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Date: 2025-08-22 Page is: DBtxt003.php txt00028804

US SOCIETY, ENVIRONMENT AND ECONOMY (SEE) MIDAS TOUCH ... with MAX @UNFTR MeidasTouch: Trump Plan CRATERS as Election SHOCKS HIM PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=AKlT4-LqDqU
Trump Plan CRATERS as Election SHOCKS HIM MeidasTouch Jul 1, 2025 5.07M subscribers The economic data continues to degrade rapidly under the Trump administration. With the passage of the Big Beautiful Bill in the Senate, the plan to destroy the poor and working class in the United States is set in stone. GDP was negative in Q1, disposable income plummeted, inflation rose and spending fell off a cliff. Against the backdrop of horrific economic news, Zohran Mamdani pulled off a stunning upset in the New York City mayoral primary by focusing on economic fundamentals and affordability. We need this kind of blueprint more than ever now that the GOP has officially declared legislative war on the working class. Subscribe to ‪@UNFTR‬ today! Visit https://meidasplus.com for more! MeidasTouch relies on SnapStream to record, watch, monitor, and clip the news. Get a FREE TRIAL of SnapStream by clicking here: https://go.snapstream.com/affiliate/m... Support the MeidasTouch Network: / meidastouch Add the MeidasTouch Podcast: https://podcasts.apple.com/us/podcast... Buy MeidasTouch Merch: https://store.meidastouch.com Follow MeidasTouch on Twitter: / meidastouch Follow MeidasTouch on Facebook: / meidastouch Follow MeidasTouch on Instagram: / meidastouch Follow MeidasTouch on TikTok: / meidastouch How this content was made Auto-dubbed Audio tracks for some languages were automatically generated. Learn more Peter Burgess COMMENTARY Peter Burgess Transcript 0:00 Hey, it's Max from UNFR reporting for the Midas Touch Network and I'm back from a few days of RNR and just kind of wondering if I missed anything. News from the president of the United States that there has been an attack inside Iran. Blackouts hitting more than 100,000 customers across six states. We have won from Harlem to Bay Rich. Oh boy. I guess I missed a lot. Actually, I didn't miss that much. I was paying attention the whole time because it's impossible to take your eyes off of this train wreck of an administration. But there's a lot of economic data that came out that we need to focus on because it's going to tell a huge story in the coming months. And if we put it in the context of the masterclass campaign that Zoron Mandani put on in New York, it'll kind of solidify why his message resonated so deeply with New Yorkers and frankly the rest of the country. So let's go. You got to admire the manner in which Mandani is handling 1:00 the scrutiny and hysteria after his historic victory on primary day. Wall Streeters and billionaires, Democratic and Republican operatives and elected officials, hell, the entire conservative 1:13 media ecosystem see Mandani's election 1:17 as the end of the world. All of course 1:19 as the world is actually already burning 1:22 and we're just getting started. The 1:25 primary was the appetizer and some very 1:28 powerful people are going to spend tens 1:30 of millions of dollars more trying to 1:33 stop the Mandani freight train come 1:35 November. Now, I don't claim any special 1:38 ownership over the story, but I do want 1:40 to say to anyone outside of the city, 1:43 chill out. This is a New York thing and 1:47 it's far from over. Yes, his victory was 1:49 a political earthquake and I was lucky 1:52 to speak with him in the early days of 1:53 the campaign when he was only polling 1:54 like around 15%. But even then, there 1:58 was this sense of inevitability about 2:00 his campaign because he wasn't just 2:03 hitting a nerve. He was hammering it 2:06 over and over again. The very clear and 2:10 present reality is that the vast 2:12 majority of New Yorkers are suffering 2:14 under the yoke of income inequality and 2:17 unaffordability. 2:18 The reason our billionaire Congress and 2:20 their donors are freaking out is because 2:23 they know this is a message that can 2:25 resonate all across the country. And I'm 2:28 going to back that up in a moment and 2:29 weave it into the economic data to show 2:32 why. But let's actually tackle the 2:34 messaging that won the day. Freeze the 2:37 rent. make buses fast and free. Deliver 2:40 universal child care, city-run grocery 2:43 stores in food deserts. Over and over 2:46 again, like a mantra, he repeated this 2:49 on podcasts and then on the streets and 2:51 then eventually on television and radio 2:53 programs. So, let's start with the rent 2:56 and break this all down. Talk to any New 2:59 Yorker and they'll tell you that the 3:01 rent 3:03 Well, actually, let's have the man who 3:05 started this all have the floor. Because 3:08 our children can't afford to live 3:09 anywhere. 