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Trump’s Congressional Speech Points to Brighter Future

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After five weeks (and months of campaigning) filled with speeches about how bad things are in the U.S. and the dangers of refugees, immigrants, and ISIS, Donald Trump addressed a joint session of the Congress in the House chamber on Tuesday. Just about everyone expected more of the same, with Trump stirring controversy with every off the cuff remark. But President Trump changed things up and focused on the future of the country instead of the past.

What Can We Take Away From Trump’s Speech?

Instead of incendiary, Trump chose to be soothing. The president, seemingly for the first time since announcing his candidacy for presidency, treated Senators and House Representatives with respect, formality, and tradition. Instead of focusing on “making America great again” and focusing on the past, Trump talked about optimism and unity.

Why the sudden shift in rhetoric?

Most likely, it points ties back to Trump’s abysmal approval rating, which sits below 50 percent – the worst ever for a new president 5 weeks into office. While his voter base loves him, the rest of the country of isn’t quite as fond of Donald Trump in office. Trump bending to the people doesn’t just raise his approval rating, it also helps get things done. If Democrats aren’t fighting Trump every step of the way, the government can run more smoothly and efficiently. And in regards to getting things done, Trump did just ask for $54 billion in defense spending. With a little formality, he’s putting himself in a much better position to secure that budget.

Without too much detail, but lacking his usual glossing over guarantees of how great it’ll be, Trump focused on the country’s future. He called for easing the Food and Drug Administration’s regulatory oversight of new drug development, citing an example of a sick girl whose father started a drug company just to save her life, but is hampered by regulations.

He touched on the country’s highways. And instead of talking about how badly they’re falling apart, he described the interstate highway system as “the last truly great national infrastructure program” and called for $1 trillion in new spending to rebuild the country on a grand scale.

As a result, after snapping it’s 12-session streak of record high closes Tuesday, the Dow Jones responded to Trump’s speech by shooting up more than 300 points (1.46%), with the Nasdaq and S&P 500 seeing similar percentage rises.

 

Watch the analysis of Trump’s Congressional Speech from USA Today:

If Trump continues to look to work within the government instead of creating his own within the administration, markets should continue to thrive – along with the economy.

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Featured image via Evan El-Amin / Shutterstock.com

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3 Comments

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  1. Avatar

    runningbear

    March 2, 2017 at 12:50 PM

    The Democrats built their house on quicksand. The more they struggle the faster they sink into the irrelevancy of history’s forgetful past. You don’t need to drain the swamp when their coupe rests on quick sand of untruths. They will sink under the weight of their own lies. While we rebuild a nation, darkness covers their restrictionist souls.

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  3. Pingback: Trump's New Ban HopesS to Stick Around | The Capitalist

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Automobiles

Pump Prices to Edge up After Attack on Iranian General, but Long-Term Effect Unclear

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By Jeff Ostrowski, The Palm Beach Post, Fla.

Motorists soon will see the effects of President Donald Trump’s decision to kill a prominent Iranian general. Whether pump prices rise a little or a lot depends on how quickly international tensions intensify.

Florida gas prices climbed an average of 7 cents a gallon in the past three days and could increase an additional 5 cents, AAA – The Auto Club Group said Monday.

The 7-cent increase was coming even before the U.S. air strike Thursday that killed Iranian Maj. Gen. Qassem Soleimani. That hike was a result of a rise in the price of crude oil in December.

News of the targeted killing of Soleimani sent crude oil surging nearly $2 per barrel on Friday. An increase of that magnitude typically translates to a 5-cent hike at the pump, AAA said.

The U.S. benchmark for crude oil traded Monday just above $63 per barrel, the highest level since May 2019. The price of oil makes up about half the price of a gallon of gas.

“What happens in the Middle East can have a direct impact on Americans’ daily lives by influencing what they pay at the pump,” said AAA spokesman Mark Jenkins. “Crude prices rise when there’s a threat of war, because of concerns over how the conflict could hamper supply and demand.”

Oil analyst Tom Kloza of energy firm OPIS agreed that pump prices in Florida likely will rise about 5 cents a gallon in the coming days.

“Then I have a hunch that things are going to calm down,” Kloza said Monday. “I don’t think we’re looking at $3 gas.”

The national average pump price Sunday was $2.585, while the Florida average was $2.526, AAA said.

Kloza expects only modest increases in part because of the timing of the attack. January is always a slow month for gas consumption in the United States.

