MeidasTouch host Ben Meiselas reports on Donald Trump getting hit with the devastating news from the Atlanta Federal Reserve and Meiselas interviews Congressman Brendan Boyle, Ranking Member of the Budget Committee. Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What are the economic impacts of Trump's policies?
We are now a day away from Donald Trump doing what he's calling Liberation Day, which means more devastation to our economy. I'm not really sure other than tariffing the world, whatever that even means. I'm not sure people in Trump's own regime knows what he's even talking about, but we just got these numbers.
earlier today from the Atlanta Federal Reserve, their new model is projecting that there will be a negative 3.7% GDP in the first quarter of 2025. So a 3.7% contraction. So for those following along eight weeks ago, we were expecting from the same projection, mind you, We were expecting a 3.9% growth if literally Donald Trump did nothing and just kept the economy on autopilot.
If he just went to Mar-a-Lago, golfed and did nothing. Four weeks ago, it was 2.3%. Last week, it was negative 2.8%. Today, it stands at negative 3.7%. Trump and Musk and Doge are driving us into really difficult, difficult times. And this is how it's now being messaged on Fox. This is Harris Faulkner from earlier in the day. Let's play it.
And those 401k people who are depending, those those retirees, all of that, just talking plain speak with them. Look, when this nation used to go to war. People in this country would support the war effort with their materials at home and making things for weaponry and all of that. We got to do 100% buy-in over this bumpy period. Just communicate.
Then they bring in Eric Trump, who starts selling his Bitcoins.
Play this clip. Well, we just launched a stable coin on the other side, you know, American Bitcoin. I think it's going to be one of the great companies out there. So I truly believe.
I don't even need to show that anymore. Let's bring in Democratic Congress member Brendan Boyle. Congressman, I showed you those stats. I showed you those clips right there of what's going on on Fox. What do you make of all of this, Congressman?
You know, it's pretty striking that literally Donald Trump All he had to do was do nothing. He could sit there, watch Fox News all day, sit with the remote control, occasionally tweet, and then on weekends go down to Mar-a-Lago and play golf. But he just had to purposely go about ruining this economy. With the exception of COVID and perhaps the Great Recession in the fall of 2008 when it began,
I don't remember any other period in which you've had a Federal Reserve so quickly revise their projections from about 4% growth expected to now 4% decline. That is an eight point swing. in the economy in just two months. I have, again, with the exception of COVID and the beginning of the Great Recession, I have never seen anything like it. And this is not because of the normal economic cycle.
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Chapter 2: How has the GDP projection changed under Trump's administration?
And what is so bewildering about this is I still have not yet to hear one sentence, at least, from Donald Trump on why suddenly Canada is the enemy. What exactly is the pretense for going after them? I mean, I can understand, you know, if you're concerned about, say, steel dumping that comes from China or if you have tariffs that are industry specific and country specific.
Tariffs are a tool in our toolbox when it comes to trade and national security. That's not what's happening here. I mean, we might be seeing us actually. imposing an incredibly high tariff on every single one of our nation's allies beginning tomorrow. It's just insane.
Let's talk about, you said on the House Budget Committee, I want to hear about the kind of process that's now taking place where, you know, it's a little confusing because they passed an outline of a budget, the MAGA Republicans, and now, I mean, and it was projected then it would cause trillions of dollars to be added to our deficit. And so, like, what now happens?
We see things happening in a rules committee, just like what...
i don't want to get too wonky but how how bad is this what's coming down the pipeline what should we be worried about what are you focused on yeah you know it's a as ranking member of budget this is uh basically what i spend most of my time on um and as you can imagine when we're talking about i mean even the name of the process reconciliation to try to explain this
and not get too much into the weeds and to speak plain English is a challenge. So let's see how I do here. Bottom line is House Republicans have an incredibly austere plan that they already voted for and approved a few weeks ago, which includes $1.5 trillion worth of cuts, mostly coming from Medicaid. These would be by far the biggest cuts to Medicaid in American history.
all to help partially pay for the biggest tax cuts for billionaires in American history. So the beginning of that plan passed already in the House. It sits over in the Senate. That's where it sits right now. Senate Republicans are trying to figure out what they want to do with it, if they want to come up with their own plan. That right now is kind of an internal Republican squabble
that is playing out as we speak. At some point, they're going to have to internally resolve that. The Senate will pass something. At this point, it doesn't, believe it or not, it doesn't exactly have to match at this point what the House Republicans have done. And then that would allow the next step of the process to play out. So it's a bizarre Byzantine multi-step process.
One important step has already been taken, has already taken place with the House Republicans passed. But we still have a few more steps to go. And I'm hopeful.
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