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20260806 203000 UTC
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[00:00:00] life for the middle class as yet to
[00:00:03] in materialize. with the midterm elections a little more
[00:00:05] of than three months away, the economy has also stalled in many
[00:00:08] of of the areas where Donald Trump said that mass deportations of
[00:00:12] undocumented people and higher import taxes would trigger
[00:00:16] a boom with the US in Israelity war against Iran
[00:00:19] intensifying some key
[00:00:24] of rest.
[00:00:29] of
[00:00:57] of
[00:01:04] The first 18 months of President Donald Trump's second term and the
[00:01:08] White House have seen a series of policy driven economic
[00:01:12] shocks, highlighted by higher tariffs that he promised during
[00:01:16] his 2024 presidential campaign an
[00:01:19] unanticipated war with Iran that has boosted the price of
[00:01:23] oil and threaten global supply
[00:01:30] of of chains. of Coming up in today's program, Donald Trump's economics,
[00:01:34] 18 months point. Trump's economic policies have been a
[00:01:37] whirlwind of ups and downs from inflation which has been
[00:01:41] increasing to factory jobs, which has been decreasing. Our
[00:01:45] second headline: tariffs, war and economic shocks.
[00:01:49] What has Donald Trump
[00:01:50] of done to the economy? The question should be, what hasn't he done?
[00:01:54] From tariffs economic shocks to the Iran war, he has pretty much
[00:01:58] covered the entire gamet. unpopular war
[00:02:01] and economic
[00:02:02] of downturn, but the illegal aggression on Iran has caused the
[00:02:06] of US economy lot, leading to economic downturn, which
[00:02:10] is evident in the lower than expected economic
[00:02:14] output or the GDP. We're going to be
[00:02:16] of discussing of those points
[00:02:17] of and a whole lot more with our guests right here, Nick Cruz, writer,
[00:02:21] activist and co-founder of Revolutionary blackout
[00:02:25] network, and Dr. Mattias Vernengo,
[00:02:28] full professor of Bucknel
[00:02:34] of of University,
[00:02:51] hey, thank you for inviting me on the
[00:02:52] show.
[00:03:06] of
[00:03:23] of
[00:03:42] Donald Trump, he couldn't give, he couldn't care about the American people any
[00:03:46] less than he does, he promised that he was going to address
[00:03:50] uh the problems of inflation in the
[00:03:53] of economy, meanwhile he's bragging about how he's been the best
[00:03:56] president that Idroa has ever had. even
[00:04:00] mocked the pain that the American people
[00:04:03] of was
[00:04:03] of feeling during the inflation crisis by saying it was
[00:04:07] inflation crisis
[00:04:08] out,
[00:04:14] so he don't care about the American people, the only thing he cares about is
[00:04:18] dividing the American people by pushing culture wars and
[00:04:21] division and doing the
[00:04:23] of agenda
[00:04:25] in of the zionist regime and promoting endless wars, as the American people are
[00:04:28] suffering, there are... expanding the United States military, cannot
[00:04:33] of pass a audit, by the way, they are spanding their budget to
[00:04:36] $1.5 trillion dollars as the American people
[00:04:39] struggle eat, as their part, their life continues to drop. This
[00:04:43] is what we seen throughout the ruling 2004 them promising to take care
[00:04:47] of the American people, but abandon them the second day take
[00:04:50] power.
[00:04:56] It has been exactly one year since President Donald Trump's... the
[00:05:00] one big beautiful bill act. when it comes to income, the trend has
[00:05:04] continued in the U.S. and Donald Trump's policies are no
[00:05:07] exceptions, incomes for the wealthy and highest earners
[00:05:11] prosper. while lower and middle income households
[00:05:15] far less well, the net worth the top 1%
[00:05:19] grew 30% over the past three years, the middle
[00:05:22] 40% grew by less than 10% over that
[00:05:26] same
[00:05:27] period.
[00:06:02] people been predicting a massive economic downturn for very long
[00:06:06] time and donald trump's mismanagement is making things even
[00:06:10] worse, but to be clear, this is a by... partisan
[00:06:13] failure of neoliberalism in the west,
[00:06:17] that has been a problem even before Donald Trump took office,
[00:06:21] the result of failed neoliberal policies that promotes
[00:06:24] giant police states, giant authoritarian military
[00:06:28] budgets has led to the top 1% in the United
[00:06:31] States owning more wealth than the bottom
[00:06:34] 90%.
