Well, it looks like the outcome of a horsetrading deal is starting to assemble. President Trump meeting with Nancy Pelosi, Chuck Schumer et al, to discuss a $2 trillion infrastructure deal. Despite their schemes and plots this is worth watching:
.
Democrats don’t want the baggage of a tax increase heading into 2020… so Schumer punts the financing of the $2 trillion to President Trump; forcing the White House to deal with the dirty part (likelihood a gas tax increase), while Schumer/Pelosi keep clean hands on the high-brow aspect of beautiful infrastructure. That part is politically predictable.
That said, CTH can see the outline a deal where Democrats exchange votes for President Trump’s trade deals (specifically USMCA); to offset the Wall Street Republicans that will vote against the trade agreements; in return for provisions of an infrastructure deal that will benefit Pelosi/Schumer.
The devil is going to be deep in the details because Democrats will attempt to use any massive spending bill to purchase (and repay) votes and activism from their political constituents, ie. Union Leadership.
(White House) Press Secretary’s Statement on President Trump’s meeting on Infrastructure:
“Today, President Donald J. Trump, Speaker of the House Nancy Pelosi, Senate Minority Leader Chuck Schumer, Senator Richard Durbin, Senator Patty Murray, Senator Debbie Stabenow, Senator Ron Wyden, Senator Tom Carper, House Majority Leader Steny Hoyer, Representative James Clyburn, Representative Ben Ray Lujàn, Representative Richard Neal, and Representative Peter DeFazio had an excellent and productive meeting on rebuilding our Nation’s crumbling infrastructure including roads, highways, bridges, tunnels and railroads, modernizing our air travel system, and expanding broadband access for our great farmers and rural America.
The United States has not come even close to properly investing in infrastructure for many years, foolishly prioritizing the interests of other countries over our own. We have to invest in this country’s future and bring our infrastructure to a level better than it has ever been before. We will have another meeting in three weeks to discuss specific proposals and financing methods.
The President and the Democrat leaders also agreed to a meeting in the near future to discuss prescription drug prices. We look forward to building on this Administration’s success in having lowered drug prices for the first time in 50 years. President Trump feels there is a long way to go – drug prices should be much lower than they are today.
The President looks forward to working together in a bipartisan way and getting things done for the American people.” (link)
The U.S. economic numbers continue to gain strength. Ahead of his departure to China for ongoing trade negotiations, Treasury Secretary Steven Mnuchin discusses the current state of the economy with Maria Bartiromo.
.
Secretary Mnuchin and USTR Lighthizer arrive in China tomorrow. This meeting will determine their recommendations to President Trump as to whether a deal can be reached. If no, the potential to re-institute delayed round-two tariffs is possible.
The professional financial punditry can’t explain it. Flummoxed academics run around bumping into walls amid economic numbers that continue to defy expectations. All caused by a simple return to common sense ‘America First’ MAGAnomics.
Low unemployment (3.8%); wages growing (+3.2%); inflation stable (1.6%). These measures all have a cumulative impact on paycheck-to-paycheck Americans. Prices for durable goods are stable and wage growth is exceeding inflation. That means more disposable income in the middle-class…DUH. Which, when combined with the increased pay from lower middle-class tax rates, is exactly the intended outcome of MAGAnomics.
Today the BEA is out with consumer spending results for the first quarter that defy expectations. Consumer spending on goods increases 1.7%. Overall spending +.09 in March, reaches highest gain in ten years. The deplorables are spending their higher wages. Go figure. Meanwhile core inflation drops to 1.6%. The pundits are shocked.
(Reuters Headline) “U.S. consumer spending roars back, but inflation tame” – WASHINGTON (Reuters) – U.S. consumer spending increased by the most in more than 9-1/2 years in March as households stepped up purchases of motor vehicles, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months.
[…] “The economy is in a sweet spot for now with not enough inflation to cause the Fed to raise rates, and with inflation not low enough to worry Fed officials that economic demand is weakening, which could require rate cuts,” said Chris Rupkey, chief economist at MUFG in New York.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 0.9 percent. That was the biggest rise since August 2009 and was also driven by increased healthcare expenditures. Spending rose 0.1 percent in February.
Data for January was revised up to show consumer spending rising 0.3 percent instead of the previously reported 0.1 percent gain.
