Summary
Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.
Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.
The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.
Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.
Experts fear these moves could destabilize the economy.
…and…
Those tariffs would destroy our $1.95 trillion in exports from the USA because many of those are finished goods with input materials imported (and now tariffed to high heaven). source
Modern manufacturing doesn’t depend on hundreds of thousands of human bodies anymore. New manufacturing factories would be highly automated and only employ a tiny fraction of the now unemployed workforce to produce the same amount of goods as in years past.
“From 1960 to today, American steel mills have decreased from an average of 700,000 workers to just 83,000. And within the last 40 years, the productivity of labor has increased more than five times from approximately 10 man-hours per finished ton to under 2.” source
So we’re basically forfeiting a bunch of jobs related to and effected by procuring overseas input materials to gain a small fraction of manufacturing jobs? That just sounds like it will damage the economy and not bring it back up.
Exactly why everyone with a brain has been shouting that this is the worst possible idea.
Oh hell yeah, thats like 85% of things. I didnt know a brain was required to know that tbh with the sheer amount of visible foreign made items.