Posted originally on Nov 10, 2025 by Martin Armstrong |
The US workforce saw a brief bump in hiring this October, coupled with a steep rise in firings. The Bureau of Labor Statistics will likely not publish job data again this year due to the government shutdown. The Federal Reserve’s preferred gauge of the US workforce is unavailable, but what we do have is independent data from the ADP and Challenger, Gray & Christmas.
On one side, the private sector scored its first notable month of hirings since July 2025. The ADP estimates that employers brought on 42,000 new employees last month, exceeding expectations. Mega corporations led in new hires for the month. Trade, transportation, and utilities added 47,000 new jobs, followed by education and health care at 25,000. Professional business services experienced a 15,000 loss, information positions were cut by 17,000, and leisure and hospitality shed 5,000 jobs.
Pay increased at a 4.5% annual rate. Some see the ADP data as promising, considering the 29,000 positions lost in September.
However, Challenger, Gray & Christmas found that firings in October peaked at a 22-year high. Job cuts for the month surged 183% from September to 153,074, also marking a 175% annual rise. This is the highest reading for layoffs in October since 2003. The agency found that 2025 has seen the steepest layoffs since the Great Recession era of 2009.
“Like in 2003, a disruptive technology is changing the landscape,” said Andy Challenger, workplace expert and chief revenue officer at the firm. “At a time when job creation is at its lowest point in years, the optics of announcing layoffs in the fourth quarter are particularly unfavorable.”
Nonprofit agencies shed 27,651, a 419% annual rise. The agency reported that 27,651 jobs in the tech sector, an area that is rapidly shrinking, with total layoffs coming in six times higher than in September.
AI replacement is fueling the workforce contraction that was ignited by a loss of confidence. Lower rates did not entice companies to expand their workforce last month, as they see no growth in the future. Companies will continue to replace jobs with AI or outsource to India where possible. Cities requiring a high minimum wage will begin moving to AI immediately.
There have been over 1.1 million layoffs in 2025, a 65% increase from the same time period in 2024. The economy has not seen such a “softening” since the world shutdown in 2020. Our computer models indicate that this is, unfortunately, the beginning of a trend, and we will see companies continue to downsize in 2026.
Posted originally on Nov 10, 2025 by Martin Armstrong |
I have written about how in 260AD, Emperor Valerian (253-260AD) led the Roman army against the Sassanian Persian Empire, ruled by King Shapur I. At the Battle of Edessa, the Roman army was decisively defeated, and Valerian was taken prisoner. This was an unprecedented and catastrophic event—a Roman Emperor had been captured alive on the battlefield. That was the first time in history. That set off a financial panic.
When Valerian was captured and Rome could not rescue him, the confidence in the Empire began to collapse. People were even suddenly skeptical about accepting Roman coins. Would they still be worth anything since they were valued over and above their actual metal content?
A document from Egypt has survived illustrating the financial crisis that was unleashed. It is from Aurelius Ptolemaeus who is the strategus of the Oxyrhynchitenome. The public officials gathered and accused the bankers of closing their doors on account of their unwillingness to accept the divine coins of the Emperors. It became necessary that an order had to be issued to all the owners of the banks directing them to open and accept and exchange all coins except the absolutely spurious and counterfeit. It was also directed that all who engaged in business transactions who refused to comply would be penalized. (POxy 1411 260AD, cited by Burnett 1987: p104)
Valerian’s capture was a massive propaganda victory for Shapur. Persian inscriptions and rock reliefs (like at Naqsh-e Rostam and Bishapur) show Valerian humiliated—submitting to Shapur on his knees, or being held captive by the king. This is what Iran has turned into a statue.
Valerian’s body was never returned to Rome and his son, Gallienus couldn’t rescue his father because the entire Roman world was on fire, and leaving the heart of the empire undefended would have meant its immediate collapse. While Valerian was in the East, Gallienus was fighting for his life in the West.
Massive invasions by the Germanic tribes, the Alamanni and Franks, had broken through the Rhine frontier, penetrating deep into Gaul, Raetia, and even reaching as far as Italy and Spain. The Goths and other tribes were launching devastating seaborne raids across the Black Sea and the Aegean, attacking the Balkans and the coast of Asia Minor. If Gallienus had marched the bulk of his army east to Persia, there would have been nothing to stop these Germanic tribes from overrunning Italy and sacking Rome itself.
The capture of Valerian created a power vacuum and a perception of weakness that immediately led to rebellion also within the Roman Empire. Just after Valerian’s capture, the military commander Postumus was proclaimed emperor in the West. He seized control of Gaul, Germania, Britannia, and Hispania, creating a separate, breakaway empire that would last for 14 years. Gallienus spent the next several years fighting Postumus in a civil war, unable to dislodge him.