[…] In March, spending on goods rebounded 1.7 percent, with outlays on long-lasting manufactured goods such as cars shooting up 2.3 percent. Spending on goods fell 0.5 percent in February. Outlays on services increased 0.5 percent last month, driven by healthcare spending, after rising 0.4 percent in February.
Inflation was benign, with the personal consumption expenditures (PCE) price index excluding the volatile food and energy components unchanged in March after edging up 0.1 percent in February. That lowered the year-on-year increase in the so-called core PCE price index to 1.6 percent, the smallest increase since January 2018, from 1.7 percent in February. (more)
It really is quite funny to watch the professional financial class try to wrap their arms around what is happening. Cue the audio visual:
The “Vhobbles”
.
Dr. Rajeev Dhawan, it just ain’t that complex. The U.S. is where the growth is. We are in the period where exporting U.S. wealth (globalist policies) has been slowed/halted. We are confronting protectionist tariffs abroad which impede our exports, and simultaneously applying reciprocal tariffs toward those who want access to our U.S. market. As a consequence, capital investment is returning to Main Street USA (nationalist policy).
This is the heart of MAGAnomic policy.
Low unemployment; rising wages; stable inflation and resurging U.S. blue-collar manufacturing is the key (steel/aluminum tariffs assisting).
This internal dynamic means the U.S. consumer can fuel the the U.S. economy while President Trump, Secretary Ross, Secretary Mnuchin and Ambassador Robert Lighthizer utilize the leverage of tariffs, to negotiate better America-First trade deals.
CTH 2016[…] Understanding the distance between the real Main Street economic engine and the false Wall Street economic engine will help all of us to understand the scope of an upcoming economic lag; which, rather remarkably I would add, is a very interesting dynamic.
Think about these engines doing a turn about and beginning a rapid reverse. GDP can, and in my opinion, will, expand quickly. However, any interest rate hikes (fiscal policy) intended to cool down that expansion -fearful of inflation- will take a long time to traverse the divide.
Additionally, inflation on durable goods will be insignificant – even as international trade agreements are renegotiated. Why? Simply because the originating nations of those products are going to go through the same type of economic detachment described above. [What the USA previously went through]
Those global manufacturing economies will first respond to any increases in export costs (tariffs etc.), by driving their own productivity higher as an initial offset, in the same manner American workers went through in the past two decades. The manufacturing enterprise and the financial sector remain focused on the pricing.
♦ Inflation on imported durable goods sold in America, while necessary, will ultimately be minimal during this initial period; and expand more significantly as time progresses and off-shored manufacturing finds less and less ways to be productive. Over time, durable good prices will increase – but it will come much later. [By that time, U.S. manufacturing will have reestablished position and offset any import pressure.]
♦ Inflation on domestic consumable goods ‘may‘ indeed rise at a faster pace. However, it can be expected that U.S. wage rates will respond faster, naturally faster, than any fiscal policy influence because inflation on fast-turn consumable goods becomes re-coupled to the ability of wage rates to afford them.
The fiscal policy impact lag, caused by the distance between federal fiscal action and the domestic Main Street economy, will now work in our favor. That is, in favor of the middle-class. (full outline)
We have not had the benefit of this economic success in the past 40 years because corrupt multinational interests were paying and bribing -via lobbyists- politicians and public officials within the administrative state to block independent U.S. wealth.
Historian-author-pundit Victor Davis Hanson, author of The Case for Trump, opened the Freedom Center’s annual West Coast Retreat at the Terranea Resort in Rancho Palos Verdes (April 5-7, 2019) with a wide-ranging and stirring keynote address.
President Donald Trump hosts Japanese Prime Minister Shinzo Abe for a round of golf today, while First Lady Melania Trump hosts Madame Akie Abe in DC.
The relationship between the Trump’s and the Abe’s goes back quite a while and is rooted in a genuine friendship. The president and prime minister are strong competitors on trade and economic policy; however, the competition is founded on respect.
Prime Minister Abe’s economic policies are rooted in the growth process taught by Edwards Demming. If you follow their professional business ideology, it is easy to see how President Trump and Prime Minister Abe would face-off around a standard of excellence.
