In his campaign for president, Trump promised to protect Social Security and Medicare. On paper, Social Security, which has its own revenue sources via payroll taxes and trust funds, is protected from both the budget cuts of Trump’s One Big Beautiful Bill and from the impact of the government shutdown. But Trump keeps trying to […]
Treasury Department
Posted inEconomic Policy
How Scott Bessent Enables Oligarchy
After the attacks of September 11, 2001, the government began cracking down on hidden transfers of wealth. The purpose was to prevent money laundering that might finance terrorism. Some of this was codified in the USA PATRIOT Act. After the financial collapse of 2008, other safeguards were added. All this strengthened the Treasury Department’s Financial Crimes Enforcement […]
Posted inEnergy and the Environment
Trump Vows to Create More Blackouts
Side agreements with the House Freedom Caucus will make most clean-energy projects unviable and leave the U.S. with not enough power to meet demand.
Posted inTAP
Hijacking the Fed
Today on TAP: Trump may succeed in isolating Federal Reserve Chair Jay Powell and taking over the Fed himself, but the result would crash the economy.
Posted inCivil Rights in America
Trump’s War on Gay, Lesbian, and Trans People
Treasury Secretary Scott Bessent is gay and married. Hello?
Posted inEconomic Policy
House Republicans Take Their Turn at Ravaging CFPB
Kneecapping the consumer financial protection agency would do much to enable fraud, and next to nothing to reduce federal expenditures.
Posted inTAP
The Lone Grownup in Trump’s Room
Today on TAP: The Treasury secretary has saved Trump from more than one disastrous impulse. But Trump resents minders. Are Scott Bessent’s own days numbered?
Posted inTAP
Could Jay Powell Restrain Trump?
Today on TAP: Trump’s destructive tariff policies could well require emergency Fed intervention that Powell doesn’t want. Will the Fed chair have the nerve to challenge Trump?
Posted inEconomic Policy
The Great Trump Crash?
Emergency warnings are lighting up all over financial markets, solely because of Donald Trump.
Posted inMoney, Politics, and Power
Move Fast and Break the Mortgage Market
The chief regulator for Fannie Mae and Freddie Mac is now also the board chair of both companies. What’s the long game here?