I openly admit that I am a progressive. I make no excuses or apologies for that. While most of the news I consume comes with that slant I do expose myself to several legitimate conservative sources. It is important we make a distinction between true conservatives and those who have coopted the label but are for the most part just largely ignorant right wing radicals. Conservative and crazy are not synonymous. Let’s explore.
Of late I have taken to scanning Bloomberg Businessweek. It is far from a liberal publication, but it does stick to the facts – the real ones, not the Kellyanne Conway ones. In the January 21st edition it did a piece on the economic impact of the Trump Shutdown 3.0 and projected into the near future just a bit. Interestingly its findings and predictions are very similar to those of liberals like me and Dr. Paul Krugman. I’d like to briefly explore seven below and suggest you read the article for a fuller description.
“The safety net unravels”. Specifically they speak of SNAP and housing assistance money drying up as soon as February.
“The government stops paying rent”. The GSA pays the rent on spaces that the federal government rents from private citizens or business entities. The law prevents the eviction of federal tenants (which would be a problem in itself) leaving the landlords with only the option of suing the government often in a federal court system that is cash strapped (more on that below). If find it difficult to see a winner in this one.
“Workers walk off the job.” Simply put how long will people continue to work without being paid? Also, how long can they afford to do so? You get the idea and its domino effect.
“Sand gets thrown in the wheels of justice.” As of January 25th the federal court system is basically out of money. Not bad if you run an organized criminal enterprise but if you are a law abiding citizen it is a different story.
“Intellectual property goes unrecognized.” I will directly quote Bloomberg’s first sentence in this section: “Because it can’t collect fees, the Food and Drug Administration isn’t accepting applications for new medicines.” Am I the only one who sees a problem and the probable loss of lives here? The Trump Shutdown 3.0 is also affecting patent processing which will stifle innovation.
“Initial public offerings are set back.” With the SEC shuttered private companies cannot go public. Regular readers know I largely dismiss the stock exchanges as a legal gambling casino for rich boys but taking private companies public does enable research and marketing that helps increase the average American’s standard of living. The SEC is also the “cop on the block” for securities fraud. This situation also makes for problem in publically traded companies disclosing information to investors. The only possible winners I see here are crooks.
“Business grinds to a halt.” This may be a bit overdramatic, but only a tad. Already deals and approvals are on hold. Certainly the wheels of commerce have been slowed. They may not stop but they are being prevented from accelerating.
My critics call me an ultra-liberal and there is some truth to that charge. I defy them to label Bloomberg as the same.
Note: the article I refer to was found on pages 34 and 35 of the January 21, 2019 edition of Bloomberg Businessweek.
This article is the property of tellthetruthonthem.com and its content may not be used without citing the source. It may not be reproduced without the permission of Larry Marciniak.