Peter St Onge Podcast Ep 128 Weekly Roundup: New York Elects a Communist
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Jul 7, 2025 This week dives into the election of a democratic socialist in New York and its economic implications. It critiques the Federal Reserve's tight grip on the economy amid rising inflation. Discussion shifts to how high interest rates are affecting the housing market and consumer debt alongside a new spending bill's impact on tax cuts. Political turbulence in Canada is explored, with concerns over new taxes on American tech. Lastly, the challenges of third-party politics are examined, advocating for stronger internal strategies within the Republican Party.
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New York's Socialist Doom Loop
- New York elected a Democratic socialist mayor with a far-left platform threatening economic collapse.
- This mirrors a pattern in declining US cities with high taxes, shrinking middle class, and failing public services.
Powell's High Rates Strangle Economy
- Jerome Powell keeps interest rates high despite low inflation, strangling the economy.
- Tariffs are a dubious excuse and rate cuts face internal Fed opposition, extending economic pain until at least mid-2024.
Senate Worsens Spending Cuts
- Senate worsened the "Big Beautiful Bill" by restoring spending cuts the House tried to impose.
- Despite unified Republican control, the bill cuts only 2% of a $7 trillion budget, raising the debt ceiling massively.