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Wall Street Journal pummels ‘out of touch’ Trump economic adviser Navarro for trashing the US economy

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The editors of the very conservative and very business-oriented Wall Street Journal have taken President Donald Trump’s trade adviser Peter Navarro to the woodshed for pushing the president’s tariffs that is having a devastating effect on U.S. manufacturers.

Under an ominous headline that reads “The Trade Casualties Mount,” the editorial board laid out the case on the toll the Trump tariffs are taking on U.S. economic growth.

“President Trump is escalating his trade rhetoric, threatening China and Europe with more tariffs on more goods if they don’t agree to his terms. Mr. Trump says winning these trade wars is ‘easy,’ so let’s take a look at the early returns on his steel and aluminum tariffs and the retaliation they’ve inspired,” the editorial began.

“Consider Alcoa , the top U.S. aluminum manufacturer whose shares plunged 13% Thursday and another 3% Friday after the company reported that tariffs are crimping earnings,” the piece explained. “The tariffs could wipe out $100 million of income this year, equal to about 18% of profits last year. ‘Tariffs will not solve the challenges facing the aluminum industry,’ Alcoa CEO Roy Harvey said on an earnings call.”

Noting, “…many businesses are delaying investments in the U.S. because of the uncertainty caused by the tariffs,” with one pipeline manufacturer announce this past week that they have “frozen [their] plans to invest $75 million in expanding production” in a Texas town, the Journal then called attention to Navarro’s dismissive wave at U.S. economic chaos.

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“Meanwhile, White House trade adviser Peter Navarro told CNBC on Thursday that the damage from the trade war so far is no big deal,” the WSJ reported, quoting him as saying, “We got two economies that add up to around $30 trillion in annual GDP. The amount of trade we’re affecting with the tariffs is a rounding error compared to that.”

“All of this and more are examples of the real and growing damage that Mr. Trump’s arbitrary and punitive trade policy is doing to U.S. companies and workers,” the editors scolded. “Businesses have been relatively quiet so far because they are happy with the tax reform and deregulation.”

The editors then issued a dark warning, “If Mr. Trump escalates his protectionism, the pain will increase and so will the political backlash before November.”

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You can read the whole piece here (subscription required)


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‘It’s so un-American’: Internet scorches Trump supporters for racist chants of ‘Send her back!’

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The ignoble highlight of President Donald Trump's rally in Greenville, North Carolina on Wednesday was when his fans doubled down on his racist attacks on four Democratic congresswomen of color and targeted Rep. Ilhan Omar (D-MN), chanting "Send her back! Send her back!"

Political commentators of all stripes were gobsmacked by the crowd's naked racism — and buried them in condemnation:

The crowd at Trump’s rally chanting “send her back” after the President viciously and dishonestly attacked Ilhan Omar is one of the most chilling and horrifying things I’ve ever seen in politics.

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Jeffrey Epstein wasn’t even a competent investor: report

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There can be no doubt that high-powered hedge fund manager Jeffrey Epstein would rather the public know him for his prominence and success as an investor than for the allegations of child sex trafficking, for which he has now been indicted and faces life in prison. And there has for years been mystique surrounding Epstein's business — his wealth fund is so exclusive that it reportedly requires a billion dollars up front from clients.

But according to the Dow Jones' periodical Barron's, Epstein may not even be good at that.

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Jon Stewart blasts ‘abomination’ of Rand Paul trying to ‘balance the budget on the backs of’ 9/11 responders

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On Wednesday's edition of Fox News' "Special Report," comedian and activist Jon Stewart slammed Sen. Rand Paul (R-KY) for blocking unanimous consent for a bill to support health care for 9/11 first responders.

"Pardon me if I'm not impressed in any way by Rand Paul's fiscal responsibility virtue signaling," said Stewart to anchor Bret Baier, who appeared on the show with first responder and activist John Feal.

He added that Paul's complaint, that the bill was unfunded, rings hollow given that he "added hundreds of billions of dollars to our deficit" with the GOP tax cuts for billionaires. He castigated Paul for trying to "balance the budget on the backs of the 9/11 first responder community."

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