“Never before has an hour of Presidential rhetoric cost so many people so much. Markets continue to move after my previous tweet. The best estimate of the loss from tariff policy is now is (sic) closer to $30 trillion or $300,000 per family of four,” he wrote in a post on X.
Summers elaborated in an interview with CNN, saying that it’s unprecedented that a presidential action causes such a big collapse in the stock market. Often, a stock market downturn of such gravity is caused by external factors, such as the coronavirus pandemic in 2020, he added.
“This action has taken $3 trillion off the stock market as a consequence of an hour of rhetoric. The stock market reflects only part of the economy. So if you took the cumulative loss, extrapolated from the stock market, it’s closer to $30 trillion. That’s more damage than any economic policy pursued by any president in the last—probably in American history,” he said.
On Friday, the stock market rout continued as China levied 34% tariffs on American exports in retaliation. All major indexes were down as of Friday afternoon, with the the S&P 500 leading the losses with a 4.5% drop. The tech-heavy Nasdaq and the Dow Jones were down 4.2% and 4.4%, respectively.
Trump's tariffs have cost the US nearly $30 trillion, this translates to an additional $300,000 per family of four.
That’s more damage than any economic policy pursued by any president in US history. He's bankrupting the country in real time.
fortune.com/2025/04/04/l...
16.04.2025 02:01 — 👍 3507 🔁 1421 💬 114 📌 72
Florida wants to loosen child-labor laws to make up for loss of migrant workers
The bill would allow children as young as 14 to work overnight shifts
This is despicable! They really want to bring back 19 century. 🤬
“If the bill passes, children as young as 14 would be allowed to work overnight shifts, even on school days. State law currently prohibits them from working earlier than 6.30 a.m. or after 11 p.m.”
27.03.2025 05:46 — 👍 303 🔁 140 💬 41 📌 16
This is what a deal with the devil looks like👇
@housegop.bsky.social JUST VOTED TO CUT Medicaid, SNAP benefits, school meals, & housing assistance all in exchange for giving corporations & billionaires a tax cut all at the expense of the middle class.
26.02.2025 02:01 — 👍 15130 🔁 5181 💬 724 📌 296
A great sign. Get angry. Stay angry. And don't let up. Fuck these assholes.
21.02.2025 03:50 — 👍 0 🔁 0 💬 0 📌 0
Disgraceful, embarrassing, wrong and traitorous.
Saying we’re sorry will never be enough, Ukraine. But please know that he doesn’t speak for most of us in America.
Many of us tried to stop him. And we will continue to do so every single day.
19.02.2025 02:40 — 👍 328 🔁 69 💬 24 📌 3
"Only the president or attorney general can speak for “what the law is” in the United States."
Umm, no . . . that's not how any of this works . . .
19.02.2025 01:06 — 👍 1 🔁 1 💬 0 📌 0
Fight ALL the fights
We have nothing left to lose — let’s f**king act like it!
If you read one thing today read our latest piece we just posted. This one is a very important one. Please consider reading and sharing it with your friends, family, and neighbors. And as always, please share your thoughts and ideas. I am also going to post all of the text here as a thread. 1/
16.02.2025 00:45 — 👍 10553 🔁 4083 💬 406 📌 430
Support this wholeheartedly. If no press shows up, Trump has no media coverage, his favorite lifeline.
13.02.2025 22:28 — 👍 0 🔁 0 💬 0 📌 0
New York, NY - New York City Comptroller Brad Lander released the following statement:
"This morning, my financial team shockingly uncovered that President Trump and his crony Elon Musk illegally executed a revocation of $80 million in congressionally-appropriated FEMA funding from New York City's bank accounts late yesterday afternoon. This is money that the federal government previously disbursed for shelter and services and is now missing. This highway robbery of our funds directly out of our bank account is a betrayal of everyone who calls New York City home.
Okay what is going on here. Are the accounts at a private banking entity? Does the federal government have direct debit permission set up? So many questions as to how Treasury instructed this payment. (Via NY Post’s Craig McCarthy)
12.02.2025 19:08 — 👍 8072 🔁 2925 💬 357 📌 727
JFC. It’s out in the open now.
Republicans want to cut Medicaid by at least $880 billion.
The ENTIRE budget of Medicaid is $880 billion.
12.02.2025 18:55 — 👍 432 🔁 250 💬 25 📌 15
AP statement on Oval Office access
The Associated Press issued this statement on Tuesday from Executive Editor Julie Pace:
As a global news organization, The Associated Press informs billions of people around the world every day with factual, nonpartisan journalism.
Today we were informed by the White House that if AP did not align its editorial standards with President Donald Trump’s executive order renaming the Gulf of Mexico as the Gulf of America, AP would be barred from accessing an event in the Oval Office. This afternoon AP’s reporter was blocked from attending an executive order signing.
