The Noose Tightens on ‘Old Macdonald’
“The government is doing everything it can to distract us from real issues that need fixing,” says our first reader, “[such as] our outlandish national debt and the impending pension crisis.
“I will not blame one individual party because they are both completely irresponsible and out-of-touch with reality.”
Another reader brings up trade-war controversy:
“The trade issue does need to be settled but anyone who believes China will pay the tariffs is an IDIOT. The American consumer will pay with higher retail prices on imported goods. Of course, having to pay more might make people think twice about buying American-made products.
“The only way this issue will be resolved is for everyone to bear the brunt of higher prices so the government realizes it’s at risk of being replaced if this lasts too long.”
Our final contributor weighs in on the Mueller report:
“No, Trump was not vindicated and anyone who read the Mueller report would know that. I personally hope that he is impeached and sent to prison… [and] I voted for the jerk.
“I wish he would resign so our government could get back to work on issues that concern our safety and well-being. But Trump will try to hold on because when he steps out of the Capitol after he is defeated, he will be arrested by the state of New York.”
All that to say, folk, we’ve got issues: the national debt, pension crisis, U.S.-China trade war, Mueller report, impeachment… the list goes on.
What issue is top-of-mind as far you’re concerned?
We’ll feature your opinions — along with responses to bitcoin as a safe haven — tomorrow.
Your Rundown for Tuesday, May 14, 2019:
Putting the Squeeze on ‘Old Macdonald’
“American farmers, among Donald Trump’s most loyal supporters, face mounting financial pain from the president’s trade war with China and the growing risk that the damage will outlast the conflict,” says an article at Bloomberg.
Especially hard hit are Michigan soybean farmers who historically sell half their $1-billion crop overseas. And trade tariffs have only compounded damage done by spring floods; altogether, soybean futures are down 20% from last year, priced the lowest in over a decade.
“The noose is getting tighter,” says Jim Byrum, president of the Michigan Agri-Business Association.
“We have lost market opportunities. We’re not shipping soybeans around the world like we normally would. We’re not shipping them to China. China was our biggest soybean consumer, and they’re not moving.”
And this is nothing new. The trade war has already affected American agriculture; exports to China plummeted from $19.6 billion in 2017 to just $9.2 billion last year. Meaning, on average, farmers’ income dropped 16% last year — this even after $15 billion in farm subsidies from the federal government.
As the noose tightens on farmers, do you think Trump’s in danger of losing this segment of his base?
Market Rundown for Tues. May 14, 2019
S&P 500 futures are up 15 points to 2,822.
Oil’s up 69 cents to $61.63 for a barrel of WTI.
Gold’s lost $2.80 to $1,299 per ounce.
Bitcoin — sheesh — is up $344.10 to $8,149.50.
Have a day. We’ll talk tomorrow.
For the Rundown,