04/12/2017

What The Heck Is Gary Cohn Doing In The Trump White House? [Watch]

Liz Peek, Fox News

Conservatives wonder: what the heck is Gary Cohn doing in the Trump White House? Cohn, a life-long Democrat and latecomer to the Trump train, is White House Economic Council Director. The former president of Goldman Sachs is reportedly ascendant, while Steve Bannon, Peter Navarro and Stephen Miller see their stars fading. This is not good news for Trump supporters, or for the GOP.

Donald Trump was elected by angry Americans: people furious at Obama’s progressive agenda, incensed that China was stealing our jobs and disgusted by milquetoast Republicans who had not delivered on campaign promises to ditch Obamacare, curb illegal immigration and spur faster economic growth. Trump voters were fed up with Obama’s global ambitions and celebrated his America First message.

His backers didn’t care that Trump knew little about policy or Washington; he was in a sense an empty vessel when it came to translating common sense ideas into legislation and regulations. Now, though, they see that vessel being filled in part by individuals who do not share their views. One of those is Gary Cohn, who has emerged as a powerful but discordant voice.

Democrats and the mainstream media have rejoiced as they have watched Cohn, along with Jared Kuschner, his wife Ivanka Trump and former Goldman Sachs partner Dina Powell, soften White House policy on issues such as cutting regulations, immigration enforcement and Obamacare repeal.  

When Gary Cohn recently lofted the possibility of bringing back Glass-Steagall, the Depression-era law that allowed big banks to engage in investment banking, Senator Elizabeth Warren was reportedly giddy with joy

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

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ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

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*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]