[00:06:39] We have over 60% of Americans who live. to paycheck,
[00:06:43] we have one out of five children in America who live in poverty and
[00:06:47] face food insecurity, that's why they spend lot of
[00:06:51] money promoting uh propaganda and hollywood and on tv
[00:06:55] shows to promote the image of Americans living of
[00:06:58] fancy um very well
[00:07:02] lavished life, but the reality of Americans is one of
[00:07:05] suffering due to capitalist mismanagement, our
[00:07:09] infrastructure is even falling apart, but instead of fixing that... Once
[00:07:12] again, the focus of Donald Trump and the entirety the United States
[00:07:16] Congress is just to provide money for never-ending wars,
[00:07:19] providing billions of dollars to Ukraine and billions of dollars to the state of
[00:07:23] vision.
[00:07:45] This is the social section the program. I can't believe this is
[00:07:49] a real video and not AI. Donald Trump says America can't afford
[00:07:53] to take care of Americans medicare and daycare, but he
[00:07:57] can find well over 3.1 billion dollars every year
[00:08:00] to send to Israel. Another 1776 is
[00:08:04] needed in America. Because the United States can't
[00:08:08] take care of daycare. That has to be up to a state.
[00:08:12] "we can't take care of daycare, we're a big country, we have 50 states, we have all
[00:08:16] these other people, we're fighting wars, we can't take care of
[00:08:20] daycare, you got to let a state take care of daycare, and they should pay for
[00:08:24] it too, they should pay, they have to raise their taxes, but
[00:08:28] they should pay for it, and we could lower our taxes a little bit to them to make
[00:08:32] up, but we it's not possible for us to take care of daycare,
[00:08:36] medicate, medicare, all these individual things, they
[00:08:39] can do it a state basis, you can't do it a federal." "We have to take care of
[00:08:43] one thing, military protect, because the United States
[00:08:47] can't take care of Dake. Donald Trump's administration is ending Medicare,
[00:08:51] part d subsidies, raising prescription drug
[00:08:54] costs for more than 11 million Americans. You
[00:08:58] can't afford rent, you can't afford groceries, you can't afford
[00:09:02] to get sick. They found a billion dollars a day to
[00:09:06] for bombs. The money exists, they just decided you don't
[00:09:10] deserve it. promises made,
[00:09:14] promises broken in the minds the American public,
[00:09:17] 44%, 38% said they make them worse off back in
[00:09:21] October of 2024. Look at these numbers now, oh my
[00:09:25] goodness, John shaking his head off on the side, now
[00:09:28] 58%, nearly three and five voters say that Trump
[00:09:32] is making them financially worse off, that's up like rocket, the
[00:09:36] better off down through the floor a lake, Michigan, these
[00:09:40] are absolutely devastating numbers. issue that got
[00:09:43] Trump reelected, now the voters absolutely turned against.
[00:09:47] Donald Trump says we have an amazing economy, really?
[00:09:50] 60% of our people live paycheck to paycheck, 85
[00:09:54] million are uninsured or underinsured, more
[00:09:58] than 750,000 people are homeless. The
[00:10:02] price of groceries is through the roof. If this is amazing,
[00:10:06] then God help
[00:10:07] us.
[00:10:16] Thank you very much for having me in your
[00:10:17] show.
[00:11:05] first let me separate the perceptions and and the actual economic
[00:11:09] performance. i think uh the
[00:11:12] economy in some ways,
[00:11:15] structural things have not been doing well for a long while,
[00:11:19] preceeds trump, in fact it is the poor performance
[00:11:22] the economy that explains why
[00:11:25] Trump is in the presidency
[00:11:28] and and not just this time 2016 and what not? so for working class
[00:11:32] americans, it's been four decades
[00:11:36] since the economy sort of really
[00:11:40] show significant improvement
[00:11:42] for for
[00:11:42] them.
[00:11:47] in the very short term, the American economy was already slowing down
[00:11:51] coming out the pandemic because the stimulus the... damic was
[00:11:55] coming down, so the the economy has slowed down and and
[00:11:59] Trump has not helped that, so so the the
[00:12:03] economy is growing, which is not terrible at about
[00:12:06] 2%, uh, slightly more, I think the first quarter, but now
[00:12:10] that's the average, by by european standards is actually pretty decent, the
[00:12:13] unemployment rate in united states is low 4.2%.
[00:12:17] however, that doesn't mean that the situation in the labor market is good, so that
[00:12:21] camouflages the situation in the labor market that it's much worse.
