The Rest Is Money 110. Will Trump Make Us Richer Or Poorer?
Nov 8, 2024
The discussion dives into Trump's radical economic reshaping plans, highlighting the unconventional Treasury Secretary candidates. Outsourcing and its adverse effects on local jobs are scrutinized, revealing the impact on communities. The conversation shifts to complex tax policies, especially around tipping in hospitality. It further explores the looming debt crisis and the ramifications of unfunded tax cuts. Lastly, the podcast contrasts the burgeoning U.S. crypto culture with Europe's skepticism, emphasizing crypto's rising political relevance.
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Bessent's Unconventional Path
- Scott Bessent, a potential Treasury Secretary under Trump, has an unconventional background.
- He's a gay billionaire who worked for George Soros and supported Al Gore.
Bessent's Investment Thesis
- Bessent reportedly backed Trump due to his consistent ratings despite negative news.
- He compared Trump to resilient companies whose share prices rise even with bad news.
Tariff Troubles
- Trump plans to impose tariffs up to 20% on all imports and up to 60% on Chinese imports.
- This is expected to raise inflation for American consumers and squeeze American manufacturers.