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The US has $36 trillion in debt and will need to borrow $2 trillion in 2025. Trump's economic plan involves three levers. First, cut $1 trillion in expenses by targeting waste and fraud, such as Social Security payments to 50-year-olds. Second, increase revenue by $1-2 trillion through tariffs, raising them from $50 billion to a $500 billion target. The US is the biggest customer on earth, and current tariffs are unfair. Tariff changes will incentivize building factories in the US, creating jobs and attracting foreign investment. Revenue will also increase through deregulation and a "gold card" offering US residency for $5 million, potentially generating $1 trillion if 100,000 people buy it. Third, reduce taxes. If the US cuts $1 trillion in waste and adds $1-2 trillion in revenue, it will have a surplus, allowing for individual tax cuts for those earning over $1,500 and a corporate tax reduction from 21% to 15%. This would make the US one of the most business-attractive countries.

Republicans cheered after winning a Senate vote that will take away healthcare from around 17,000,000 people, give tax breaks to billionaires, and increase the national debt by $3.5 trillion. The bill is economically and morally bad, but the fight continues. Democrats were able to improve some aspects of the bill, such as removing the tax on solar and wind. The bill now goes to the House, where some Republicans are uneasy. In November 2026, those who voted for the bill will have to face voters and explain their actions. The fight continues because it is the right thing to do.

Richard Wolff and Glenn discuss Trump’s political project, the trajectory of US capitalism, and how Europe is adjusting to a perceived decline of Western hegemon. - Trump’s politics are, in Wolff’s view, more traditional Republican strategy than a wholesale break with the past. The core priority remains to “make money for the top one to 5%” of people—corporate executives and the employer class that the US census identifies as about 3% of the population. The first-term flagship was the 2017 tax cuts for corporations and wealthier individuals; in the second term, the “big beautiful tax bill” of April likewise serves the core financial base before other issues like immigration or tariffs. - Trump’s more radical or theatrical moves—anti-immigrant campaigns, ICE enforcement, heightened rhetoric toward immigrants, and provocative international actions—are political theater intended to mobilize the traditional Republican coalition and reassure the business constituency. This theater targets the mass voting blocs, while the core funders provide the money to sustain the spectacle. - The domestic political dynamic: while a sizable segment of his base remains supportive, there is growing election-time anxiety within the business coalition and among some voters who are unsettled by his handling of events, including the Epstein scandal. Still, his base numbers hover around 30–35%, giving him a platform to push ahead, though the broader economic critique remains largely taboo in US politics across parties. - The fundamental economic problem: US decline as a structural issue is not debated openly by Trump’s circle or rival parties; the decline persists as China continues to outpace the US in growth. Even with tariffs, China redirected exports to other markets, maintaining a large overall export footprint and signaling the limits of unilateral US pressure. - The “tribute economy” concept: Trump’s international approach can be read as trying to convert other countries into tributaries—using tariffs, coercive measures, and diplomacy to extract relative gains from others while protecting US interests. This aligns with a broader narrative Wolff attributes to a waning hegemon resorting to coercive leverage rather than genuine economic strategy. - Andrew Jackson frame vs. reality: Trump’s use of a Jacksonian nationalist rhetoric is a superficial political device, not a deep historical redefinition. The honest historical view is that Trump adopts a veneer of Jacksonianism to justify a broader, conventional Republican agenda oriented toward the business class, while the world has changed in ways that the Jacksonian frame cannot fully accommodate. - The European reaction: Europe faces a difficult, shrinking trajectory. Wolff argues Europeans are increasingly likely to become an adjunct to the United States, with growth constrained by dependence on outside high-tech powerhouses (the US and China), shrinking industry from auto to other sectors, and rising social strain as welfare states come under pressure. - European policy implications: leaders may resort to increased militarization and a stronger anti-Russia stance to justify repression and social control at home, even as Russia’s actual military threat is overstated as a rationale. Wolff foresees growing social fragmentation, a potential class split between ruling elites and the working/middle classes, and the risk that external threats become a justification for expanding state power and military spending. - A longer arc: Wolff suggests that the current European and American trajectories reflect a broader decline of liberal hegemonies post-World War II. The solution would not be to return to a full Cold War-style confrontation but to acknowledge new multipolar realities, diversify alliances, and address domestic social needs rather than pursuing an ever-expanding militarized security paradigm. - The Minneapolis example and domestic politics: events like the ICE deployment in Minneapolis reveal a troubling trend toward heavy-handed, performative state power that could backfire politically for Trump, especially as more Republicans question Epstein-related narratives and other scandal-driven headlines intensify. - In Europe, the declining empire dynamic suggests a potential return to earlier anti-establishment currents, but leaders face the dilemma of maintaining welfare states while contending with reduced imperial leverage. The conversation anticipates rising social tensions unless new economic strategies and political alignments emerge that recognize changing power structures.

