Home About Archives RSS Feed

The Independent Investor: Will Trump Ruin Thanksgiving?

By Bill SchmickiBerkshires columnist
Nov. 21 will mark the deadline for the nation's lawmakers to approve a government budget for next year. Given the animosity between the two parties, the present all-encompassing focus directed at an impeachment inquiry, and the rage of many congressmen towards Trump's handling of the Syrian Crisis, is there any hope for a meeting of the minds when it comes to a budget resolution?
 
Right now, I would say it is a good bet that Congress just does not have the time to pass all of the 12 annual spending bills that are required to fund the portions of the government that Congress controls. Some of those bills will come up for a vote next week. That should give us an indication on whether there is enough good will between the two parties to do anything more than pass yet another short-term spending bill.
 
However, none of what Congress might do will matter if President Trump decides not to sign it. Trump has already said he is not interested in signing any domestic spending bills until there is an agreement on additional funding of his border wall.  If this sounds familiar, it is, because the same thing happened last year.
 
In December 2018, the U.S. Republican-controlled Senate unanimously approved a resolution to keep the government funded, but they postponed a decision on funding a wall between Mexico and the Unites States. Trump wanted $5 billion to pay for some of it, which would have fulfilled one of his campaign promises but broke another one (his promise to have Mexico pay for it). 
 
Trump might have signed it anyway, but criticism from some of his hardline media supporters (like Rush Limbaugh and Ann Coulter), who called him "weak" and a "loser," stung Trump's fragile ego. The rest is history.
 
The federal government shut down from Dec. 22, 2018, until Jan. 25, 2019. It was the longest government shutdown in history. It ruined both Christmas and New Year's for an enormous number of Americans. Federal workers suffered the most from Trump's actions. And yet, after 35 days of misery, Trump agreed to sign the same deal he could have had five weeks earlier and avoided the shutdown altogether.
 
After over two years of turmoil, it seems clear that when cornered, the president tends to strike out, attempting to cause the most damage to all those who he believes are against him. Almost 50 percent of Americans support removing him from office. Republicans are criticizing him for handing over Syria to his "great friend," Vladimir Putin, and no one liked his self-serving efforts to hold the next G-7 meeting at one of his Florida hotels.
 
How better to alter these story lines than by once again threatening to shut down the government, unless he receives more money to buil his wall? Washington insiders believe his game plan could be to Divert attention from his problems. He could resurrect the image of ravenous immigrants attacking our southern borders, while blaming the Democrats for being weak on border security. He could even pin his failure in Syria on Congress for not spending enough money on national security.
 
Of course, the real victims in such a scenario would be the American people. But maybe I worry too much. Maybe the president will have learned from his past mistakes; but then again, how can someone learn from something he has never made?
 
Bill Schmick is registered as an investment adviser representative and portfolio manager with Berkshire Money Management (BMM), managing over $400 million for investors in the Berkshires.  Bill's forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquiries to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.

 

3 Comments
     

Support Local News

We show up at hurricanes, budget meetings, high school games, accidents, fires and community events. We show up at celebrations and tragedies and everything in between. We show up so our readers can learn about pivotal events that affect their communities and their lives.

How important is local news to you? You can support independent, unbiased journalism and help iBerkshires grow for as a little as the cost of a cup of coffee a week.

News Headlines
At 100, Navy WAVE & MCLA Graduate Remembers Where It All Began
Hoosac Valley Athletic Director Molly Meczywor Getting EMT Certification
North Adams Library Suspends In-Person Events
Bromley's 'Momís Day Off' Cancer Fundraiser
Great Barrington Working on Public WiFi Network
Realty Agent Ranked No.1 in Sales for 2021
Cold Blast to Start the Weekend, Snow Expected to End It
Dalton Selectman Boyle Proposes Merger of Development Panels
Berkshire Art Association Extends Application Deadline for Festival
CHP Hosts Support Group for Parents of Children with Special Needs
 
 


Categories:
@theMarket (396)
Independent Investor (451)
Retired Investor (75)
Archives:
January 2022 (4)
January 2021 (4)
December 2021 (9)
November 2021 (7)
October 2021 (8)
September 2021 (9)
August 2021 (6)
July 2021 (8)
June 2021 (6)
May 2021 (6)
April 2021 (9)
March 2021 (8)
February 2021 (8)
Tags:
Housing Currency Commodities Euro Debt Ceiling Bailout Jobs Japan Banks Energy Retirement Economy Taxes Election Europe Federal Reserve Stimulus Stocks Crisis Stock Market Metals Recession Fiscal Cliff Oil Congress Selloff Wall Street Markets Interest Rates Greece Pullback Rally Debt Europe Deficit
Popular Entries:
The Retired Investor: The Hawks Return
The Retired Investor: Has Labor Found Its Mojo?
The Retired Investor: Time to Hire an Investment Adviser?
The Independent Investor: Don't Fight the Fed
The Retired Investor: Climate Change Is Costing Billions
The Retired Investor: My Dog's Medical Bills Are Higher Than Mine
@theMarket: Let the Good Times Roll
Independent Investor: Europe's Banking Crisis
@theMarket: One Down, One to Go
@theMarket: 707 Days
Recent Entries:
@theMarket: Beware the Hikes of March
The Retired Investor: No-Shows Threaten Economy
@theMarket: Fed Meeting Notes Throw Markets a Curve
The Retired Investor: My Dog's Medical Bills Are Higher Than Mine
@theMarket: Markets Up on Thin Holiday Trading
The Retired Investor: Climate Change Is Costing Billions
@theMarket: Markets Are Heading for Trouble
The Retired Investor: Time to Hire an Investment Adviser?
@theMarket: Markets Keep Churning
The Retired Investor: Has Labor Found Its Mojo?