The author of this text is an American senator of Massachusetts and a leading democrat in the Senate Banking Commission.
However, unlike 2020, today's confusion is not caused by a deadly virus; Instead, the crisis was caused by the President of the United States. The economy breaks down because Trump has put on new duties on almost all countries in the world on products that they sell to the US – for no reason. His tariffs will not promote jobs and industry in the country. They will not build resistant supply chains. And they will definitely not compensate for the chances of American employees. Instead, Trump's plan will lead to the breaking of supply chains, suspension of new investments and an increase in unemployment. As the chairman of the federal reserve Jay Powell noted, inflation will probably increase, and this will make life too expensive for working families around the world.
Each economic indicator flashes red, but we still have time to prevent the full crisis and limit future damage. The president has dug up in his catastrophic plan, and his secretary of the treasury, Scott Bessent, is too busy telling the story to do his work and prevent the effects. So now Congress must limit the damage.
Trump's tariff policy is based on the Act on international extraordinary economic rights, which gives the President wide powers to regulate international trade in order to deal with extraordinary threats and an announced state of emergency. He stated that our long -term trade relations with dozens of countries suddenly constitute this kind of extraordinary situation. Do not constitute. According to the law, Congress may adopt a resolution reversing this declaration. Senator Ron Publisne and I introduced a two -party resolution, which will force voting by an ordinary majority and can put an end to the sabotage of our economy.
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Last week, a handful of Republicans demonstrated Trump's tariff policy, joining all democrats in the Senate to start the process of reversing his “extraordinary” declaration justifying the trade war with Canada. But a handful is not enough. We need more Republicans to stiffen their spines and accept our resolution to fix it. If both Trump and Republicans in Congress refuse to limit the current policy, every family and every corner of our economy suffer when people lose their jobs, consumer expenses will fall, lender will face insolvency, and trust in our financial system will be erosion. However, it seems that GOP [Great Old Party, jak nazywa się Republikanów] intends to worsen this problem. Early in the morning on Saturday, Republicans from the Senate voted a budget resolution establishing a fast path for huge cuts in Medicaid and food assistance, thanks to which they can finance billions of dollars of tax donations for billionaires and large corporations.
Economic blows are still coming. Elon Musk announced that social insurance is a “ponzi scheme” [piramidą finansową]and he himself takes a chain saw to an agency that provides checks to millions of seniors depending on them. The so -called government efficiency department has cut billions of dollars of survey subsidies that drive innovations and support good jobs in every state in the country, while departments of public health and local health centers limit services and worry about whether they will be able to remain open. Each of these decisions is a blow to our economy, and their effects will accumulate.
Instead of trying to inflict more pain and deepen the crisis, the Congress and the Trump administration should prepare for quick action if our economy falls into recession. They should be ready to expand support for Medicaid – not cut them – so that millions that will lose their work due to poor Trump's economic management do not lose their healthcare either. Ready to extend social security – not its giant – by accepting an emergency, temporary correction, so that pensioners who will never receive a chance to recover lost savings would be slightly better protected against chaos. Strengthening supervision and capital standards for banks – not undermining them – so that the financial plague does not destroy our financial system.
Trump can be an arrogant man who eats meals at candles with his rich donors, while his short -sighted policy burns our economy. But he is not a king, and Congress is not powerless. We can stop him and we should do it.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