When combined the economies of the United States and Japan account for approximately 30 percent of all global gross domestic product.
This is really old-school business stuff. Each leader, is essentially an economic policy coach for his country; creating strategies and championing growth in a challenge to see who can succeed the most. They respect each-other, but this is old school. PM Abe isn’t about to concede to a deal where Japanese growth is ceded; however, he will not cheat to achieve success (unlike Xi). So friendly adversarial negotiations continue. Good stuff.
Meanwhile First-Lady Melania Trump and Madame Akie Abe toured some of the historic sites in the capital, including the Washington Monument and US National Arboretum.
Tonight President Donald Trump is holding a massive ‘Make America Great Again’ rally in Green Bay, Wisconsin at the Resch Center. President Trump is expected to highlight the U.S. economic growth, jobs and continued success following a first quarter GDP result that exceeded all expectations.
The President will speak at approximately 7:00pm CDT / 8:00pm EDT with ongoing event festivities and speakers earlier. UPDATE: Video Added
In 2015 CTH outlined candidate Trump’s economic positions and how they would impact the economy. We anticipated that MAGAnomics would be reversing three decades of federal reserve monetary policy. After about a year of analysis, in 2016 CTH presented a theory: “A new Dimension in Modern Economics“.
The theory was based on a likelihood of what would happen if MAGA economic Policy was shifted to favor Main St over Wall St. One aspect we presented was how Federal Reserve monetary policy would be oddly disconnected from its ability to influence inflation.
Today National Economic Council Director Larry Kudlow appears on CNBC to discuss the latest first quarter GDP growth rate of 3.2% and the status of the U.S. economy. Kudlow notes the rate of inflation is disconnected from the GDP growth.
CTH 2016[…] Understanding the distance between the real Main Street economic engine and the false Wall Street economic engine will help all of us to understand the scope of an upcoming economic lag; which, rather remarkably I would add, is a very interesting dynamic.
Think about these engines doing a turn about and beginning a rapid reverse. GDP can, and in my opinion, will, expand quickly. However, any interest rate hikes (fiscal policy) intended to cool down that expansion -fearful of inflation- will take a long time to traverse the divide.
Additionally, inflation on durable goods will be insignificant – even as international trade agreements are renegotiated. Why? Simply because the originating nations of those products are going to go through the same type of economic detachment described above. [What the USA previously went through]
Those global manufacturing economies will first respond to any increases in export costs (tariffs etc.), by driving their own productivity higher as an initial offset, in the same manner American workers went through in the past two decades. The manufacturing enterprise and the financial sector remain focused on the pricing.
♦ Inflation on imported durable goods sold in America, while necessary, will ultimately be minimal during this initial period; and expand more significantly as time progresses and off-shored manufacturing finds less and less ways to be productive. Over time, durable good prices will increase – but it will come much later. [By that time, U.S. manufacturing will have reestablished position and offset any import pressure.]
♦ Inflation on domestic consumable goods ‘may‘ indeed rise at a faster pace. However, it can be expected that U.S. wage rates will respond faster, naturally faster, than any fiscal policy influence because inflation on fast-turn consumable goods becomes re-coupled to the ability of wage rates to afford them.
The fiscal policy impact lag, caused by the distance between federal fiscal action and the domestic Main Street economy, will now work in our favor. That is, in favor of the middle-class. (full outline)
The MAGAnomic Tri-fecta: Jobs growing; wages growing; inflation stable.
Low inflation; expanding employment opportunity; low unemployment; and rising wages.
These measures all have a cumulative impact on paycheck-to-paycheck Americans. Prices for durable goods are stable and wage growth is exceeding inflation. That means more disposable income in the middle-class…. which, when combined with the increased pay from lower middle-class tax rates, is exactly the intended outcome of MAGAnomics.
This creates a situation where the U.S. consumer can fuel the the U.S. economy while President Trump, Secretary Ross, Secretary Mnuchin and Ambassador Robert Lighthizer utilize the leverage of tariffs, to negotiate better America-First trade deals.
President Trump’s economic policy cabinet is the most effective group of individuals every assembled in modern U.S. history; arguably in all of U.S. history. The economic policy plans are working exactly as projected; and, in combination with the domestic economic strength, this empowers President Trump’s international engagements with a stunning amount of influence and leverage.