In the East, the Sasanian Persian King Shapur I, who had previously captured Roman Emperor (Valerian), invaded the eastern Roman provinces. With the central Roman government in crisis (the period known as the Crisis of the Third Century), it fell to Zenobia’s Palmyrene forces to defend the region. Zenobia’s brilliant general, Zabdas, was the primary military commander in these campaigns. The Palmyrene army soundly defeated the Persians, pushing them back and even securing territories like much of Roman Arabia and parts of Egypt.
This period saw a revolving door of emperors and usurpers. Gallienus himself had to deal with at least eighteen known usurpers during his reign. Marching east would have been an open invitation for another general to seize Italy. This is where the legend comes in. The most gruesome account comes from the later Roman historian Lactantius, a Christian writer who was deeply hostile to the pagan emperors who had persecuted Christians (Valerian was one of them). He claims that Valerian died in captivity, King Shapur had his body flayed (skin removed). The skin was then tanned and dyed with vermilion (a red pigment). This preserved, red-colored skin was then stuffed with straw and put on display in a Persian temple as a permanent war trophy and a symbol of the Persian victory over Rome. Most assume that this account was invented as a powerful piece of moralizing propaganda piece as the fate of pagans.
Iran Resurrecting this Historical Event is to show that Iran defeated even the Roman Empire
Posted originally on Nov 9, 2025 by Martin Armstrong |
I still maintain that criminal charges should be filed for this is clearly election interference. Until journalists are criminally charges for falk news, the public will NEVER get the truth about anything.
Posted originally on Nov 9, 2025 by Martin Armstrong |
COMMENT: The latest that the pipe bomb was planted in a desperate effort to turn January 6th into a civil war to invoke the 14th Amendment to prevent Trump from ever running for office is no different than you cost Soros $2 billion, Safra $1 billion and so on by forecasting Russia would collapse and they retaliated since you refused to invest $10 billion for their regime change in Russia. The recent revelation that the neocons at the CIA assassinated JFK, all have a common thread. It has always been about the conquest of Russia. This makes Watergate look like child’s play, and even that was carried out by ex-CIA operatives. No wonder JFK wanted to shut down the CIA. This is about running the country and eliminating all our freedoms. With your track record in forecasting, unmatched by anyone else, you should be on the front page of the Wall Street Journal. Mainstream media ignores you because they take their orders from this same group.
With each revelation, the real enemy is within, not Russia.
LM
ANSWER: This is a coup against the American people. Everywhere you turn there are people with their fingers in this pot. They would not even allow Bobby Kennedy to run on the Democratic ticket. Kamala never stood in a primary, she was just appointed like Ursula in the EU. Screw Democracy. Everything they do is to keep the reins of power in the Deep State and it is far more sinister than most realize. The Neocons are well entrenched even in the Trump Administration right down to Scott Bessent.
Planting this pipe bomb outside the Democratic Headquarters was to make it look like Trump supporters are insurrectionists indeed to use the 14th Amendment against Trump. The only pretend Republicans allowed on the January 6th Committee were the Neocons – Liz Cheney and Adam Kinzinger, who said we could take Russia in 3 days and started “Republicans for Harris” all to keep WWIII in their control. Thank God Kinzinger was voted out of office in 2023.
I had tapes of bankers expressly saying that they were paying bribes within Russia to manipulate markets. In 1993, the Russian government established the company Almazyuvelirexport (AUEX). This entity was given a state monopoly on the export of precious metals (like platinum, palladium, and rhodium) and gemstones (especially diamonds). I was told that they paid bribes to cut off the sale of platinum to drive the price up so they could exploit the auto manufacturers. I was even approached by a lawyer for Ford who was considering filing a lawsuit against the bankers for that manipulation. The AUEX prohibited the right to export platinum, by anyone other than them. The bankers were even involved in a manipulation of rhodium which went from $700 in 1980. By 1995, rhodium had fallen back to roughly $500 per ounce, down from the spectacular 1990 peak above $6,000/oz — a drop of over 90% in five years.
The Soviet Union had built up massive stockpiles of PGMs, especially palladium. After the USSR collapsed in 1991, the new Russian government began selling these stockpiles to earn hard currency. This influx of metal kept global prices suppressed. Around 1995-1997, these stockpile sales suddenly slowed down and then largely stopped. The reasons were never fully transparent but were linked to deliberate strategy to support prices.
All the tapes I had were seized by the court to protect the banks, then the receiver who made that motion, Alan Cohen, magically became a board member of Goldman Sachs and continued to run my company from the board of Goldman. Then they claimed all the tapes were destroyed in the World Trade Center 911 attack to protect the banks.
It was Scott Bessent when he worked for Soros was the real architect of shorting the pound in 1992. He is the one that convinced Soros to take that trade. He was also with Soros in 1998/1999 when they were on investing in Russia along with everyone else. That is when I was asked to put in $10 billion to pull off a regime change in Russia and I refused. Bessent did not leave Soros until 2000. I do not know the full extent of his involvement in that trade other than he was there.
