Search Results
ID: yg9GNi3S/biz/60749042#60750517
8/7/2025, 8:23:59 AM
>>60750509
>Donald Trump claims America is “the hottest country anywhere in the world”.
>On Wall Street, there are plenty of signs that this is true. The value of artificial intelligence (AI) chipmaker Nvidia has just surpassed $4tn (£3tn), a first for any publicly traded company in the world. This single American firm is now worth more than the output of Germany’s entire economy in a year.
>The S&P 500 and the Nasdaq Composite stock indexes are near record highs. America’s big five banks saw revenues surge by a combined 17pc this spring. US GDP rose at an annualised rate of 3pc between April and June.
>But underneath the gloss of an artificial intelligence boom and surging Wall Street profits, all is not well. America is grappling with an alarming jobs slowdown, a frozen housing market, a small business crunch and crumbling consumer confidence.
>The US president may have delivered a booming stock market, but economists warn he is pushing many sectors into recession. His working class Maga support base will be the worst hit.
>“Manufacturing is in recession. Construction is in a deep recession. Transportation and distribution is in recession. Wholesaling is in recession. Retail is holding on by its thumbs, it’s very close,” says Mark Zandi, chief economist at Moody’s Analytics.
>He believes that as much as a third of the US economy is already effectively in recession.
>“The industries that are going to get nailed, they’re the kind of working class, low-to-middle income kind of job,” Zandi says.
Slowdown in jobs market
>In other words, Trump has succeeded in splitting the US economy in two: while Wall Street and Silicon Valley are booming, the rest of the country is suffering a redneck recession. The working classes who helped Trump return to the White House are now suffering.
>Donald Trump claims America is “the hottest country anywhere in the world”.
>On Wall Street, there are plenty of signs that this is true. The value of artificial intelligence (AI) chipmaker Nvidia has just surpassed $4tn (£3tn), a first for any publicly traded company in the world. This single American firm is now worth more than the output of Germany’s entire economy in a year.
>The S&P 500 and the Nasdaq Composite stock indexes are near record highs. America’s big five banks saw revenues surge by a combined 17pc this spring. US GDP rose at an annualised rate of 3pc between April and June.
>But underneath the gloss of an artificial intelligence boom and surging Wall Street profits, all is not well. America is grappling with an alarming jobs slowdown, a frozen housing market, a small business crunch and crumbling consumer confidence.
>The US president may have delivered a booming stock market, but economists warn he is pushing many sectors into recession. His working class Maga support base will be the worst hit.
>“Manufacturing is in recession. Construction is in a deep recession. Transportation and distribution is in recession. Wholesaling is in recession. Retail is holding on by its thumbs, it’s very close,” says Mark Zandi, chief economist at Moody’s Analytics.
>He believes that as much as a third of the US economy is already effectively in recession.
>“The industries that are going to get nailed, they’re the kind of working class, low-to-middle income kind of job,” Zandi says.
Slowdown in jobs market
>In other words, Trump has succeeded in splitting the US economy in two: while Wall Street and Silicon Valley are booming, the rest of the country is suffering a redneck recession. The working classes who helped Trump return to the White House are now suffering.
Page 1