[00:12:25] uh with people that yeah don't get enough
[00:12:29] work and are discouraged and are out the labor force and so
[00:12:33] on and so forth so so those are significant problems
[00:12:37] uh but again those problems have been there for a
[00:12:40] while.
[00:13:25] first manufacturing for those that thought that just uh
[00:13:28] hiking tariffs and the tariffs have been problematic, part them have been
[00:13:32] sort of uh um repudiated by the supreme
[00:13:36] court um, although he has reimposed
[00:13:39] tariffs again, but the average tariffs did go
[00:13:43] up and and the tariffs many thought
[00:13:46] including the labor movement in the United States, people that were for tariffs
[00:13:50] in the among unions and and
[00:13:54] and what not? um, they did not bring back
[00:13:58] manufacturing jobs, so manufacturing jobs require more than just tariffs, they
[00:14:02] require uh industrial policy,
[00:14:05] incentives, national
[00:14:08] strategy, things that uh, if
[00:14:11] anything uh with the uh
[00:14:15] election of Trump and and the end the Biden government have
[00:14:19] become less organized, so so there was more of a
[00:14:22] preoccupation of bringing some manufacturing job. thinking a more coherent way
[00:14:26] with the Biden
[00:14:27] administration,
[00:14:32] the prospects for the future I think depend
[00:14:34] incredibly on what policy choices are
[00:14:38] you made and the war in Iran is a complicated sort of thing because on the one
[00:14:42] hand the war in Iran has as I said in the first question accelerated
[00:14:46] inflation and that implies that the Fed might keep interest
[00:14:50] rates if if not hike the interest rate at least maintain interest
[00:14:53] rate a level. It's relatively high and that creates problems because
[00:14:57] you lot the consumption depends on on credit
[00:15:01] and interest rates are high, the housing market, that's the most important
[00:15:05] mechanism, the housing market heavily depends on on on
[00:15:09] credit and mortgage rates and mortgage rates remain relatively
[00:15:13] high, so so that is something that points to a weakness in the American
[00:15:17] economy.
[00:15:44] This is the info new section the program, AI bubble
[00:15:48] burst. The AI bubble is bursting, don't get mald, the
[00:15:52] AI hardware and semiconductor sector has experienced
[00:15:56] a sharp correction. Despite recent volatility, the AI
[00:15:59] bubble has not peaked. Our special investigation revealed this one
[00:16:03] example, that's South Korea's stock market. It has...
[00:16:07] punched as AI driven boom fades. South Korean
[00:16:11] stocks have dropped for second consecutive session, but
[00:16:14] souls equity market losing about $2.18
[00:16:18] trillion dollars in value poverty in
[00:16:22] Italy. Council of Europe sounds the alarm, one
[00:16:25] in seven children in Italy lives in
[00:16:29] absolute poverty. The situation is particularly
[00:16:33] prevalent in the south in outlying areas and in the most
[00:16:36] disc vantage urban neighborhoods, affecting single parent
[00:16:40] families and those with more than three children in
[00:16:44] particular. Donald Trump's tariffs: they
[00:16:48] are sending some companies back to China for some
[00:16:52] US brands seeking a location for their factories, the economic
[00:16:55] logic is once again pointing to
[00:16:58] China. US LNG sales, Washington's
[00:17:02] tap war strategy constrains oil and gas
[00:17:06] rivals to elevate. American LNG, this indicates that
[00:17:10] Washington is pursuing the top war strategy, a calculated
[00:17:13] effort to limit competing oil and gas
[00:17:16] sources so that the higher cost US shall gas
[00:17:20] and LNG can meet global
[00:17:22] demand.
[00:17:54] This is the in-depth section the program. Donald Trump's economic performance
[00:17:57] during the past 18 months leaves lot to be
[00:18:01] desired. Mainstreet USA is saying that economists are saying
[00:18:05] it economic data for the most part. is saying it, and
[00:18:08] so are US politicians from both sides the
[00:18:12] aisle.