Scott Bessent has publicly taken a strongly anti-Vladimir Putin / pro-Ukraine stance — and while he stops short of explicitly calling for unlimited war, his statements clearly support Ukraine, declare Russia’s aggression unacceptable, and back aggressive economic measures against Russia. I question his motives and if this is still the same old story of the NY bankers and hedge fund boys trying to take over Russia and all the gold, oil, diamonds, platinum, lumber, rare earths will all go through NY dealing desks. I do not understand how
According to Wikipedia, Bessent was a Democrat and donated to them until 2024. He was an economic adviser and fundraiser for Trump’s 2024 campaign. That relationship with Trump helped position him for the nomination. I find this curious.
The people doing the movie on me filed for FOIA trying to get all the communications behind who was demanding we be shut down by the banks and hedge funds who were always trying to manipulate the markets and the CFTC claimed they had nothing refusing to turnover anything. It had long been implied that Soros was behind that as well, after losing $2 billion when on the pound trade he made only $1 billion. Yet, the CFTC refused to turn over anything as a Deep State controlled entity typically does.
The AP is reporting on information from the Senate. A deal has been reached.
WASHINGTON (AP) — The Senate is voting on the first steps to end the 40-day government shutdown Sunday after a group of moderate Democrats agreed to proceed without a guaranteed extension of health care subsidies, angering many in their caucus who wanted to continue the fight.
The group of three former governors — New Hampshire Sen. Jeanne Shaheen, New Hampshire Sen. Maggie Hassan and Independent Sen. Angus King of Maine — said they would vote to reopen if the Senate passed three annual spending bills and extend the rest of government funding until late January. Senate Majority Leader John Thune endorsed the deal Sunday night and called an immediate vote to begin the process of approving it.
“The time to act is now,” Thune said.
The deal would also include a future vote on the health care subsidies, which would not have a guaranteed outcome, and a reversal of the mass firings of federal workers that have happened since the shutdown began on Oct. 1. The full text of the deal has not yet been released.
[…] Republicans need five Democratic votes to reopen the government. In addition to Shaheen, King and Hassan, Democratic Sen. Tim Kaine of Virginia, home to millions of federal workers, also said he would support the agreement.
After Democrats met for over two hours to discuss the proposal, Senate Democratic leader Chuck Schumer said he could not “in good faith” support it. (read more)
Posted originally on CTH on November 9, 2025 | Sundance
CEO of Truth Social Devin Nunes appears on Fox News with Maria Bartiromo to discuss how the Trump Media Group was targeted by the Jack Smith operation and FBI Operation Arctic Frost. In combination with the Arctic Frost targeting, JPMorgan Chase debanked the Trump Media Group (Truth Social) after receiving a subpoena from Jack Smith.
Devin Nunes is demanding answers into the collaboration between JPMorgan and the FBI specifically to target Truth Social at the time the larger tech industry was deplatforming, cancelling and targeting anyone -including us- who represented a counter information network to the 2020 election outcome. This was part of a larger coordinated effort.
Nunes then follows up with a discussion of how former FBI Director James Comey specifically targeted Donald Trump in the 2016 election by aligning the FBI interests with the objectives of the Hillary Clinton campaign. Additionally, Nunes and Bartiromo then extend the discussion to how the CIA led by John Brennan and the DNI led by James Clapper joined in collaboration with the FBI and Clinton campaign. WATCH:
Thankfully, people in Washington DC are finally starting to realize the full scale of the Obama surveillance system. All of the evidence and datapoints -released and yet to surface- flow in one direction. Even the professionally reluctant are starting to admit.
What Obama, Biden, Comey, Crossfire Hurricane, Robert Mueller, Arctic Frost and Jack Smith were doing, was using their offices -and govt systems- to watch their opposition, spy on them, then take action based on the results.
From the perspective of Obama, Comey and Brennan, expanding Hillary Clinton’s Trump-Russia collusion narrative was the key element to hide the activity of the administration prior to the November 2016 election. That’s the motive for the FBI and CIA to collaborate on the agenda after the shocking outcome of the 2016 election result; but pay close attention to the activity of the primary “at risk” official, James Comey.
From a risk management perspective, initially the surveillance and spying operation was a low-risk endeavor. Obama held power and was going to hand off operations to Hillary. The Clinton administration would retain the officials who were doing the surveillance/spying, and no one would ever know.
Donald Trump was not expected to win the election. When he did, all of the participants were suddenly at risk. President Obama and every member of his cabinet involved in the spying operations, then used Clinton’s “Russiagate” smear to cover up Obama’s “Spygate” activity.
