News Story of the Day: it was no secret that famous billionaire investor Warren Buffett was a staunch supporter of Hillary Clinton. He was one of the many to warn about the doom and gloom surrounding a potential Donald Trump presidency. What does he think now? Everything will be just fine.
Speaking in an interview with CNBC, Buffett explained that the United States will prevail under a Trump administration because the country has the “secret sauce.”
“America works. I’ve said this before. It’ll work wonderfully under Hillary Clinton, and I think it’ll work fine under Donald Trump,” Buffett said. “It doesn’t work all the time perfectly, but you just look at where we go, milestone after milestone. Never bet against America.”
He added that the U.S., despite its hiccups from time to time, will see its stock market higher in 10 years from now and 20 years from now.
What a complete 180!
Chart of the Day: the executive branch has really been expanding over the last 30 years. Whether it is a Republican or a Democrat sitting in the Oval Office, the president suddenly decides to become a king and bypass Congress with executive action. Will Donald Trump outdo all of his predecessors? Most likely. Here is a chart showing the number of executive orders per president:
Illustration of the Day: last week, anti-fascist demonstrators, who were acting like fascists themselves, shut down an event that featured Martin Shkreli and Milo Yiannopolous. All because they disagreed with their opinions. What was funny about the protest, however, was not the irony but it was the fact that someone had actually misspelled fascist. Here is the image:
Quote of the Day: former Texas Republican Congressman and three-time presidential candidate Ron Paul published a new op-ed this week entitled “Will Donald Trump Continue the George W. Bush-Barack Obama Legacy?” Here is an excerpt from that superb article:
The fact is the United States already spends too much on militarism. Not only does the United States spend more on the military than the combined military budgets of the next eight highest-spending countries, but Pentagon waste exceeds the total Russian military budget.
America can no longer afford to waste trillions of dollars on a militaristic foreign policy. Trump should follow up his attacks on wasteful military spending by dramatically changing our foreign policy and working to cut the Pentagon’s bloated budget.
If the new administration and Congress increase spending, they will need the Federal Reserve to monetize the growing debt. The need for an accommodative monetary policy gives the Fed and its allies in Congress and in the deep state leverage over the administration.
This leverage could be used, for example, to pressure the administration to abandon support for the Audit the Fed legislation.
Fed action can only delay the inevitable day of reckoning. Raising levels of federal spending and debt will inevitably lead to a major economic crisis. This crisis is likely to be reached when concerns over our national debt cause more countries to reject the dollar’s status as the world’s reserve currency.
The only way to avoid this crisis is to stop increasing spending and instead begin reducing spending on all aspects of the welfare-warfare state.
Video of the Day: for years, we have been told that the reason why manufacturing jobs are leaving North America is because of China. Therefore, according to the anti-trade crowd, we need tariffs, taxes and other protectionist measures. It seems, however, that automation is the trend that is reducing the amount of manufacturing labor, not China or any other low-labor nation. Here is Johan Norberg with more:
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