There’s also the reality that sanctions leave Iran unable to export oil. Complicating the calculus is Iraq’s response to the U.S. attack. The drone strike on Soleimani took place in Baghdad, and some Iraqi politicians considered the assault an affront to Iraqi sovereignty.

While there’s no Iranian oil supply to be disrupted by a war, Iraq is an important producer.

Trump keenly watches oil prices and realizes that a price spike might erode his support in this year’s presidential election, Kloza said.

At the same time, Kloza added, “This president has proven to be unpredictable.”

Trump’s response has been typically uneven. Delivering an official statement at the Mar-a-Lago Club in Palm Beach, Trump’s tone was measured. He said the targeted killing was designed to pre-empt Soleimani’s planned attacks on American diplomats and soldiers.

“We took action last night to stop a war,” Trump said Friday. “We did not take action to start a war.”

However, over the weekend, Trump took to Twitter to threaten attacks on Iranian cultural sites.

“The United States just spent Two Trillion Dollars on Military Equipment,” Trump wrote Sunday on Twitter. “We are the biggest and by far the BEST in the World! If Iran attacks an American Base, or any American, we will be sending some of that brand new beautiful equipment their way…and without hesitation!”

##IFRAME_1##Iran has vowed vengeance, but military experts say the nation isn’t powerful enough to wage a direct war against the U.S.

“It’s still far too early to know how much of an impact this conflict will have overall on prices at the pump,” AAA’s Jenkins said.

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Economy

Stocks Rally Despite Impeachment News

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Stocks rose on Thursday as investors looked past the news of President Donald Trump’s impeachment as well as mixed U.S. economic data.

The Dow Jones Industrials advanced 53.85 points to begin trading at 28.293.13

The S&P 500 recovered 4.93 points to 3,196.07

The NASDAQ added 19.39 points to Wednesday’s all-time record, at 8,847.12.

The S&P 500 is up nearly 7% since House Speaker Nancy Pelosi launched a formal impeachment inquiry in September.

Cisco Systems was the best-performing Dow component, rising 1.6%. The consumer staples and real estate sectors led the S&P 500 higher, gaining 0.4% each. Micron Technology shares also contributed to Thursday’s move higher. Conagra shares surged more than 14% and were on pace for their biggest one-day gain since Oct. 16, 1989.

Micron shares climbed 3.5% on the back of strong quarterly results. The chipmaker posted earnings per share and revenue that topped analyst expectations.

On the economic data front, weekly jobless claims fell to 234,000 from 252,000 the week before. However, economists expected claims to fall to 225,000.

Meanwhile, the Philadelphia Federal Reserve’s business conditions index fell to 0.3 in December from 10.4 in the previous month. Economists expected the index to slip to 8.

The Democrat-led House of Representatives voted Wednesday to impeach Trump for abuse of power and obstruction of Congress. Trump became only the third president to be charged with high crimes and misdemeanors and will now face a trial in the Republican-controlled Senate.

Prices for the 10-Year U.S. Treasury were lower, raising yields to 1.94% from Wednesday’s 1.93%. Treasury prices and yields move in opposite directions.

Oil prices gained seven cents to $61.00 U.S. a barrel.

Gold prices moved forward $1.80 at $1,480.50 U.S. an ounce. Copyright © 2019 Baystreet.ca Media Corp. All rights reserved.

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401 K

Senator Rand Paul: Pay Off Your Student Loans With Your 401k

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Senator Rand Paul says you should pay for your student loans with your 401k. Paul’s new legislative proposal, the HELPER Act (Higher Education Loan Payment and Enhanced Retirement), would allow benefits like tax-free money for college, tax-free employer-sponsored plans, no cap on student loan interest deduction, and many others. Essentially, it would allow students and parents to withdraw retirement funds to settle expenses for college.

The act “would allow Americans to take out up to $5,250 from a 401(k) or IRA tax- and penalty-free each year to pay for college or make monthly student loan payments,” explained CNBC.

According to Forbes, “Paul seeks to reshape the way people save and pay for higher education, driven through tax and savings incentives.” He notes that “the current student loan interest rates can be as high as 7% for graduate students and parent borrowers.” Student loan refinancing rates, on the other hand, have dropped to below 2%.

Paul’s critics will likely note objections such as removing money from a retirement account for any purpose that is not related to retirement may not be a wise financial move; many students cannot both save for retirement and pay off student loans; and the annual amount may not be enough to help borrowers make a meaningful impact.

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