The IRS was used to identify targets 2010 through 2012, until discovered in April ’12. Suddenly, President Obama has a problem. President Obama then sends his Chief of Staff, Jack Lew, to run the IRS and block discoveries around the IRS weaponization.
♦ From 2012 through April 2016, the Obama administration was spying on their political opposition using the FBI to conduct surveillance through their access to the NSA database.
♦ In April 2016, NSA Director Admiral Mike Rogers was alerted by the NSA compliance officer who noted the uptick in database access activity by the FBI searching the Republican primary candidate field.
♦ Post April 2016, the Obama administration had a problem. Enter FBI operation “Crossfire Hurricane,” July 2016, in an effort to remove the political risk.
♦ October 2016, the FBI rushes a FISA application through the FISC, circumventing the missing ‘Woods File’, with the Chris Steele dossier as evidence.
♦ October 2016, NSA Director Rogers sends the first official notification of the FBI using the NSA database to the oversight body, the FISA Court.
♦ December 2016, worried about Trump now discovering the NSA database spying, the Obama administration wraps the Clinton smear into official policy, blaming the Russians and validating Crossfire Hurricane. That’s where the Intelligence Community Assessment becomes critical.
♦ May 2017, needing to extend the coverup of the FBI activity, special counsel Robert Mueller then takes over Crossfire Hurricane. All FBI evidence and personnel transfers to Mueller.
♦ April 2019, Robert Mueller operation wraps up, prior activity coverup shifts to Impeachment process.
♦ July 2019, John Durham kicks in extending DOJ/FBI control through 2020 election.
♦ Fall 2020, mail-in ballots triggered to facilitate 2020 election outcome.
♦ January 2021, FBI triggers unofficial Operation Arctic Frost, targeting Trump supporters and 2020 election researchers. FBI again using NSA database search queries to identify targeting.
♦ March 2021, unofficial FBI Arctic Frost results fed to J6 Committee and DHS. TSA trigger “Quiet Skies” targeting via results from Arctic Frost.
♦ August 2022, FBI raid on Mar-a-Lago to retrieve any evidence Donald Trump might have of FBI spying and surveillance activity.
♦ September 2023, Jack Smith targets congressional members who had contact with President Trump.
It’s one long continuum of coverup activity within Main Justice and the FBI, supported by all other various agencies who operate in support.
What are they covering up? The 2012 through 2016 political spying operation within the Obama administration, as carried out by the same Main Justice and FBI operations.
Posted originally on CTH on November 9, 2025 | Sundance
White House Economic Council Director, Kevin Hassett, is a straight shooter; he calls things as they are, not as many would pretend them to be.
On the issue of court orders demanding various cabinet secretaries spend money to fund the government, Director Hassett correctly reframes the issue around the law of federal spending that says money not appropriated for that expenditure cannot be spent. The Supreme Court will strike down, as they already have, any order not grounded in the law around government spending.
Hassett correctly warns that any cabinet agency who attempts to comply with a district or circuit court order, is running the risk of having a lawsuit filed against them for spending non-appropriated funds. This could be part of the reason why Democrats are purposefully not reopening government, to force the Trump administration into a catch-22 legally where they are going to violate the law either way.
Margaret Brennan stands jaw agape at the Machiavellian approach that Director Hassett outlines, “surely they would never do that” she proclaims. In response Hassett reminds Brennan that such Lawfare strategies are indeed part of the larger stop Trump movement. Video and Transcript Below.
[Transcript] – MARGARET BRENNAN: We begin this morning with the Director of the White House National Economic Council, Kevin Hassett. This is now the longest shutdown in American history. The treasury secretary told us two weeks ago November 15 was the hard stop for any paychecks going to US troops. Does that remain the point of exhaustion?
KEVIN HASSETT, DIRECTOR, NATIONAL ECONOMIC COUNCIL: Right, I think that- that’s about the right number. And the problem is that under the law, we’re not allowed to spend money that hasn’t been appropriated. And there is a law, the Antideficiency Act, that says that if a government official spends money that isn’t appropriated by Congress, which will only happen if the Democrats vote to open up the government, then you could even have criminal penalties. And so people are very carefully studying the law and trying to get as much money out the door as is legal. And we’re very glad that we found a way to get a lot of the SNAP money out, but it’s really pushing the boundaries of the law, which is why the Supreme Court had to take that ruling from Rhode Island and put it on hold.
MARGARET BRENNAN: Until the lower court rules–
HASSETT: Until the lower court goes back and comes up with a legal justification for what they said, because there probably isn’t one, sadly, which is why we have to get this government open. I mean, the fact is Goldman Sachs, they have a top economic team, and they’re estimating that we’ve already knocked about 1.5% off of GDP. I think that number is probably low if we keep going even a couple more weeks, because there’s going to be a massive amount of air disruption, especially around the holidays. And one of these things every now and then when we’re talking economics, you and I, we talk about seasonal adjustments and things like that. But the fact is that Thanksgiving, that Thanksgiving time, is one of the hottest times of the year for the economy. It’s Black Friday, you know, and all that kind of stuff. And if people aren’t traveling at that moment, then we really could be looking at a negative quarter for the fourth quarter.