Economic Security is National Security. We are seeing this multidimensional truth being carried out for the first time in our lifetimes, thanks to a blue-collar billionaire.
Part of the push-back against President Trump is due to the success within this doctrine for domestic and international success. Politicians and the political apparatus of the administrative state are apoplectic that a long-held economic curtain has been dropped by President Trump and his policy team.
It is this easy.
It is common sense.
We have not had the benefit of this economic success in the past 40 years because corrupt multinational interests were paying and bribing -via lobbyists- politicians and public officials within the administrative state to block independent U.S. wealth.
Japanese Prime Minister Shinzo Abe and Madam Akie Abe will be having dinner tonight with President Donald Trump and First Lady to celebrate Melania’s birthday. The prime minister and the president are close personal friends and will likely play golf tomorrow.
The Trump-Abe relationship existed for many years prior to becoming U.S. President. Their respect for each-other is genuine. Abe and Trump are competitors on trade and economics and their strategies within that competition are actually fun to watch. The long-standing friendship underpins a very genuine alliance of U.S-Japanese interests.
In advance of the dinner tonight PM Abe and President Trump meet in the Oval Office ahead of a bilateral delegation meeting to discuss trade and regional matters. They also take questions from the media [Video and Transcript Below]
[Transcript] 4:35 P.M. EDT – PRESIDENT TRUMP: Thank you very much. It’s an honor to have my friend, Prime Minister Abe — Japan. We have many things to discuss, including trade, including some of the numbers that just came out this morning. We had a very big number at 3.2 GDP for the first quarter — usually the worst quarter. That also included the little bit of a dispute we had during the quarter. So 3.2 is far above expectation. I guess many people were thinking it would be in the ones, maybe between one and two. And 3.2 is great.
Knowing that first quarter seems to always be the lowest, we’re off to a very good start for the year. If we had the previous administration’s low interest rates and quantitative easing, meaning pouring money into the system, that 3.2 could have been 5. Could have been a lot higher, but it could have been five. So it’s really quite a — I wouldn’t like to say “surprise,” but for a lot of people, it was a big surprise. Very big number.
The Prime Minister just, two moments ago, said to me that “congratulations on your number.” The 3.2 number was even a surprise to Japan.
I just returned from Indiana, the big NRA conference, which was really terrific. And the weather was very rough. They said we might have to circle for an hour. And I said, “I hope you don’t have to do that, because we can’t keep this great gentleman waiting.” And we have the greatest pilots in the world, and we have awfully good equipment in Air Force One, so he landed it beautifully. No problem.
And tonight, the Prime Minister and the great First Lady of Japan will be having dinner with us. We’re celebrating our First Lady’s birthday. It’s her birthday. So I said to Melania, “Would you like to have Mr. and Mrs. Prime Minister and Mrs. Abe join us for your birthday? And she said, “I can’t think of anybody I’d rather have.”
So we’ll be having dinner tonight at the White House. And we’ll be actually, right after this meeting, having our representatives with us in the Oval and then a larger group of representatives in the Cabinet Room. And I think a lot will be accomplished.
We’re talking about a lot on trade. It’s gotten very complex with what’s happened to Brexit and what’s happened with various other trade deals throughout the world. We’re doing very well in our negotiations with China. Some of our people are leaving for China on Monday. And we’re getting there. It could be very interesting. We’ll see. I don’t like to talk about things, and I won’t talk about things because who knows what happens. Lots of strange things can happen for better or worse.
But we are doing very well in those trade negotiations. And actually, we have a very big trade negotiation going on right now with Japan, which is, I would imagine, the primary reason that the Prime Minister is here.
And the other thing we’ll be discussing is trade, as it relates to our two countries. Japan is buying a tremendous amount of military equipment and other equipment from the United States. We make the greatest jet fighters in the world, and missiles and rockets and everything else. We make the best in the world, by far.
And we’ll be discussing that. We’ll be discussing, very strongly, agriculture. Because, as the Prime Minister knows, Japan puts very massive tariffs on agriculture — our agriculture — going for many years, going into Japan. And we want to get rid of those tariffs. Because we don’t tariff their cars, so I think that that will — something we’ll work out. But this should have been done by previous administrations. Many previous administrations. It’s been a long time, but I’m sure we’ll be able to work that out.