3:12 Nowhere. There's nowhere to go. Once 3:14 again, why 3:17 you said it? The rent is too damn high. 3:20 You remember that guy, Jimmy McMillan? 3:22 The rent is too damn high. He ran for 3:25 several offices over the years, 3:27 including a New York gubernatorial race 3:29 against none other than Andrew Cuomo, 3:31 because he felt like the Cuomo family 3:33 talked a good game, but sided with 3:35 landlords in the donor class. And in 3:37 Cuomo's New York, the rent was too damn 3:40 high, and it remains as such to this 3:42 day. Maybe this is why Cuomo took his 3:45 message so lightly and didn't address 3:47 affordability. You see, people like 3:49 Jimmy McMillan and Zoran Mdani are a 3:52 joke to someone like Cuomo who oozes 3:55 establishment self-righteousness and 3:57 antipathy toward workers. You know, 3:59 there's another Queens guy, maybe you 4:02 know him. He's a red hat, bad haircut, 4:06 wears a red tie below his belt line, 4:08 fake tan. You know that guy hates his 4:10 supporters, too, but he does a way 4:12 better job of hiding it. New Yorkers 4:15 will also tell you that the MTA sucks. 4:18 Buses are slow. Child care can put you 4:21 into bankruptcy. So, building on a 4:23 successful free busing pilot that 4:26 increased ontime rates and gave relief 4:28 to hundreds of New Yorkers and borrowing 4:31 from the free Staten Island ferry model 4:33 that transports 40,000 New Yorkers every 4:36 day. Mom Donnie put forward a good 4:38 government plan to help alleviate the 4:40 burden on New Yorkers who rely on public 4:43 transportation. the most and no 4:45 billionaires were hurt in the process 4:48 because they don't take the bus. You 4:50 know, from the beginning when congestion 4:52 pricing was introduced, Mamani was one 4:55 of the first people in the New York 4:56 assembly to try and pair it with a free 4:59 busing model, knowing that people coming 5:01 from the outer burrows into Manhattan 5:04 would be priced out of driving, but that 5:05 buses took too long and the trains also 5:08 did because it's all woefully 5:10 underfunded. But free busing in New York 5:12 is a drop in the budget bucket. And it's 5:14 also separate from the MTA's train and 5:17 subway budgets. So he knew that this was 5:19 a perfect place to start. It's smart, 5:21 thoughtful, evidence-based, successfully 5:24 piloted, and appealing to the people who 5:26 need it. By the way, did you know that 5:28 the MTA and NYC budget office claimed to 5:32 still be missing $456 million between 5:35 the years of 2011 and 2021? Yeah. 5:39 Apparently, the governor during those 5:41 years siphoned money every year from the 5:43 MTA for debt service for New York State. 5:47 Yeah. And I can't remember what the 5:49 guy's name was, the governor then, but I 5:52 feel awful about it. Anyway, it'll come 5:56 to me. Now, in terms of child care, the 5:58 best thing that came out of the Delasio 6:00 administration was nearly universal 6:03 prek. I say nearly because they didn't 6:05 quite get there, but they got a 6:06 significant way down the road. But it 6:08 got buried in the fight between the city 6:10 and the governor at the time. God, what 6:12 was his name? I feel awful about it. I 6:17 don't know. It was another fight that 6:18 they had with New York City. Anyway, 6:20 Delasio was going to increase taxes on 6:22 the wealthiest New Yorkers to fund 6:24 universal prek, which is an enormous 6:27 problem in New York City because it's 6:29 that period between child care and 6:31 public school that places a tremendous 6:33 burden on families. and the city was 6:35 forced to compromise because the 6:36 governor at the time awful uh what's his 6:39 face wouldn't increase taxes. So they 6:42 created a statewide program and then cut 6:44 the city in. But it was for less money 6:47 than they needed and the governor made 6:49 sure that the funds also went toward 6:51 charter schools. But that still leaves 6:54 child care. Now, according to New York 6:56 City comproller and Zoron's new best 6:58 friend, Brad Lander, the average annual 7:01 cost of family-based child care in New 7:03 York City is $18,000, and it's $26,000 7:07 for center-based care. This is the 7:09 highest in the country, and why mom 7:11 Donnie was so hyperfocused on providing 7:14 relief in this area as well. And we 7:16 still haven't put food on the table yet. 7:18 So, let's talk about those communist 7:20 grocery stores. Cityrun grocery stores. 