MARGARET BRENNAN: Which is significantly disruptive to the president’s agenda. But to the point you were just making about food stamps, and we saw this Friday, a temporary stay by the Supreme Court that would block full food stamp benefits pending the lower court decision. The administration’s argument, as you just referenced there, was that it would be illegal to move around funding and to tap the Section 32 account at the USDA. But why not do this as a short term patchwork solution? Because you have found ways with the military pay to stretch things out. Why prioritize in that case and not do so with food?
HASSETT: Well, the president’s job, and all of our jobs, is to uphold the law. And when- I’m not a lawyer, but when the lawyers tell us–
[CROSSTALK STARTS]
MARGARET BRENNAN: But are–
HASSETT: what we can do–
MARGARET BRENNAN: — that wasn’t done with the military.
HASSETT: But, but, but yeah, I think that the military is different because of the commander-in-chief stuff. But the legal analysis suggests that we’re doing everything by the book, and then stretching things as much as we can, and basically trying to keep people from committing crimes. Which you know, you know about- in the season of lawfare, if you are a cabinet secretary and you spend money that’s not appropriated for that purpose in your cabinet, then they can come back and they can take you to court.
MARGARET BRENNAN: But you’re also making a political bet that Democrats aren’t going to challenge paying the military. Do you really think Democrats would challenge and take to court paying people for their food stamp benefits?
HASSETT: Let’s just say that we’ve seen Democrats–
MARGARET BRENNAN: –if, if Congress is going to fund it, when the shut- shutdown ends?
HASSETT: We- we’ve seen Democrats take to court people that- on really, really poor charges, and so I think they’re likely to do anything.
MARGARET BRENNAN: Well, it seems a political calculation is the point.
HASSETT: Well, we, we don’t have a political calculation. Our calculation is to get the government open, to get the food stamps to people, and to get people to be paid, 750,000 government workers aren’t getting paid right now. I know you’re talking to the Governor of Maryland in a minute. I’m sure his people are really hurting. Let’s just get the government open, and then let’s talk about things like the healthcare premiums, but do that through regular order.
MARGARET BRENNAN: So, it sounds like you are saying the position is the same, open the government, then we’ll talk about healthcare. But the president, just in the past 36 hours, has put out a number of social media posts. It sounds sort of like he’s proposing something in regard to health insurance payments. He said, I’m recommended- to Senate Republicans that hundreds of billions of dollars currently being sent to money-sucking insurance companies to save bad healthcare provided by Obamacare now be sent to the people so they can purchase their own much better healthcare. He also said they should terminate Obamacare. What does this alternative system look like? Because the entire standoff is about healthcare right now.
HASSETT: Right. Well, the president is, you know, a beautiful tactician, a beautiful negotiator–
MARGARET BRENNAN: This is an off–
HASSETT: –And this is- you know, what he said, he’s brainstorming and trying to help the Senate come up with a deal that can get the government open. And one of the things you could do is conservatives believe that they don’t want the government to micromanage people’s lives. And you know, everybody believes that people should have healthcare, and so why not take the people who have higher healthcare premiums and just mail them a check and let them decide? The reason why it could have an effect is that there are multiple tiers under the Affordable Care Act of different types of insurance, and it could be that people would rather have the money and go from like, you know, this kind of plan to that kind of plan and save themselves a little bit. And so that’s, that’s, you know, basically giving the people an opportunity to make more choices than the government usually lets them.
MARGARET BRENNAN: Is this the Senator Cassidy proposal?
HASSETT: I’m sure that Senator Cassidy and President Trump talked about it, but whether he agrees with everything that Cassidy- I haven’t talked to him about it yet.
MARGARET BRENNAN: Well, does the Republican leader in the Senate accept–
HASSETT: –The president–
MARGARET BRENNAN: –this proposal?–
HASSETT: — the president started this idea yesterday, I don’t think that it’s been discussed widely in the Senate yet.
MARGARET BRENNAN: So the president–
HASSETT: It’s the weekend.
MARGARET BRENNAN: –The Senate’s in session this weekend–
HASSETT: –Yes, the Senate is in session this weekend and we are–
MARGARET BRENNAN: because they’re trying to end the shutdown–
HASSETT: –And here I am.
MARGARET BRENNAN: But this is not the Republican Party’s position.
HASSETT: As of right now, it’s not the Senate position, but the president thought it was something they should think about.
MARGARET BRENNAN: Well, he seems to be negotiating before the government’s open.
HASSETT: He’s talking to his colleagues in the Senate on the Republican side.
