The Majority Report with Sam Seder
Episode 2470 - Recession Watch; Trump’s NLRB Firing Blocked w/ Matt Bruenig
Release Date: April 7, 2025
Host: Emma Vigeland (filling in for Sam Seder)
Guest: Matt Bruenig, Labor Lawyer and Contributor at NLRB Edge

Introduction

In this episode of The Majority Report, host Emma Vigeland steps in for Sam Seder to delve into pressing political and economic issues. The primary focus centers on former President Donald Trump's controversial tariffs and his failed attempt to fire Gwen Wilcox, a Democratic-appointed member of the National Labor Relations Board (NLRB). Additionally, the segment touches upon broader economic concerns, including recession forecasts and the tumultuous Israel-Gaza conflict.

Trump’s Tariffs and Economic Fallout

Emma Vigeland opens the discussion by highlighting Trump's steadfast position on implementing tariffs despite severe market repercussions. She asserts that "Trump is holding firm on these tariffs," suggesting that his actions are destabilizing the global economy to consolidate his power. Vigeland critiques Trump's strategy, stating, “Trump is holding the entire global economy hostage and tanking it because he wants every leader to come kiss his ring” (00:08:00).

Key Points:

• Economic Impact: US stocks have plummeted, losing over $6 trillion in value over two days, exacerbating fears of a recession, with JP Morgan predicting a 60% likelihood (00:00:00).
• Trump’s Justifications: Matt Bruenig challenges Trump's understanding of trade deficits, explaining, “Trump really is into the idea of every world leader coming and cutting a deal with him” (36:05).
• Consumer Burden: Vigeland explains how tariffs effectively function as a regressive sales tax, burdening consumers despite being nominally paid by importers (08:29).
• Capital Flight: Bruenig argues that indiscriminate tariffs fail to incentivize domestic production, contrasting them with successful industrial policies like the CHIPS Act (40:13).

Notable Quotes:

• Matt Bruenig: “Tariffs can't [finance tax cuts]. But that's what Navarro is basically [implying].” (19:39)
• Vigeland: “If you view it as an authoritarian consolidation of power, it makes a little bit more sense.” (00:08:00)

Legal Battle: Trump vs. NLRB

A significant portion of the episode focuses on the legal tussle surrounding Trump's attempt to fire Gwen Wilcox from the NLRB. Emma Vigeland provides an overview of the saga, noting the repeated firings and reinstatements that have left the board without a quorum, effectively paralyzing its operations.

Key Points:

• Gwen Wilcox’s Firing: Trump’s unilateral attempt to remove Wilcox was deemed illegal by the D.C. District Court, which reinstated her (40:56).
• Judicial Conflict: Lower courts oscillated between firing and reinstating Wilcox, undermining the NLRB’s functionality and creating uncertainty for labor disputes (40:56).
• Supreme Court Precedent: Bruenig references the Humphreys Executor case (1935), which safeguards removal protections for multi-member boards like the NLRB, emphasizing that current legal actions violate established precedent (47:11).
• Potential Consequences: Without a functional NLRB, employers could sidestep the National Labor Relations Act, jeopardizing workers' rights and unionization efforts (43:30).

Notable Quotes:

• Matt Bruenig: “It's insane that they're not deference to Humphrey's executor, which is the law of the land.” (48:24)
• Vigeland: “This effort to freeze the NLRB has the potential to give free rein to any employer that wants to union bust.” (43:55)

Recession Predictions and Market Instability

The episode also delves into the ominous economic forecasts from major financial institutions, underscoring the precarious state of the US economy.

Key Points:

• Recession Odds: JP Morgan’s 60% prediction aligns with Goldman Sachs' assessments, painting a grim outlook for the near future (00:00:00).
• Stock Market Plunge: A dramatic loss of $6 trillion in US stock value over two days heightens fears of an impending recession (00:00:00).
• Impact on Retirement: Vigeland highlights the devastating effects on retirees, with many seeing significant drops in their 401(k) accounts due to market instability (timestamps 13:15 to 18:33).

Notable Quotes:

• Kristen Welker (at 08:29): “What we saw with President Reagan… there was some choppiness at that time, but he held the course and we're going to hold the course.”
• Vigeland: “40% of Americans don't even own stocks. And the 1% own over 50% of stocks.” (10:39)

Impact on Retirees and 401(k) Savings

The discussion shifts to the disastrous impact of the economic downturn on retirees, emphasizing the vulnerability of those nearing or in retirement due to their reliance on 401(k) savings.