Republicans are pushing for a government shutdown that could harm the economy and negatively impact working-class Americans. Their focus seems to be on providing significant tax cuts for wealthy donors instead of funding essential programs like cancer research for children.

A new poll shows that while 41% of Americans oppose Donald Trump, 54% support him, especially regarding his economic policies. Notably, 73% want troops at the southern border, 73% favor cutting government spending, and 78% want income tax cuts. These popular policies face opposition from about half of Congress, highlighting a disconnect between lawmakers and voters. The influence of big donors over government decisions is evident, but the power of legacy media is waning as more voters recognize the truth. Americans increasingly desire smaller government, lower taxes, and control over immigration, urging Congress to align with their demands or face consequences in future elections. The American people are clear: they want the promises of Trump's agenda, regardless of their feelings toward him.

While Americans were celebrating Memorial Day, Washington was making another debt-increasing deal with no real changes. This bill has no cap on raising the debt and we don't know the exact number. It might cut $12 billion in year 1, but that's not worth the $4 trillion it adds. The bill keeps Biden's policies and spending intact, including the Green New Deal subsidies that could harm the electric grid. Republicans should not vote for this bill because it doesn't demand renegotiation and doesn't address the border issue. Democrats are supporting it because it doesn't change their policies or spending. Republicans should vote no and find a better deal.

The president plans to let the Trump tax cuts expire, but assures that taxes will not increase for those earning less than $400,000 a year.

Donald Trump is seen as the main threat as he wants the border problem to worsen so he can use it for his own political gain. He is even willing to cheer for an economic recession, which would harm people's jobs and savings, if it helps him in the upcoming election. This shows that Trump prioritizes himself over the United States. If Republicans in Congress are influenced by Trump's attempts to sabotage this deal, it reveals who they truly put first. They used to prioritize millionaires and billionaires, but now it's Trump at the top, followed by the wealthy, and then everyone else. They are not focused on improving and ensuring safety.

Republicans' nihilism has brought the country to the brink of a government shutdown at midnight unless Congress acts. Democrats offered to fund the government for another month, but Republicans rejected this because Donald Trump wants full control over government spending. The choice is between proceeding with the bill or risking a shutdown, which would give Trump more power. While the Republican bill is deeply partisan and doesn't address many needs, allowing Trump to take more power via a shutdown is worse. No one wants a shutdown. Members who oppose the CR want Republicans to take their responsibilities more seriously and negotiate spending bills that address the needs of the American people. The Republican party is the party of Trump, and allowing him to take more power via a shutdown is a worse option than passing the CR.

Republicans in Congress are allegedly playing a game by not codifying Trump's executive orders into law. They have the power to make Trump's actions permanent through legislation now, with majorities in both the House and Senate, but they haven't. Instead, they are supposedly waiting until the midterms to campaign on the promise of turning Trump's agenda into law if reelected. The speaker believes this is a ploy to prioritize reelection over serving the American people. The speaker hopes voters elect Democrats to overrule the Republicans. The speaker accuses members of Congress of being bought by special interests and caring more about their careers than the needs of the country. They urge voters to remember that Republicans could act now but are choosing not to for political gain.

The reconciliation bill is considered a "turbo boost" for the economy, with "big developments" coming together soon. A Republican congressman states the bill aims to prevent America from going bankrupt due to problems caused by Democrats. He says Republicans must fix these issues. Democrats claim the bill will hurt children, families, women, seniors, people with disabilities, close hospitals and nursing homes, and cause deaths. The congressman refutes this, stating that the country collapsing under debt will kill people. He says the bill is the first step to balancing the budget. The congressman says that universities should be responsible for student debt if they give loans to students for degrees that they may not be able to pay back. A Democratic congressman introduced seven articles of impeachment against President Trump for defying a unanimous Supreme Court ruling. The Republican congressman believes Democrats are in a "clown show competition" to see who can run as far to the left as they can.

