The MAGA Economy Is A Crashing Ponzi Scheme | Michael Hudson And Radhika Desai

Michael Hudson and Radhika Desai examine the gap between Trump's promised economic boom and the reality of an economy sustained by asset bubbles rather than production. They show that the stock market's rise reflects cheap credit, buybacks, and speculation rather than profit, a Ponzi-scheme dynamic that cannot survive the oil shock triggered by Trump's war on Iran. His tariffs have not reversed deindustrialization, and his refusal to end that war guarantees the inflation he promised to kill. The result is a starkly K-shaped economy, in which the wealthiest 1% have seen their assets grow from $10 trillion to over $50 trillion in twenty-five years while the bottom half of Americans have gone from nothing to nothing, pushing the US toward a depression as serious as the 1930s and eroding even his own base's faith in him.