Geopolitical Economy Report Trump admin tells Americans: Stop expecting cheap products, inflation is here to stay
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Mar 31, 2025 US Treasury Secretary Scott Bessent challenges the notion of cheap goods as part of the American dream. The podcast dives into rising inflation and its link to tariffs as the U.S. seeks to decouple from China. It discusses stagnant wages, the concentration of wealth among the richest, and the erosion of income mobility. Exploring the impact on working-class families and the broader economy, the talk critiques the relationship between billionaires and political narratives, exposing the risks of recession and an increasingly unaffordable housing market.
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Inflation and the American Dream
- The Trump administration acknowledges tariffs will increase consumer goods prices.
- Treasury Secretary Scott Bessent argues the "American Dream" isn't about cheap goods.
Bessent's Background
- Scott Bessent, a billionaire hedge fund manager and former George Soros employee, is Trump's Treasury Secretary.
- This highlights how billionaire oligarchs often collaborate despite political differences.
China's Deflationary Impact
- Stagnant US wages since the 1970s were offset by cheaper consumer goods, mainly from China.
- The US saw inflation in services like healthcare, education, and housing, not offset by China's deflationary impact.