MARGARET BRENNAN: But you would agree that there does need to be a deal on healthcare, that healthcare costs are too high.
HASSETT: Well, I think that if you look at the Affordable Care Act, these premiums weren’t made permanent by the Democrats during the COVID emergency because they’re worried about the budgetary costs. And so if you look at the premium increases, they don’t affect most people below two times the poverty line, three times the poverty line. But there are a lot of senior citizens that are above, like, around four times the poverty level, which with a husband and wife team would be about 120,000, that are seeing really big premium increases. And I think that everybody’s going to want to think about what the next step for that would be, because are seeing- again most people aren’t seeing much of an increase at all, but the maximum increases you’re seeing could be up to about $500 a month for seniors who have really costly plans.
MARGARET BRENNAN: The president has also been talking about affordability, and our CBS polling shows the president’s approval rating on the economy has dipped to 38%, the lowest of this term. 75% of those polled say he’s not focusing enough on lowering prices, but the president said this week Democrats are making it up and quote, “every price is down.” I’m sure you know the Consumer Price Index showed grocery prices are up nearly 3%, in September from a year ago.
HASSETT: –well–
MARGARET BRENNAN: –Do you dispute that?
HASSETT: Well, actually, let’s go through the facts, right? Inflation went up about 5% under President Biden. In President Trump’s first eight or nine months, depending where we get the last number, it’s up 2.7%. One of the big things that’s hurting affordability is mortgages. The interest rate went up by about 4%.
MARGARET BRENNAN: This is grocery prices–
HASSETT: –No, grocery prices are actually down significantly under Trump. But here’s the thing–
MARGARET BRENNAN: –but depends on which–
HASSETT: Let me– I’ll just make a point.
MARGARET BRENNAN: Okay.
HASSETT: That if you look at the real reduction in spending power for Americans under Joe Biden, then it went down about $3,000 because we had up to 9% inflation, and then they went to the grocery store, they couldn’t buy the things they’re used to buying. The real spending power, adjusted for inflation, under President Trump has gone up about $1,200 so far this year. $1,200 is not $3,000, and so people are right to feel stretched, but we’re making progress. And if you look at all the positive things about the economy, industrial production just about at an all time high, capital spending about at an all time high, GDP growth right now about 4%, then that shows that the income growth that we need to get more affordability is on the path to happening. And the bottom line is that the last Consumer Price Index surprised down. It was lower than expected, and it would have been even lower because there was a refinery shutdown that caused it to go slightly higher. So we see inflation under control and the economy booming, but we understand 100% why people are still hurting, because we haven’t made up all the room that was lost under Joe Biden.
MARGARET BRENNAN: So are you comfortable with 3% inflation?
HASSETT: I’m comfortable with 2% inflation.
MARGARET BRENNAN: So no, you’re not happy where things are now.
HASSETT: Well, they got to go down a little bit more, but there- but the point is that inflation is like the Queen Mary, my friend Alan Greenspan used to say, so when you go from almost 4% that we had in January down to the mid twos, then that’s a trajectory that usually has momentum.
MARGARET BRENNAN: So the St. Louis Fed found tariffs account for half a percentage point of the annual inflation rate. How much do you think the tariffs are hiking prices?
HASSETT: You know, there’s a couple of papers out there that say that prices went up by between two tenths and five tenths. And the thing to remember, if those papers are true, is that that’s a level adjust, because the tariff goes in, and then the tariff is just there, so it doesn’t affect inflation in the future. It would be a one time level adjust. Our estimates at CEA are much closer to zero, and it’s all based on modeling and assumptions about elasticities and things. But for the most part, the one way you can see it is you could look at the price of imported goods, and the price of imported goods, CEA put a report out, has actually been declining under tariffs. Because what happens is that the Chinese want to sell us lots of stuff, and there’s a tariff, so they cut their prices so that they can still have a larger market share in the US.
MARGARET BRENNAN: Kevin Hassett, always good to have you here. Of course, we have to leave it there for now. We’ll be right back in a minute. Stay with us.
Posted originally on CTH on November 9, 2025 | Sundance
Vice President JD Vance, the first vice president from the Marine Corps, delivers a 250th anniversary celebratory speech at the Marin Corps Ball.
Vice President Vance recognizes some remarkable members of the audience and shares insight from his time with them and from his time serving in the Marine Corps. This is a speech filled with massive patriotism and enthusiasm for the spirit of the U.S. military and the Marine forces within it. WATCH (prompted):
Posted originally on CTH on November 9, 2025 | Sundance
Treasury Secretary Scott Bessent appears on ABC This Week to combat the narrative engineering of DNC transcriptionist George Stephanopoulos.
Sometimes it’s worth watching Stephanopoulos, Bill Clinton’s former Chief of Staff, because he frames the political position, current and future, for the Democrat party. Video and Transcript Below:
[Transcript] STEPHANOPOULOS: And we’re joined now by the Treasury secretary, Scott Bessent.
