Work the eye
Many of the Trump 2.0’s problems are self-inflicted, but public pushback has opened a metaphorical cut over its eye. YOUR pushback works. Trump himself will never admit it, of course. But his rapid retreat on his tariffs on Wednesday after investors started dumping U.S. bonds proves he’s vulnerable. The bond market was getting “a little queasy,” Trump admitted this morning. Investors predicted a Trump recession. Trump retreated.
U.S. bonds are normally a haven in rough economic seas. But not in a Trumpish storm:
But in the past few days, money has been seeping out of the bond market, which is making these bonds much cheaper, generally. That is pushing yields on bonds higher, because bond yields move inversely to their prices.
The sell-off unnerved the White House enough on Wednesday, per reports, that Trump issued a 90-day “pause” in implementing his retaliatory tariffs (above a 10 percent base) except for China.
That may not be the only data shaking Trump’s public confidence. A Quinnipiac poll reveals Americans very unsettled by Trump’s handling of the economy. (See image at top. Remember how he’d lower prices on Day 1?)
That lowering prices thing ain’t working, whatever lies he’s telling. Plus, as Rachel Maddow noted Wednesday night, nine out of the 10 largest drops in Dow Jones history happened on Trump’s watch.
The frenzy of vandalism against the Social Security and Medicare systems by Elon Musk’s DOGEes has raised hackles among seniors and Medicare recipients. “Now, after nearly a month of chaos and backlash,” DOGE plans for eliminating phone support and forcing users to use direct deposit is dead, reports The Washington Post:
According to an internal memo obtained by The Washington Post, plans to force people awarded retirement, disability and Medicare benefits to set up direct-deposit payments online or in person have been canceled after the agency concluded it could vet these transactions for fraud by phone. Those applying for benefits can also continue the process by phone without the need to go online or visit an office in person, according to the Monday memo from acting deputy commissioner Doris Diaz to acting commissioner Leland Dudek.
Pushback works. Protesting works. Pressure works.
The shift amounts to a wholesale retreat by Musk’s team and the Social Security leadership in their bid to dramatically curtail telephone access to services. The changes announced by Dudek in March and pushed by members of the DOGE team would have directed all people filing claims to first verify their identity online or in person. The new system would have removed a phone option, in place for years, which has come to be a mainstay for the 73 million Americans who rely on Social Security for retirement, survivor and disability benefits and Medicare claims.
Emails went out to Social Security employees this week instructing them not to have any correspondence with “Congressional” actors or “Advocates.” They’re circling the wagons. “An agency spokesman denied that anyone had been told not to respond to inquiries from lawmakers.” Okay.
This is an ongoing saga. But the takeaway is that a million(s?) people in the street, a national outcry, and market unrest has Musk-Trump off balance, and maybe reeling. Great.
Keep punching and work the eye.
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