7:23 You know what that means? you're going 7:24 to starve to death. The most 7:25 impoverished New Yorkers will tell you 7:27 that they have to buy small quantities 7:29 of food and supplies from stores located 7:32 outside of their neighborhood because 7:34 it's either that or buy small quantities 7:36 of goods and supplies of more expensive 7:39 stuff in their neighborhoods if they're 7:41 lucky. Why? It's the bodega tradeoff and 7:45 I'll explain. Supermarkets take up a lot 7:48 of space and space is hard to come by in 7:50 most city neighborhoods. So, they're a 7:52 destination, not a convenience. Because 7:55 supermarkets can also purchase in bulk, 7:57 they take advantage of discounts, which 7:59 they can pass to the consumer by 8:00 offering then cheaper goods. It's the 8:03 getting there that is often the 8:05 challenge. Only 45% of households in New 8:08 York City own a car. It's the lowest 8:10 rate among urban centers in the country. 8:12 So, to shop in New York is a logistics 8:15 and pricing battle. So, let's throw up 8:17 this graphic. As you can see here, the 8:20 average prices are higher in bodeas for 8:23 everyday items, except for the New York 8:26 culinary delight, the bacon, egg, and 8:28 cheese. Now, you can have that on a roll 8:30 or sometimes on a bagel. And we can have 8:33 that debate. But what's not up for 8:35 debate is that our BEC's with SPK, if 8:37 you're a real one, are the best on the 8:39 planet. And that's salt, pepper, 8:40 ketchup, by the way. And fight me if you 8:42 disagree. Actually, don't. I'm actually 8:44 quite fragile. So, it's buy what you can 8:47 carry and either save money by leaving 8:50 the neighborhood, in which case you 8:51 might have to take mass transit or a car 8:53 if you're one of the lucky 45% that have 8:56 one. Like I said, it's a logistical 8:58 nightmare. So, what Mandani is proposing 9:00 is filling the gaps with city-run 9:02 grocery stores, similar to the food 9:04 cooperatives that are beloved, so that 9:06 New Yorkers can access healthy food 9:08 closer to home. not taking over all 9:10 chains, just a public option, if you 9:13 will, because people need to eat. And 9:16 the greater the access to healthy, 9:18 affordable food, the less illness and 9:20 stress, which is an economic benefit in 9:23 and of itself. Again, simple, beautiful, 9:26 really impactful. But what makes this a 9:29 blueprint is the stunning distribution 9:31 of voters in this primary. So, if you're 9:33 wondering why the GOP is in full 9:35 freakout mode, this is why. 9:39 Look at the turnout among younger 9:40 voters. I mean, this is Obama all over 9:43 again. Something very few thought we 9:46 could replicate. Young voters have been 9:48 at the receiving end of criticism that 9:50 they're great at protests and on social 9:52 media, but come election time, they 9:54 don't show, especially in a primary. 9:58 Well, Mandani turned the tide for youth 10:01 turnout because he listened to their 10:03 issues and responded directly to them. 10:06 You know, the Marcelus brothers were 10:08 kind enough to give me the floor on the 10:09 Midas Substack to speak to how New York 10:12 is more of a bellweather than people 10:14 realize as ethnic minority voters broke 10:17 for Trump in the last election at a 10:19 greater swing percentage than anywhere 10:21 else in the country. Manny brought 10:24 everyone under the tent, the poor, the 10:26 working class, the ethnic vote, young 10:29 people. All right, not every 10:31 billionaire, but you know, all the other 10:33 people that actually live in the city. 10:36 So, let's set that against the most 10:38 recent economic data to demonstrate why 10:40 his laser focused affordability message 10:43 is going to reverberate throughout the 10:45 country. 