Mr. Bessent, thank you for joining us this morning.
We’ve just heard about all these impacts from the shutdown — government shutdown right now. Are we starting to see — see a permanent impact on the economy?
TREASURY SECRETARY SCOTT BESSENT: Sure, George.
And good to be with you.
And we’ve seen an impact on the economy from day one, but it’s getting worse and worse. We had a fantastic economy under President Trump the past two quarters. And now there are estimates that the economy, economic growth for this quarter, could be cut by as much as half if the shutdown continues.
And what your correspondent didn’t talk about there, George, was there’s, of course, the human cost, and we’re going to have the busiest travel day of the year, the day after Thanksgiving. And, you know, Americans should look to five Democratic senators to come across the aisle to open that. But on the other side, there’s also, cargo is being slowed down. So, you know, we could end up with shortages, whether it’s in our supply chains, whether it’s for the holidays.
So, you know, cargo and people are both being slowed down here. And that’s for safety’s sake, George.
STEPHANOPOULOS: The president continues to post about ending the filibuster. Is that — is that the best way to end the shutdown right now? Is that what the administration’s position is?
BESSENT: No, George, the best — the best way to do it — and look, you were involved in a lot of these in the ’90s. And, you know, you basically called the Republicans terrorists and, you know, you said that it is not the responsible party that keeps the government closed.
And so, what we need is five brave, moderate Democratic senators to cross the aisle because right now it is 52 to three, 52 to three, five Democrats can cross the aisle and reopen the government. That’s the best way to do it, George.
STEPHANOPOULOS: I can disagree with you about the history there, but we don’t do history lesson right now.
BESSENT: No, George —
(CROSSTALK)
STEPHANOPOULOS: Let’s talk — let’s talk about — let’s talk about —
BESSENT: No, no, no. George, George, George —
(CROSSTALK)
STEPHANOPOULOS: Let’s talk — sir, let’s talk about what’s happening right now. I asked you a question —
BESSENT: If you want, I’ve got all your quotes here. I got all your quotes here, George.
STEPHANOPOULOS: I am sure — I am — I’m sure you do. But let’s talk about the situation right now —
(CROSSTALK)
BESSENT: And I went back and read your book. So, you got one — one purchase on Amazon this week. And that’s very much what you said.
STEPHANOPOULOS: That’s — it’s a mis — mischaracterization of history. But I do want to talk about right now, is the best way to end the — to end the shutdown right now to end the filibuster?
BESSENT: The best way is for five Democratic senators to come across the aisle. The — what are we on? Vote 13, 14, 15. Mike Johnson got the reopening out of the House very quickly.
And you know what — what’s changed since the spring, George, is — you know, is Chuck Schumer’s poll numbers. He had a clean continuing resolution in the spring.
And why are Democrats doing this now, George? Again, you’ve been involved with this. The — you know, explain what’s changed.
You know, Senator Chris Murphy gave the game away this week when he said, “Well, you know, now it’s to our advantage to keep the government closed.” They have turned the American people into pawns.
STEPHANOPOULOS: The president has also come forward with a new proposal overnight saying it’s time instead to do away with Obamacare, instead to have the money go directly to the people.
Do you have a formal proposal to do that?
BESSENT: We don’t have a formal proposal, but you know, what I have noticed over time is that the Democrats give all these bills the Orwellian names, the Affordable Care Act, the Inflation Reduction Act, and we end up with just the opposite. You know, the Affordable Care Act has become unaffordable, and the Inflation Reduction Act set off the greatest inflation in 50 years.
STEPHANOPOULOS: Well, I’m a little confused because the president been posting about that overnight and into this morning, but you’re not proposing that to the Senate right now?
BESSENT: We’re not proposing it to the Senate right now. No.
STEPHANOPOULOS: Then why is the president posting about it?
BESSENT: George, you know, the president’s posting about it, but again, we have got to get the government reopen before, you know, we do this. We are not going to negotiate with the Democrats until they reopen the government.
It’s very simple. Reopen the government, then we can have a discussion.
STEPHANOPOULOS: Let’s talk about affordability and inflation. That was one of the key concerns that voters said was on their minds as they were voting this Tuesday. It appeared to be the driving force in the elections. But President Trump is still insisting that prices are way down even though last month’s report showed inflation stuck at about 3 percent.
Are Americans worried about inflation just wrong?
BESSENT: Well, George, I can tell you, the — what we’re not going to do is what happened the — under the Biden administration where, you know, the administration and the media gaslit everyone and said, “Oh, you know, there’s a vibe session. You don’t understand how good you had — had it.”
And what happened then was we had the worst inflation, 40 or 50 years — you know, 22, 23 percent, but the basket of goods and services for working Americans was up more than 30 percent.