And, ultimately, we have a chance to make a very good and long-term trade deal with Japan.
And tomorrow we’ll be very early leaving for a quick round of golf on a beautiful place on the Potomac River. I won’t name the place, but it’s beautiful. And so we’re going to play a quick round of golf.
And then I’m going to Wisconsin tomorrow. And we have a tremendous crowd tomorrow night for a speech and rally, and whatever you want to call it. It’s very big. A lot of people. We had 69,000 people sign up. And I think the arena holds about 10 [thousand]. So it’ll be interesting. But it’s always that way.
And there’s a lot of great spirit in our country. Again, we had some great numbers released this morning. And our country is doing very, very well economically. Doing very well with the military. Our military is being rebuilt — all being built from within. All jobs within the United States. And our country is — they’re very proud right now, what’s happening.
So, thank you very much for being here. And we’re going to have a lot of fun. Thank you.
Please.
PRIME MINISTER ABE: (As interpreted.) So, at the outset, I’d like to express my deep appreciation for the great hospitality that you extended to me, again, here at the White House.
And also, as you mentioned, we are going to celebrate Madam First Lady’s birthday today, together with my wife, Akie. And I do look forward to celebrating this special day with you.
PRESIDENT TRUMP: Thank you.
PRIME MINISTER ABE: (As interpreted.) On the first of May, his Imperial Highness, the Crown Prince, accedes to the Imperial Throne. And Japan will enter a new era named “Reiwa,” under the new emperor.
Under the new era of Reiwa, President Trump and Madam First Lady will be the very first state guests that we will invite. And it is a great pleasure and honor for us to welcome you and Madam First Lady.
And also, this state visit will show, both inside and outside, that still under the new era of Reiwa, the bond between Japan and the United States, under our alliance, will remain unwavering. And also, we will demonstrate our strong commitment to addressing various challenges that we see in the international community.
And also, as you touched on earlier, I would like to congratulate you for your great performance, as well as achievements, namely the 3.2 percent of the GDP growth in the first quarter of this year, as well as the quite — the excellent condition that you see in the job status in the United States.
Since President Trump took office, Japanese business community has additionally announced a total of 23 billion U.S. dollar investment to the United States, which will create 43,000 jobs in the United States.
Japan is ranked number one for its investment to the United States, as well as the number of jobs it creates in the United States.
So in order for us to see further development of the economies of both Japan and the United States, and also realize how those economies, which will become mutually beneficial for both of the nations. I look forward to having a discussion with you also on the trade deal that we’re now negotiating with each other.
With regard to the tariffs on autos, Japan has put no tariffs on American autos. But, in contrast, the United States has put on the 2.5 percent tariff on the Japanese autos. But, in any case, we would like to proceed with the further negotiation that we are now having for that. We’ll see a mutually beneficial outcome for both of our countries.
And also, I’m going to host the G20 Osaka Summit in the month of June this year. And in order for us to bring this summit to a successful conclusion, I would like to reaffirm our close collaboration, as well as partnership, at today’s meeting.
PRESIDENT TRUMP: Good.
PRIME MINISTER ABE: (As interpreted.) And I cannot wait to play another round of golf with you tomorrow.
PRESIDENT TRUMP: Good.
PRIME MINISTER ABE: (As interpreted.) And I hope that certainly tomorrow will be a sunny day.
PRESIDENT TRUMP: And it will be. It will be beautiful. It’s always beautiful.
Well, I want to thank you. The fact is that Japanese car companies are coming in at a level that we haven’t seen in many decades. Toyota is investing $14 billion over a short period of time, and others too. They’re going to Michigan. They’re going to Ohio, Pennsylvania, North Carolina, South Carolina, Kentucky.
We’re going — we’re really getting a lot of business from Japan. I appreciate that. We’re trying to bring some balance to the surplus that they have with the United States for many, many years. But it’ll all work out. It’s all working out. But they’re making the biggest investments they’ve ever made in the United States and, in particular, car companies. They’re really coming in. A lot of that has to do with our new agreements that we’ve been making, and some will have to do with the trade agreement that we’re in the process of making. That should even increase that number. So I very much look forward to discussing that today.
