

Martin Wolf on the Coming Fall of the U.S. Economy
18 snips Jul 9, 2025
This week's guest is Martin Wolf, the Associate Editor at the Financial Times, renowned for his insights on global economics. He discusses potential threats to the U.S. economy, including Trump's 'big, beautiful bill' and its implications for his supporters. The conversation highlights the stark disparities in America’s safety net and delves into the alarming budget deficit, pointing to a lack of political will to tackle fiscal irresponsibility. Wolf also explores unsettling economic bubbles and the precariousness of corporate profits in today's market.
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Trump's Plutocratic Populism
- Trump governs in the interests of the extremely rich and promotes traditional Republican fiscal priorities focusing on tax cuts for the wealthy and spending cuts for the poor.
- His approach is pseudo-populism, showing disregard for fiscal deficits and willingness to misrepresent fiscal policies.
Trump's Economic Philosophy Is Laissez-Faire
- Populist parties elsewhere support nationalist policies plus welfare, unlike Trump's laissez-faire economic stance.
- Trump’s governance reflects late 19th century America: laissez-faire, protectionist, anti-union, but uniquely highly restrictive on immigration.
Culture May Trump Economics In Politics
- Trump bets economics doesn’t ultimately determine political loyalty.
- Cultural issues like anti-immigration and anti-woke sentiments might sustain his support despite economic conditions.