The MeidasTouch Podcast: "Trump LIES on Economy already BACKFIRE in his Face" (Release Date: November 21, 2024)
In this compelling episode of The MeidasTouch Podcast, hosts Ben Meiselas, Brett Biggs, and Jordy Meiselas delve into the unfolding economic repercussions of former President Donald Trump's policies. Through insightful analysis, engaging brotherly banter, and a keen examination of media narratives, the Meiselas brothers argue that Trump's economic promises are not only unfulfilled but are actively undermining the U.S. economy.
1. Contrasting Washington Post Headlines: The Prelude to Economic Chaos
Timestamp: [00:00]
Ben Meiselas opens the discussion by highlighting two contrasting headlines from The Washington Post. The first, released immediately after the election, contends that Trump should "take credit for Biden's economy," suggesting that Trump lacked effective economic strategies. The second headline, more recent, points out that "Mortgage rates are up," directly linking the chaos Trump has introduced in Washington, D.C., to rising mortgage rates.
Quote:
"Mortgage rates are rising again, nearing 7%. Donald Trump got elected promising the opposite. He said the following. We will drive down the rates so you will be able to pay 2% again and we will be able to finance or refinance your homes drastically." ([00:00])
This juxtaposition sets the stage for analyzing how Trump's anticipated economic policies are already affecting key financial indicators.
2. Trump's Economic Impact: Raising Mortgage Rates Preemptively
Timestamp: [00:45]
Ben elaborates on the Washington Post's analysis, explaining that economists believe Trump's approach has unsettled the bond market, the primary influencer of mortgage rates. Despite the Federal Reserve's efforts to cut benchmark interest rates, mortgage rates have climbed due to investor fears of Trump's "inflationary" economic agenda.
Key Points:
- Rising Mortgage Rates: From Trump's promise of 2% rates to the current near 7%.
- Investor Anxiety: Concerns over Trump's potential policies, including trillions in deficit spending and hefty tariffs, are causing market volatility.
- Tariffs Explained: Unlike Trump's 2016 claims of tariffs benefiting Americans, current tariffs are "a tax passed through to the consumer," raising costs for goods.
3. Corporate Concerns: Walmart's Response to Potential Tariffs
Timestamp: [04:40]
The conversation shifts to Walmart's CFO, Brett Biggs, who voices apprehensions about the impending tariffs Trump has promised. These tariffs are anticipated to inflate costs for consumers, directly impacting Walmart's pricing strategy.
Quote:
"As we have said before, our goal is to be the low price leader. We want to manage margins with customers and shareholders in mind, have mitigation strategies that have been in place for months. But increased tariffs will increase prices for our customers." — Brett Biggs ([04:40])
Impact:
- Consumer Prices: Higher tariffs mean increased prices at Walmart stores.
- Stock Market Reaction: Walmart's stock plummets as investors react to the potential rise in consumer costs.
4. Media Narratives: Fox Business' Blame-Shifting Tactics
Timestamp: [08:17]
Ben criticizes Fox Business for attributing Target's poor sales and stock performance to irrelevant factors like LGBT merchandise, rather than addressing the real economic threats posed by Trump's policies. This, he argues, is part of what he terms the "authoritarian loop," where media outlets align with certain political narratives regardless of factual accuracy.
Quote:
"Fox Business now is blaming. Who do you think Fox Business is blaming for Target's poor third quarter and the weak sales in the future that's predicted by Target. Did you guess gay people? Well then you would be right because that's who Fox blames for basically everything." — Ben Meiselas ([08:17])
Example Clip:
"If you remember, the LGBTQ merchandise really offended young mothers. Wow. And that's, I think, the issue. It's still haunting them." — Fox Business Host ([08:40])
This segment underscores the podcast's stance against what they perceive as biased and unfounded media narratives that distract from genuine economic issues.
5. Juxtaposing Economic Records: Biden vs. Trump
Timestamp: [09:26]
Ben contrasts President Biden's economic achievements against the negative portrayal of Trump in media outlets. He highlights several key economic indicators where Biden's administration has excelled:
- Unemployment: Record lows.
- Job Creation: 16 million jobs added.
- Inflation Control: Better managed than any other country.
- GDP Growth & Wages: Significant record growth.
- Manufacturing Boom: Surging under Biden.
- Energy Independence: Increased domestic oil drilling surpassing Trump's efforts.
Quote:
"We get the anatomy of their propaganda right here. One of the things that I've called the authoritarian loop." — Ben Meiselas ([06:44])
Ben emphasizes that despite claims from certain media sources, the data overwhelmingly supports Biden's positive economic impact, urging listeners to focus on facts over propaganda.
6. Energy Sector Analysis: Domestic Oil Drilling Under Biden
Timestamp: [09:44]
The discussion turns to energy independence, where Ben points out that Biden's administration has surpassed Trump's in domestic oil drilling. He refutes Trump's longstanding slogan "drill, baby, drill" by citing geological constraints and reports like that of Harold Hamm, suggesting that Trump's promises to dramatically increase oil production are unrealistic.
Key Points:
- Drilling Efficiency: Biden's administration has optimized domestic oil drilling more effectively than Trump's.
- Climate Focus: Biden not only increases drilling but also emphasizes climate change, balancing energy needs with environmental concerns.
- Geological Constraints: Limitations in untapped oil reserves hinder exponential growth in production despite policy.
7. Conclusion: Prioritizing Data Over Propaganda
Timestamp: [09:57]
Ben concludes by reiterating the importance of relying on data and factual analysis rather than succumbing to media-driven narratives. He encourages listeners to "do your research" and emphasizes that The MeidasTouch Network remains committed to presenting unvarnished truths about the economy and political strategies.
Closing Remarks:
"Everything. Trump, Trump, Trump. No, let's focus on the data. Let's focus on the facts. That's what we're going to do here at the Midas Touch Network." — Ben Meiselas ([09:57])
Ben wraps up by inviting listeners to subscribe and stay informed through their newsletter, promising continued dedication to uncovering and analyzing the realities of current events.
Final Thoughts
This episode of The MeidasTouch Podcast offers a thorough critique of Donald Trump's economic policies and the subsequent impact on the U.S. economy. By dissecting media narratives, highlighting corporate responses, and juxtaposing presidential economic records, the Meiselas brothers provide listeners with a detailed examination of how Trump's actions are already affecting key economic indicators, from mortgage rates to consumer prices. The episode serves as a clarion call to prioritize factual analysis over biased media portrayals, reinforcing the podcast's mission to support democracy through informed discussions.
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