Key Points:

• Market Exposure: Retirees who are heavily invested in the stock market face significant losses, threatening their financial security.
• Defined Contribution Plans: The shift from defined benefit pension plans to defined contribution plans has increased retirees' exposure to market volatility (14:56).
• Real-Life Consequences: Personal anecdotes from retirees illustrate the emotional and financial strain caused by the market crash (18:33).

Notable Quotes:

• Allison Carey, 64: “I don't want to have to worry that everyone is constantly changing my financial reality.” (14:13)
• Vigeland: “If you’re invested in the stock market, that’s more money for these people to play with.” (18:35)

Israel-Gaza Conflict and Genocide Concerns

Towards the latter part of the episode, Vigeland brings attention to the escalating violence in Gaza and Israel's aggressive actions, highlighting allegations of genocide and ethnic cleansing.

Key Points:

• Mass Graves: Reports and video evidence contradict Israel's claims that medics killed in Gaza were militants, revealing them as innocent first responders (20:14).
• Humanitarian Crisis: The ongoing conflict has led to significant civilian casualties, including children at risk of paralysis due to blocked medical supplies (22:17).
• International Reporting: Vigeland references credible journalism, including a Fox News segment, that exposes Israel’s violent actions against Palestinian medics (21:53).

Notable Quotes:

• Paramedic Statement: “Forgive me, mother. This is the path I chose to help you.” (22:15)
• Vigeland: “Israel is rapidly escalating its genocide and land grab… at one of the most dangerous stages of this genocide.” (24:13)

Government and Policy Critiques

Vigeland and Bruenig critique broader government policies, including attempts to undermine Social Security and mismanagement of federal workforce reductions, which contribute to systemic instability.

Key Points:

• Social Security Struggles: Chronic website crashes due to workforce cuts exacerbate vulnerabilities for seniors who rely on these benefits (00:00:00).
• Health and Education Policy: The episode briefly touches upon Biden and Trump administrations' conflicting policies on healthcare and education, emphasizing the detrimental effects on public services (51:22).

Notable Quotes:

• Bruenig: “Public investment can be directed towards that [industrial goals]. But private investment, unless you set up the return environment so that it perfectly aligns with that goal, they're not going to put their money where you want them to.” (40:13)
• Vigeland: “These smaller countries shouldn’t be selling more to the United States than we’re selling to them. It’s literally impossible.” (12:57)

Conclusion and Call to Action

As the episode wraps up, Vigeland urges listeners to support The Majority Report by becoming members, emphasizing the importance of independent media in combating misinformation and political maneuvering.

Notable Quotes:

• Vigeland: “Life can get hectic and finding comfort and calm is essential. With Cozy Earth, you can create that space that feels like a personal retreat where comfort and serenity come together naturally.” (24:13, referencing skipped advertisements)
• Closing Remarks: Vigeland briefly mentions ongoing conflicts and the need for continued vigilance against authoritarian tactics, ultimately reinforcing the show's mission to highlight and support progressive causes (57:30).

Key Takeaways

• Authoritarian Strategies: Trump's implementation of tariffs and attempts to disrupt the NLRB signal potential moves towards consolidating power and undermining democratic institutions.
• Economic Crisis: The aggressive tariffs have precipitated a significant market downturn, increasing the likelihood of a recession and jeopardizing the financial security of millions, especially retirees.
• Labor Rights Under Threat: The legal battles concerning the NLRB hinder the board's ability to function, posing a severe threat to labor rights and unionization efforts across the private sector.
• Humanitarian Concerns: The Israel-Gaza conflict continues to escalate, with credible reports indicating severe human rights violations and potential genocide.
• Systemic Policy Failures: Government policies under conservative influence are systematically eroding social safety nets and public services, exacerbating economic and social inequalities.

Recommended Actions for Listeners

• Stay Informed: Follow The Majority Report and contributors like Matt Bruenig to stay updated on labor rights and economic policies.
• Support Progressive Policies: Advocate for policies that protect labor rights, secure retirement savings, and promote fair trade practices.
• Engage Politically: Participate in protests and support movements opposing authoritarianism and defending democratic institutions.
• Support Humanitarian Efforts: Contribute to organizations working to alleviate the humanitarian crisis in Gaza and support victims of conflict.

For more in-depth analysis and updates on these issues, visit NLRB Edge and consider supporting The Majority Report through membership at jointhemajorityreport.com.