Peter St Onge Podcast
Ep 119 Weekly Roundup: GDP Goes Negative. And it's Glorious.
May 5, 2025
This week, a deep dive into the fragile housing market reveals a 16-year low in home buying and Congress's inability to act. Political shifts in Canada spark discussions on new economic policies under Prime Minister Mark Carney. Meanwhile, economic turbulence grips the manufacturing sectors in China and Canada. In contrast, America's reindustrialization is gaining momentum with $5 trillion in foreign investments, promising job creation and a surprising silver lining in GDP figures.
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Quick takeaways
- Congress is paralyzed by the filibuster, hindering essential economic reforms needed to address red tape, taxes, and inflation.
- The housing market is facing a historic low in home purchases due to rising mortgage rates, raising concerns of a potential market crash.
Deep dives
Congress' Inaction on Economic Reform
Congress is currently failing to address critical economic issues, including red tape, taxes, and inflation driven by spending and poor trade deals. Despite being led by a Republican majority elected by voters seeking significant government reform, legislative efforts are stagnant. The filibuster, which requires 60 votes for most bills, exacerbates this paralysis, sidelining potential reforms that could help the economy. Structural changes to the filibuster are suggested as a necessary solution to enable majority rule on essential legislative matters.
