. And what the most important takeaway is is that Trump does not care about you. He doesn't care about the people who voted for him. And you should know that. Why? Because as a privileged New York City rich kid, Trump spent the first 68 years of his life trying to be kept isolated from the people that now he claims to care about, and quite frankly, most of the people who voted for the guy. But he doesn't care. If you've got a 401k look at what's happening in the stock market, if you've got a small business or a job that depends on stability, the stability of knowing what are our inputs going to cost so we know how to price our outputs. Tough luck, because this is the guy who thinks trade wars are easy to win and good.
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Unknown A
This is the same guy who during his first term racked up how many trillion in debad increase and oversaw manufacturing recession before COVID even hit. And now he's doing it again. I'm so sorry to be communicating this, but he doesn't care about you. And he's doing it again. And let's look at his big boy powerful announcement when he explained what he was doing. It's just absolutely humiliating. The David Pakman shows finances have gotten hacked before. I've talked about it on the show. The hacker stole a bunch of money. It was not a good feeling. I worry a lot less now that I use Aura, our sponsor. Aura gives me peace of mind by providing some critical layers of security. They continuously monitor the dark web and let me know if information's been exposed, logins, Social Security numbers, et cetera. They tell me quickly if anybody tries to use that information to access credit or bank accounts.
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Unknown A
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