Speaker 1 describes four months of arduous negotiations to produce a bipartisan bill, noting there were many times negotiations derailed and that he stayed on the phone at midnight to keep them moving. He argues the bill is crucial and a turning point for America, outlining the stakes across several flashpoints. First, he asserts that if the U.S. does not aid Ukraine, Putin will walk over Ukraine, the war could be lost, and the U.S. could find itself fighting in Eastern Europe as a NATO ally in a few years, a scenario Americans would not like. Second, he says if the U.S. does not help Israel defend itself against Hamas, the perpetual war will continue. Third, he claims humanitarian aid to starving Palestinians in Gaza is essential to prevent hundreds of thousands from starving. Fourth, he mentions the border crisis, referencing statements from Speaker Johnson that it is chaos, and asserts legislative action is needed. Speaker 1 credits Mitch McConnell for his contributions, but contrasts him with others, including Speaker Johnson, who he says are "scared to death of Donald Trump." He contends Trump has called for chaos and suggested that if he becomes president, Ukraine could be gone, the border could worsen, and war in the Middle East could escalate. He argues Trump’s stance is political rather than policy-driven and asserts that the majority of Republican senators recognize the bill as the right thing to do. He emphasizes the bill as a compromise—describing it as something he does not like in full, nor does McConnell, but necessary to accomplish important outcomes in the Senate. He recalls bipartisan legislation from two years prior as proof such collaboration is possible. The core question he poses is whether senators will drown out the political noise from Trump and his allies and do the right thing for America. Speaker 1 frames the bill as a turning point in American policy and history, asking whether history will look back and see that they rose to the occasion. He asserts that the majority of Republican senators understand the bill’s necessity, despite political headwinds, and he casts passage as essential to addressing Ukraine, Israel, Gaza humanitarian needs, and border stability. Speaker 1 ends by reiterating that history is watching their decisions at this moment.

The speaker believes Trump is being pressured by Mitch McConnell in the Senate, making him play games and feel weak. Trump feels he has to work with McConnell to pass bills. It's important to find others to support Trump so he doesn't have to rely on McConnell.

The speaker credits the president for allowing Elon to bring in a team of young geniuses to analyze departments and cut spending. They reportedly identified $160 billion in potential annual administrative cuts. However, congressional approval is needed to implement these cuts. The speaker acknowledges that some Republicans are not in favor of the level of austerity required to enact these cuts.

Supporters of the bill admit it adds $270 billion to the debt next year, which is the only certainty. The bill also increases the debt ceiling by $5 trillion. This increase is an admission that they aren't controlling the deficit and anticipate adding trillions more in ensuing years. The authors of the bill are anticipating adding more than $2 trillion next year.

parliamentarian ruled that sections of it were outside of the process that they're using to get this through. Do you think that senators should respect the decisions of the parliamentarian? And what have you personally done in the last forty eight hours to try and get Republican senators who are against the bill to a yes? 'If it's not approved, your taxes will go up by 68%. Think of that. 68, a record, the highest in the history.' 'The Democrats won't approve it only because, politically, it's so good for the Republicans.' 'They're not approving border security.' 'We've done a great job at the border, but we have to add some wall.' 'We have no money for that.' 'But if the Democrats it'll be interesting to see if we get any Democrat votes. We should.' 'If I were a Democrat, I would vote for this bill all day long because it's tax cuts and so many other things that are common sense.'

A historic day as Congress certified President Trump's election victory, with Vice President Kamala Harris presiding over her own defeat. Trump has rallied support for a comprehensive bill, now called the "1 big powerful bill," aimed at fulfilling his election mandate. He has built a diverse coalition, including working-class Americans and various ethnic groups, transforming the GOP into a party focused on their needs. The proposed bill includes tax cuts, border security, energy deregulation, and defense strengthening, all designed to boost the middle class and restore traditional values. This moment marks a significant shift in American politics, with a focus on a new era that promises to make America great again.

The American people are sick of the lies, cheating, and spending. We're seeing the climax of living beyond our means, fueled by the dollar's reserve currency status. The country is bankrupt, morally and financially, with moral bankruptcy leading to abuse of power. Some in Congress want to cut back spending, but there are loopholes. Congress is not doing its job by passing appropriation bills. Trump is asking Republicans to vote for a bill that largely maintains current spending levels, with an additional $8 billion for military spending. They are always trying to kick the can down the road, they are not cutting spending. The whole system is massive, abused, and immoral. It's going to take some time to fix this issue.