And what we’re seeing is we had to stop the increase first. Now we are starting to see prices level off, come down. You know, gasoline is down, interest rates are down, so mortgages are down. And I think we are making substantial progress on that.
And I think over the coming months and the next year, prices are going to come down.
STEPHANOPOULOS: The president says though, he just had posted this morning that there’s almost no inflation. The consumer price index is higher than it was in the beginning of the year. Electricity rates are rising, so are prices for coffee, beef, vegetables, televisions.
And it’s not just me. It’s not just economists are saying that. Your own Republican members of Congress are saying that, including Marjorie Taylor Greene. Let’s look.
(BEGIN VIDEO CLIP)
REP. MARJORIE TAYLOR GREENE (R-GA): I go to the grocery store myself. Grocery prices remain high. Energy prices are high. My electricity bills are higher here in Washington, D.C., at my apartment, and they’re also higher at my house in Rome, Georgia. Higher than they were a year ago. So — so, affordability is a problem.
(END VIDEO CLIP)
STEPHANOPOULOS: How do you respond to Congresswoman Greene?
BESSENT: Well, George, what I — what I would respond to is electricity prices are a state problem. And you know, I was very interested to see in the earlier clip where the governor — the governor-elect of New Jersey said, “Well, I’m going to bring down energy prices.” Well, it was her predecessor, Phil Murphy, who took them up.
So, you know, look, there are things that the federal government can control. Local electricity prices are not one of them. But, you know, energy prices, gasoline prices, are way down. And, you know, we — we are doing what we can every day. I think we’re on a very good path to bringing prices down.
STEPHANOPOULOS: Let’s talk about tariffs and the Supreme Court. The president is also posting about tariffs this morning. He’s saying, “people that are against tariffs are fools. We’re taking in trillions of dollars.” Is that true?
BESSENT: We have taken — over the course of the next few years, we could take in trillions of dollars, George. But the real — the real goal of the tariffs is to re-balance trade and make it more fair.
You know, over time, the president’s goal is to bring back manufacturing to the U.S. You know, for the past two, three, four decades we have seen our manufacturing sector gutted. So, what would happen over time is we would take insubstantial money, as factories come back to the U.S., as we’re seeing now. I was just down in South Carolina at a rare earth magnet plant and a Boeing plant on Friday. And, you know, that’s the, I believe, 1,500 total new jobs. Tariff income will be substantial, but then that will rebalance.
The goal here, George, is to re-balance trade. So, tariff income will be substantial at the beginning. It will come down. And then domestic tax revenues will climb as corporate taxes go up and all of these high-paying jobs are created.
STEPHANOPOULOS: The president’s main argument, though, seems to be that we’re — it’s about taking in the revenue. And he also promised this morning a dividend —
BESSENT: No, no, no, George. Stop right — no.
STEPHANOPOULOS: A dividend of at least $2,000 a person, not including high-income people. How is he going to pay that dividend of $2,000 a person?
BESSENT: Yes, George, it’s not about taking in the revenue, it’s about re-balancing. And the revenue occurs early on. And then as we rebalance and the jobs come home, then it becomes domestic tax revenue.
STEPHANOPOULOS: Are you worried that the president’s focus on revenue, though, which is what he’s been focusing on in his public statements, is going to hurt your argument in the Supreme Court?
BESSENT: Not at all. It’s completely consistent that the revenues come in at the beginning, then, as we rebalance, which is the goal of this, bring back high-paid manufacturing jobs to the U.S., then it will then morph into domestic tax revenues.
You know, President Trump has consistently fought for the American worker, and we are seeing trillions of investments in the U.S. that would not have occurred without the tariffs.
The other thing, too, is, you know, the authority that he uses is called IEEPA. It is an emergency authority. And he used that emergency authority. He got the Chinese to the table to negotiate on stopping the precursors for fentanyl drugs. You know, fentanyl, hundreds of thousands of Americans dying every year is not an emergency, what is? On October 8th, Chinese threatened to put export controls on rare earth materials. He was able to threaten 100 percent tariffs, and we were able to negotiate that away.
And then, finally, in terms of the general tariffs, we are doing these trial deals that would not be possible. We were at a tipping point in terms of the economy, in terms of our trade balance, and we are re-balancing successfully.
STEPHANOPOULOS: Do you have a proposal, a formal proposal, to give a $2,000 dividend to every American?
BESSENT: I haven’t spoken to the president about this yet, but, you know, it could — the $2,000 dividend could come in lots of forms, in lots of ways, George. You know, it could be just the tax decreases that we are seeing on the president’s agenda. You know, no tax on tips, no tax on overtime, no tax on Social Security. Deductibility of auto loans. So, you know, those are substantial deductions that, you know, are being financed in the tax bill.
STEPHANOPOULOS: Secretary, thanks for your time this morning.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