10:48 First, I'm going to show you what Wall 10:49 Street and the White House are 10:51 characterizing as really good news. And 10:53 I want to show you this first and then 10:55 tell you why it's actually not good news 10:58 afterward. So, first of all, the stock 11:00 market is ripping. It's setting records 11:03 again. But one of our mantras at UNFR 11:06 that we repeat whenever we do this kind 11:08 of dive into economic data is that the 11:10 stock market is not the economy. The 11:13 market is not the economy. So, I'll come 11:16 back to the stock market in a bit. 11:18 What's more relevant is the 10-year 11:20 Treasury yield. The rule of thumb is 11:22 that the higher the yield on the 11:24 10-year, the lower the confidence level 11:26 in the economy. So you can see the first 11:29 bit of panic here in the inflation spike 11:31 under Biden and then again when Trump 11:33 announced his tariff plan. All the 11:36 confidence you hear on Wall Street and 11:38 from Trump's economic team is this 11:40 little dip in the 10-year yield right 11:43 here. See, they're interpreting this as 11:45 a sign that the global investment 11:47 community is over the whole tariff here 11:50 and they're coming to their senses. So 11:52 hold that in your hip pocket for a sec. 11:55 Now, let's get into the nitty-gritty 11:56 because this has been a terrible stretch 11:59 for the White House. First off, first 12:01 quarter GDP was revised and now reflects a half% decrease. Remember, it takes two consecutive quarters of negative growth for the statistitians to call it an official recession. So, here's the first quarter. But now, this is where we need to channel Manny to understand what's happening here. It doesn't matter what economists say. What matters is what's in your pocket, your bank account, your level of stress and anxiety. See, my contention is that the majority of Americans never actually emerged from the great recession after the global financial crisis. The closest we came to that was during co when the government stepped in at the end of Trump's term and the beginning of Biden's term to undergur the economy and focus on all income brackets in doing so. And then it was back to business as usual with the Democrats taking big policy swings in the rescue plan and the IRA and the 13:00 Republicans fighting them every step of the way and blocking key provisions that would continue to support the working class in the interim while they worked on the big stuff in the long run and then corporate America just hoovered up whatever savings were built up during co and so that's what the Democrats missed in the election and that's what Trump tapped into except he never had any intention of working to reduce the price of eggs or anything of the sort. All that mattered to him was his personal immunity, which he got by reaching the White House and was subsequently codified by his Supreme Court lackeyis. That and the tax cuts, of course. After that, he didn't care at all about us. And so, we're about to live in Russell votes dystopian America. That's the project 2025 guy because this is his game plan from here on out. So GDP being down is bad enough though, you know, I believe that it's an overrated and distorted metric to measure the success of an economy. But beneath the GDP data 14:00 is the real story. So take a look at disposable income. Look at those May figures. That's the percent change from the prior month of disposable income in blue or the left column and the actual spending on the right or the orange column. And so now let's look over here to where the spending impact was because it's fascinating. Remember during a recession or a downturn, the wealthy don't pull back. And you can see this in the data. Clothing, recreation services, recreational goods and vehicles, all increased, but essential spending like insurance, food, hotels, auto parts, car purchases, they're all down. Health care spending is up, which is not a good sign, by the way. And so is housing and utilities. also not a good sign. So spending is up in all the areas that either correlate to rich people's spending or the working poor being massively overstretched. And now for the really effed up part. One of the areas of government spending that was reduced 15:01 the most and directly impacted impoverished seniors is cuts to social security benefits. that started in May and it might be the first major domino to topple the economy. See, the Trump White House claims that it's just cutting back on fraud and getting it in line. So, they cut benefits to anyone that might have returned to work or spent time abroad or changed their marital status. But here's a problem that they've created and are also banking on. See, Doge fired 12% of the Social Security Administration staff, leaving which was like nearly 7,000 workers, mind you. So, when people try to complain and find out what happened to their check or their disability insurance or their SNAP benefits, there might not be enough staff to field the complaints or questions, but they're doing this on purpose because they want to make Social Security less appealing so they can someday realize their dream 