[00:18:19] In our presentation for this part, we will look at some
[00:18:23] senior US politicians like Senator Brian Shatz, Chuck Schumer
[00:18:26] and Bernie Sanders. We will also look at an example of
[00:18:30] US economic data that is hurting millions of Americans and
[00:18:34] that is the mortgage rates. First let's see. Brian
[00:18:38] shats has to say about the US
[00:18:40] economy, there's a lot going on in the
[00:18:44] world, gas is about $4 nationally,
[00:18:48] Hawaii, it's about
[00:18:49] 550, um, people can't afford
[00:18:53] their healthcare, people can't afford their groceries, and senator
[00:18:57] Closar said it exactly right, this is about priorities, this is about
[00:19:01] giving $70 billion dollars more money ice
[00:19:05] than the United States Marine Core. what the senator
[00:19:08] there is saying is that regular people can't
[00:19:12] afford their lives anymore, they can't afford to put
[00:19:16] food on the table, they can't afford their
[00:19:19] electricity bells, they can't afford to put gas in the tank,
[00:19:23] they can't afford their health insurance. the numbers are
[00:19:27] here for you to see, check out the price of beef as an
[00:19:30] example, to have increased almost 20% right here, more in
[00:19:34] major cities across the US as well, electric. bills, another
[00:19:38] example of 30%. all these price
[00:19:42] increases subtract from the ability
[00:19:45] of US consumers purchasing power.
[00:19:48] now let's uh look at what's US senator Chuck
[00:19:52] Schumer has to say about the most recent
[00:19:55] GDP numbers, which was quite disappointing, to say the
[00:19:59] least. well, Mr. President, today, the
[00:20:03] disastrous Trump economy delivered another one two
[00:20:07] gut.
[00:20:37] absolutely torches Donald Trump after 1.5%
[00:20:41] GDP growth. 2022 to 2023, there was
[00:20:44] a steady economic growth, but 2025, there was a dip, as
[00:20:48] you can see right here. And then comes the point where the US finds
[00:20:52] itself after all the promises made by Donald Trump,
[00:20:56] 1.5% economic growth. Now it's time to
[00:21:00] listen to Senator Bernie Sanders.
[00:21:03] Every morning in America, tens of millions
[00:21:07] of people are waking up and they're saying, how am I going to put
[00:21:11] food on the table for my kid? How
[00:21:14] am I going to fill up the gas tank when gas is 450 a
[00:21:17] gallon? What happens if my? car breaks
[00:21:21] down and I can't get to work, and if I can't get to work, I lose
[00:21:25] my job, if I lose my job, how's my family going to
[00:21:28] survive? what happens when my dad gets sick and he can't
[00:21:32] afford prescription drugs when my kid gets
[00:21:35] sick? how am I going to put away a few bucks so maybe
[00:21:39] I can retire with dignity? half of older
[00:21:43] workers in America have nothing in savings.
[00:21:46] Bernie's message to the ruling class, pretty dire.
[00:21:50] situation: one and four Americans, that's
[00:21:52] 26% of all Americans say they cannot pay
[00:21:56] for a $500 repaired job. imagine that, maybe it's
[00:22:00] because they don't even have $400 in their
[00:22:04] bank account or their credit has run dry. pretty dismal
[00:22:08] situation for many Americans. now on that point,
[00:22:11] let me bring in our guest, neck cruz, a writer, activist and co-founder
[00:22:15] of revolutionary blackout network into this conversation,
[00:22:19] mr. was in one the starkest pulls.
[00:22:22] 95% of Americans believe the US is suffering an
[00:22:26] affordability crisis. That's according to a survey
[00:22:29] conducted by Harris Pull, which paints
[00:22:33] this bleak picture of uh, how people feel about the
[00:22:37] US economy, made the war on Iran and ahead the mid-term
[00:22:41] elections coming up in November. What do you think, and
[00:22:44] how do you think that is going to affect Donald Trump's presidency
[00:22:48] and the midterm elections? results: oh, Donald Trump is
[00:22:52] going to face a historic defeat uh, in the
[00:22:56] mid-terms, but this is how the system is designed for
[00:23:00] one oligarch to take charge, do the bidding the
[00:23:03] empire, and then pass the baton to the next puppet the
[00:23:06] empire. this is the same thing we seen happen under Joe Biden
[00:23:10] when the inflation crisis became became even
[00:23:14] worse as he committed a genocide and funded nazis in
[00:23:17] Ukraine. uh, Donald Trump is most corrupt
[00:23:20] politicians of all time and that's that's going to lead to his
[00:23:24] massive defeat in the mid-terms. Donald Trump has
[00:23:28] made over two billion dollars. Jerry
[00:23:31] Kuschner and his family have made hundreds of
[00:23:35] millions of dollars billions of dollars on shady
[00:23:37] deals. So yeah, this is how the system goes, you have the
