In moments like this, I discover solace in a single factor: The billionaires are going to be simply high-quality.
Canada enforces U.S. alcohol buy ban in tariff response
In response to President Trump’s tariffs, Ontario and different provinces have already began eradicating American liquor manufacturers from retailer cabinets.
Fox – 2 Detroit
Hey, guys. So I’m noticing egg costs are nonetheless tremendous excessive and the stock market has been dropping sort of quick and inflation is up and hundreds of federal employees are getting laid off.
However what? In moments like this, I discover solace in a single factor: The billionaires are going to be simply high-quality.
President Donald Trump did say that he’d fix high food prices on Day 1, and that the whole lot was going to get higher instantly. And now he and different folks in his administration are utilizing phrases like “pain,” “disturbance” and “detox period.”
Trump promised a ‘Golden Age.’ The place is it?
I don’t actually like these phrases, however I don’t suppose they’ll impression vital folks like Jeff Bezos or Mark Zuckerberg or Elon Musk, who all stood behind Trump during his inauguration when he said: “The Golden Age of America begins proper now.”
I suppose “proper now” isn’t precisely “proper now” for us, however maybe the billionaires get to enter the Golden Age first, which appears solely truthful.
It is excessive time Individuals begin appreciating costly items
Talking on the Financial Membership of New York on Thursday, Treasury Secretary Scott Bessent talked about Trump’s current tariffs and the commerce struggle they’ve launched and stated: “Entry to low-cost items is just not the essence of the American dream.”
I puzzled for a second if he had ever visited America, however then I spotted he was in all probability speaking about billionaires who traditionally haven’t needed to fear about low-cost items, until a sharply discounted non-public island counts as one.
So whereas I, personally, am in favor of low-cost items, as they permit me to spend much less cash to proceed dwelling, I completely perceive why the American dream of the rich can be unfazed by tariffs. Prices are bound to increase for U.S. consumers, however the wealthy can endure a Wagyu beef bump simply high-quality, and the remainder of us already know the right way to stretch a field of mac and cheese out over a number of days anyway.
That brings me consolation as I journey to the grocery retailer to buy one egg with my weekly wages.
We non-billionaires could expertise some financial ache, because of Trump
Bessent then informed CNBC on Friday that each one the issues Trump and Musk are doing to the federal authorities – which seems to be primarily firing folks and flipping the “TARIFFS” swap on and off time and again – may put the economic system by way of a “detox period.”
“There’s an adjustment,” The Treasury chief said. “We’ll see whether or not there’s ache.”
OK. My choice can be for there to not be ache, however I do relaxation straightforward understanding that Bessent, who according to The New York Times has property and investments “value in extra of $700 million,” is not going to really feel that ache the identical means you or I’d.
I merely hate it when stratospherically wealthy folks really feel ache.
It is pure to really feel financial discomfort when the economic system is being ruined
Republican Home Speaker Mike Johnson on Friday told Fox News that common Individuals shouldn’t fear about issues like value will increase or the S&P 500 having its worst week in months: “We’re transitioning from Bidenomics and the horrible economic system that was delivered by the final administration. It takes some time to show that ship round.”
You see, transitioning from 50 straight months of job growth, the second best market returns for a presidential time period since 1945 and factory construction hitting its highest point in over 50 years goes to take a while.
President Joe Biden needed to repair the economic system after the COVID-19 pandemic, so it solely is sensible Republicans and their billionaire assistants will want time to take it aside and make it work higher for them.
Might a recession be coming? Do not you are concerned, the wealthy can be high-quality.
A Times headline Friday learn: “Trump’s Insurance policies Have Shaken a As soon as-Strong Financial Outlook.”
Per that story: “Measures of enterprise and client confidence have plunged. The inventory market has been on a roller-coaster trip. Layoffs are choosing up, in keeping with some data. And forecasters are chopping their estimates for financial development this yr, with some even predicting that the U.S. gross home product might shrink within the first quarter.
“Some commentators have gone additional, arguing that the economic system could possibly be headed for a recession.”
Now it’d sound unhealthy once you put all these phrases in a single place, however keep in mind, for those who’re a billionaire, the whole lot’s in all probability going to work out nice.
For the remainder of us, there’ll apparently be some ache, some disturbance and a few detoxing. However I think about we deserve that for not being uber-rich.
As your 401k collapses, simply keep in mind that Elon Musk is gonna be OK
Moderately than have a look at my glass as half-empty, I want to have a look at the glasses of billionaires as overflowing onto the ground, after which being mopped up by servants whose glasses are all-the-way empty.
What we have to concentrate on as we stand within the unemployment line or delay retirement for just a few years or commerce our least-productive baby for a carton of expired eggs is that Musk and Bezos and Zuckerberg and Trump are on stable footing with nothing to fret about.
Don’t be discouraged by our present Golden Age. I’m certain the billionaires the president helps get billionaire-ier reside their greatest lives on our behalf, they usually’ll welcome us in quickly, or probably by no means.
Observe USA TODAY columnist Rex Huppke on Bluesky at @rexhuppke.bsky.social and on Fb at facebook.com/RexIsAJerk