16:01 of privatizing it. Their words, not mine. I mean, even Bush tried it. This is a very old plan. It never went away. But here's something that I think will blow your mind. One of the things the Trump administration resumed is student loan garnishments from social security and disability beneficiaries. Now, Trump didn't invent this policy, okay? But it died during CO and he just brought it back to life. But more to the point, I want you to think about that and do the math for a second. Senior citizens receiving social security having their benefits garnished up to 15% for student loans. Student loans. There are senior citizens still getting crushed by student debt. And this gu is going to garnish their wages. The big beautiful bill even further dismantles 17:00 the safety nets and security programs that have been the cornerstone of American progress for 70 80 years. And we're going to talk a lot more about that for sure in the future, but let's bring it home to tie this together. The American economy is dying from the middle class down. The wealthy have pulled away from the pack and they're separating from the rest of us and they have been for years. But this big, beautiful bill guarantees it. It chisels inequality into stone and makes it the law of the land when Americans are struggling under historic debt. A housing crisis, Trump induced inflation, which also went up again. By the way, I didn't want to overload you with uh charts and graphs, but inflation also again ticked up.1%. Disposable income plummeting, continuing jobless claims building. Seniors aren't coming back into the workforce because this economy is hostile to them. And now we're cutting 18:01 their benefits and the GOP is about to gut Medicaid as well, which is the last line of hope for millions, I mean millions of families. And this is why Manny won the primary. He stood for everything that these people are not. He heard the voters. He thought about their problems. He workshopped solutions. And then he hoofed it around the city day in and day out, letting New Yorkers know that they were seen and heard and felt. No magic bullet, no fear-mongering, no calls for a dictatorship of the proletariat. Just good, sound policy for the greatest city in the world. And it's a blueprint. a blueprint for Democrats everywhere to 18:51 get back their mojo. And remember what this party was supposed to be about. Oh, and I did promise to tell you why their good news isn't all that good. Tea bills 19:02 and t-otes are up and the stock market is ripping because they can. See, the top 10% of the country owns 90% of the market. So, they're the ones that are gambling in this. They're the ones that are fully invested. It's not you moving the market, it's them. and treasuries are going down because there's a flight to safety globally because we're causing the global economy to fracture. So, it's like we've become the smartest kid in the remedial class. And foreign investors see the resolve on the part of the GOP to just keep printing and keep spending and cutting taxes on the rich because they know there's something called the Fed put. That's when the Fed steps in and bails out Wall Street. So they're all staying in and they're squeezing out every last dollar, right? The market and tea bills are up not because the economy is doing great. It's because there's nowhere left to hide. But understand this, the real money players, the top, the tippity top of the 20:02 food chain, they don't care if the market's up or down because they make money on both sides with shorts and squeezes and leverage. And they too know that if they go too far and they push too hard and the whole thing comes crashing down as capitalist systems are designed to do every 7 to 10 years like clockwork, the government will bail out Wall Street and they won't touch Main Street with a 10-ft pole. Not in Trump's America. Because in Trump's America, the 1% actually do keep winning. And for them, America is great again and again and again. For the Midas Touch Network, I'm Max from UNFR. You can subscribe to our YouTube at UNFR for deeper dives into socioeconomics and visit our website at UNFR.com to sign up for our free weekly newsletter. Access our archive of 21:00 content and original material and connect with us on social. I'll catch you next time. Can't get enough Midas? Check out the Midas Plus Substack for ad- free articles, reports, podcasts, daily recaps from Ron Filipowski, and more. Sign up for free now at midasplus.com. [Music]

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