[00:23:41] revolving door corruption, the republicans will
[00:23:44] lose, and then the democrats will take charge and they will rule
[00:23:48] for a while, and then they will. sell out the American people and
[00:23:51] then uh Marco Rubio or JD Vance
[00:23:55] may be elected in the next election cycle uh the system it designed
[00:23:59] to fail but to to keep itself in power at the same time is fail
[00:24:03] democracy now it's time to take a look at the mortgage
[00:24:06] rates the rate for a 30-year fixed mortgage rate now stands
[00:24:10] at 6.66% that is one the highest in
[00:24:14] one year again that bites into the consumer purchasing power since it
[00:24:18] is a constant that they... have to doll out
[00:24:21] every month. now on that final point, let me bring in our other guest,
[00:24:25] Dr. Matthias Vernango, full professor at Bucknel
[00:24:29] University. Professor, inflation on many goods especially food and
[00:24:33] energy is up, manufacturing output is down
[00:24:37] 75,000 fewer Americans work in factories than
[00:24:41] 18 months ago, then the Iran ward uh has
[00:24:44] hurt the US consumers big time as well. How will
[00:24:48] this hurt the? chances of Donald Trump's Republican
[00:24:52] party winning the midterms in
[00:24:55] November. Well, I'm not a political analyst. What I can tell you is that
[00:24:59] there is an affordability crisis, there is no doubt people, I mean inflation has
[00:25:02] accelerated, as I said,
[00:25:04] some people at the bottom actually until very re from 2023, for
[00:25:08] a while during the pandemic they were losing, but for the most part since
[00:25:11] 2023, the wages the of non-skilled workers
[00:25:15] have sort of recovered, but but again
[00:25:19] from a low. so so so I think that there is an affordability crisis,
[00:25:23] there is anger uh particularly I think that the price of gas
[00:25:27] and oil your oil and and then gas and you
[00:25:30] people can drive in this country is sort of a
[00:25:34] serious issue, people take very seriously the
[00:25:38] fact that gas is more expensive and so I think that
[00:25:42] that is a problem that you will have electorally, I think that yes all
[00:25:46] indicates that
[00:25:47] you know the the situation and
[00:25:49] that there is dis'. tent and that he may lose the the
[00:25:52] midterms, um, it wouldn't be a
[00:25:56] surprise, it's the, norm in American elections that the midterm
[00:25:59] elections go against the incumbent, so... that would
[00:26:02] be um not necessarily a
[00:26:06] surprise if that happens, the the more important thing from my
[00:26:10] perspective is what happens in in not the mid terms, what
[00:26:14] happens in two years, and I think in order
[00:26:17] for um an alternative to the economic policies of
[00:26:21] Trump to emerge, there would be need for the Democratic
[00:26:25] Party embrace some the more populist sort of
[00:26:28] proposals on the left the democratic.
[00:26:32] party that address exactly those issues, the issues of
[00:26:36] affordability of affordability, not just of gas, but affordability
[00:26:40] of of healthcare, affordability of
[00:26:43] of education, you work
[00:26:45] which
[00:26:46] a is university you, is I very expensive,
[00:26:48] and and
[00:26:49] I think that those issues uh will certainly affect not
[00:26:53] only just the midterm, but the future presidential elections in in
[00:26:57] two years and a
[00:26:57] half.
[00:27:22] Don't let the news fool you, many items are cherry picked to
[00:27:26] present vibrant US economy, that is not the case, there
[00:27:30] are many outlets that also revealed. the true numbers and
[00:27:34] facts, but not enough of it. the economic situation in the US
[00:27:38] is pretty bad and the US president knows it, but oddly
[00:27:41] enough he conducts policies that appear to want to
[00:27:45] hurt the US consumers. this is the website page of
[00:27:48] economic divide. feel free to browse through all of our previous programs and tell
[00:27:52] us how you're doing. i'm Kyoraj and I'll see you next
[00:27:55] week.
[00:30:07] The headlines: Yemani armed forces say they have conducted major
[00:30:11] military operation against Saudi-backed mercenaries in Yemen who
[00:30:15] were planning to attack the capital Sana.
[00:30:19] Iran dismantles a network spying for Musad in Kerman and a
[00:30:23] terrorist cell planning attacks in insistan and baluchastan
[00:30:27] province. And also
[00:30:31] coming up there's really troops. raid the golandia refugee camp in the west bank
[00:30:35] for the second day, they have also injured at least eight people in
[00:30:39] southern
[00:30:39] Lebanon.
[00:30:54] It's half past midnight in the Iranian capital to everyone,
[00:30:57] welcome. Germany armed forces say they have carried
[00:31:01] out a larger scale. military operation against some