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.

 

     

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
SVHC Weekly Health Update: May 26
BRO MX Ordered to Comply With Conservation Restrictions
EforAll Showcase and Gala at Hot Plate Brewing Company
Senator Mark Announces June Office Hours
What should you expect from your investments?
Grace Kelly Quartet to Perform at MCLA's Venable Theatre
Pittsfield Sees Significant Spending of ARPA Funds in First Quarter of 2023
MCLA's Rachiele Earns All-Region Honors
Pignatelli, Mark Hold Town Hall Forum
Berkshire County Remembers Veterans on Memorial Day
 
 


Categories:
@theMarket (450)
Independent Investor (451)
Retired Investor (143)
Archives:
May 2023 (8)
April 2023 (8)
March 2023 (8)
February 2023 (8)
January 2023 (6)
December 2022 (7)
November 2022 (7)
October 2022 (8)
September 2022 (9)
August 2022 (5)
July 2022 (7)
June 2022 (7)
Tags:
Interest Rates Congress Jobs Currency Europe Taxes Energy Debt Europe Stocks Bailout Oil Stimulus Greece Debt Ceiling Japan Crisis Economy Recession Fiscal Cliff Banks Markets Commodities Banking Employment Deficit Retirement Metals Rally Selloff Federal Reserve Election Stock Market Pullback Euro
Popular Entries:
The Independent Investor: Don't Fight the Fed
Independent Investor: Europe's Banking Crisis
@theMarket: Let the Good Times Roll
The Independent Investor: Japan — The Sun Is Beginning to Rise
Independent Investor: Enough Already!
@theMarket: Let Silver Be A Lesson
Independent Investor: What To Expect After a Waterfall Decline
@theMarket: One Down, One to Go
@theMarket: 707 Days
The Independent Investor: And Now For That Deficit
Recent Entries:
@theMarket: Debt Deadline Hangs Over Markets
The Retired Investor: Rents Rising as More Americans Priced Out of Housing Market
@theMarket: Markets Signaling No Debt Default
The Retired Investor: Food Prices May Be Moderating in Some Cases
@theMarket: Stocks Playing a Game of Inches
The Retired Investor: Retiring Boomers Keep Job Gains Buoyant
@theMarket: Banks Bashed as Fed Continues to Raise Rates
The Retired Investor: Efficiency vs. Safety in America's Railroads
@theMarket: Investors Await Fed Week
The Retired Investor: Secret Behind Low Interest-Bearing Checking Accounts