As far as your very big event — and that’s a very big event — and when we were in Japan together, we were talking about it and the invitation was made. And I said, “Gee, I don’t know if I can make it. Let me ask you a question: How big is that event compared to the Superbowl for the Japanese?” And the Prime Minister said, “It’s about 100 times bigger.” (Laughter.) I said, “I’ll be there. If that’s the case, I’ll be there.”
So it really is. It’s many years. Isn’t it 130 some-odd years that it’s happened? It’s a very unusual — it’s a very unusual thing. And you’re talking about reigning through blood for over 3,000 years — the longest in the world. So it’s a very, very big event. And maybe you could explain the event because it’s very exciting, actually.
PRIME MINISTER ABE: (As interpreted.) So, for Japan and the entire Japanese people, having the new Emperor itself means a lot. And this will be a historic event and also a tremendous event for everyone in Japan.
What I would like to underscore here is that we will have the abdication of the living Emperor leading to the succession of the Crown Prince to the Emperor. And this will happen for the first time in approximately 200 years.
And under such a historic situation, and also under the new Emperor, President Trump and Madam First Lady will be the very first state guests. And that is why I do look forward welcoming you to Japan.
PRESIDENT TRUMP: That’s really nice. Well, that’s really nice. And that’s an honor on behalf of our country, not just the First Lady and myself. So we really do look forward to that.
And I think, on a little bit lighter note, we will also be going, perhaps, to a sumo wrestling match. I’ve always found that fascinating. So, in fact, we’re having a trophy made in this country. We’re going to give the trophy to the winner of the championship. So that should be good. And I’m sure the media will like that. But I think something I’ll enjoy very much. So we may very well be doing that. We’ll see what the time is.
But again, Mr. Prime Minister, you’re my friend and I really very much appreciate the visit. And I think we will accomplish a lot. We’ll also be talking about, by the way, North Korea, where we’re working together very closely with others. And I think it’s going pretty well.
Thank you all very much. Thank you.
Q What’s your timeframe for a new Japan trade deal? Is it possible to get it done by May?
PRESIDENT TRUMP: I think it can go quickly. Yeah. I think it can go fairly quickly. Maybe by the time I’m over there. Maybe we sign it over there. But it’s moving along very nicely, and we’ll see what happens.
Q Mr. President, is there a situation where you could see where Don McGahn is charged with perjury? You seem to be contradicting what he is saying.
PRESIDENT TRUMP: Well, I don’t want to talk about that now. We have other things that we’re talking about. But I’ll respond to that question at a later date, okay? Thank you.
Q And just to follow up on your comments early today and last night about — you said there was an attempted coup to topple your presidency.
PRESIDENT TRUMP: Oh, I think absolutely. If you look at — yeah, if you look at —
Q What do you mean by a “coup”? Is it — was there actually a coup?
PRESIDENT TRUMP: If you look at what’s been happening and all of the things you’ve been seeing with the insurance policy statement from two agents that are now gone; if you look at many of the elements of intrigue — and, frankly, we’re going to be seeing a lot over the next couple of weeks, things that a lot of people haven’t seen.
What took place here was a very, very terrible situation. How this whole ridiculous 35-million-dollar unlimited personnel — how this all started, I think you will find of great interest. Most of you know the answer to it anyway. The fair press, the good press, the — really, the people that know what they’re doing or the people that are indeed fair, they know the answer to it.
So we’re going to see. It’s going to be very interesting. But what took place over the last period of almost two years — and really, before that; it was really much before that. In all fairness to Robert Mueller, things happened long before he even started. And what took place is a disgrace to our country and it hurt our country. And a lot of people have been let go. And I don’t mean by mean by me. They’ve been dismissed. They’ve been fired. They’ve left in disgrace. And it really is a sad moment for the country. But I think ultimately it’s going to be very good. It’s going to be a healing factor.
President Trump and First Lady Melania Trump will have dinner tonight with Prime Minister Shinzo Abe and Mrs. Abe in honor of the First Lady’s birthday!
On Saturday, Pres and PM Abe will be playing a round of golf. By my count, their 6th round together, including one hosted by Abe in Japan. Later, Pres Trump does a campaign rally Sat night in Green Bay, WI, since he again declined invitation to the WH Correspondents Dinner.
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