It is alarming that the Trump administration would punish AP for its independent journalism. Limiting our access to the Oval Office based on the content of AP’s speech not only severely impedes the public’s access to independent news, it plainly violates the First Amendment.
AP’s guidance on the Gulf of Mexico and Trump’s executive order regarding the name is available here.
By Lauren Easton,
The Associated Press
FEB. 11, 2025
NEW: Associated Press was banned from the Oval Office event today because it refuses to recognise the Gulf of Mexico as the Gulf of America.
The Trump administration again behaving like a despot dictatorship.
Thank you to AP for standing up for factual journalism 👏
11.02.2025 22:07 — 👍 372 🔁 105 💬 11 📌 6
THIS IS IT. The special general elections for Florida’s 1st & 6th Congressional Districts are on APRIL 1, 2025. If we flip these seats, we can STOP Project 2025. No excuses! Mark your calendars! Show up!
06.02.2025 12:03 — 👍 36828 🔁 12139 💬 983 📌 777
I bet farmers are just LOVING their votes now.
07.02.2025 16:10 — 👍 1 🔁 0 💬 0 📌 0
LMAO. MORON.
07.02.2025 05:00 — 👍 0 🔁 0 💬 0 📌 0
Fucking ridiculous. And infuriating. I'm already tired of this shitty administration.
07.02.2025 04:56 — 👍 0 🔁 0 💬 0 📌 0
🍾 💰
06.02.2025 20:19 — 👍 1745 🔁 628 💬 53 📌 33
FBI firings are a 5 alarm fire.
Firing the senior leadership, scores of senior agents and hundreds of line agents will make us less safe from criminals and external threats. This is a catastrophe of yet incalculable proportions. These attacks on law enforcement are a menace to the American people.
02.02.2025 23:05 — 👍 2147 🔁 589 💬 167 📌 17
Valleys are flooding just so Donald Trump could brag that he "turned on the water in California."
Planes are crashing just so Donald Trump could brag that he "trimmed the staff at the FAA."
He is such a simple-minded person who never thinks of consequences. Maybe because *he* has never faced any.
01.02.2025 18:53 — 👍 1942 🔁 484 💬 113 📌 34
Just confirmed that the Trump administration shutdown the Medicaid portal for Florida. There are over 3.8 MILLION Floridians on Medicaid.
28.01.2025 18:48 — 👍 3419 🔁 1235 💬 265 📌 122
It really sucks being intellectual and empathetic in a time with so much stupidity and hate.
27.01.2025 04:57 — 👍 0 🔁 0 💬 0 📌 0
Holy f*ck! Just days after his Nazi salute seen around the world, Elon Musk is speaking at an AfD rally about “German pride”, warning against “multicultural delusion”, and telling them not to feel guilty about the “sins of their great grandparents”.
25.01.2025 22:45 — 👍 4264 🔁 1985 💬 605 📌 362
Inspectors General are key public servants tasked with holding our government accountable. They’re independent, nonpartisan whose work is identifying fraud, waste, & importantly, abuse. Trump just fired them all. Make no mistake: he's purging those who will protect the rule of law.
25.01.2025 05:06 — 👍 11728 🔁 3381 💬 469 📌 179
Trump has pulled Fauci’s security detail, source says | CNN Politics
President Donald Trump has terminated Dr. Anthony Fauci’s security detail that was being provided and paid for by the National Institutes of Health, a source familiar with the situation tells CNN. It ...
NEW: Trump has terminated Dr. Anthony Fauci's security detail.
Trump has now cancelled security protection for John Bolton, Mike Pompeo & Fauci, all of whom served in his administration.
There’s no evidence that threats towards any of them have diminished.
Vindictive & dangerous.
24.01.2025 17:03 — 👍 282 🔁 98 💬 21 📌 18
What most sucks about switching social media networks is having to rebuild an audience for my primary passion: writing books. BUT... if that's the cost of getting away from platforms that endorse the lies and policies of destructive political figures, so be it. I am not a slave to fascism.
24.01.2025 06:08 — 👍 1 🔁 0 💬 0 📌 0
Screw this neanderthal.
22.01.2025 22:42 — 👍 0 🔁 0 💬 0 📌 0
Pin this, save it, we’ll need it.
“When a prison camp opens in your town…when a DREAMer is disappeared from your classroom…when the President destroys what’s left of the Constitution…They will all say they didn’t know this was coming. And I want the American people to know that they did.”
AOC 🔥🎯
22.01.2025 21:16 — 👍 93796 🔁 30523 💬 2471 📌 1779
Democracy Action Network is a citizen-led organization protecting American democracy through collective action.
https://democracyactionnetwork.com/
https://secure.everyaction.com/LBU7km7T7kaMbUnC9XqpUw2
https://democracyactionnetwork.substack.com/
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