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I Asked ChatGTP What Trump's China Deal Means for the Middle Class — Here's What It Said
Rapidly shifting pieces have been synonymous with President Trump's trade policy — China included, according to AP News. Chinese producers sell more than $400 billion worth of goods in the U.S. annually, per Reuters. In order to help orient ourselves within all the changes right now, here's what ChatGTP said President Trump's latest deal with China means for middle-class finances. Check Out: For You: Tariff Reductions Are Partial, Short-Term Relief Tariffs aren't gone, but middle-class households face partial relief because of tariff reductions. A deal slashed U.S. tariffs on Chinese goods from 145% to 30%, according to Time Magazine. However, an average American family would still face a net hike of $2,300 to $2,800 a year in additional tariff-related costs. Trending Now: Consumer Prices Are Still Elevated Consumers continue to pay higher for everyday items, including electronics, clothing and appliances due to residual tariff burdens. Tariffs work like regressive taxes with those in the middle-class paying a larger share of income, per Bloomberg. Inflation and Reduced Purchasing Power Consumer Price Index (CPI) increases tied to tariffs could hit 1.3% to 2.3%, depending on whether all planned tariffs take effect, per Barron's. This is equivalent to a loss of $1,900 to $3,800 in real purchasing power per household annually. Uncertainty Hinders Business and Hiring Amidst pronounced uncertainty, businesses and consumers alike may be less inclined to make big changes or commitment. 'The stop-start nature of tariff implementation slows corporate investment, especially in manufacturing — limiting job growth and wage pressure. Consumer confidence can waver amid this uncertainty,' ChatGPT said. Risk of Retaliation and Spillover Any potential repercussions don't end just because tariffs end. Chinese retaliatory tariffs on U.S. exports could hit middle-class related industries, including autos, agriculture and manufacturing, leading to layoffs or price hikes. 'Ongoing tit-for-tat risks mean future prices and employment could shift again,' ChatGPT explained. So, What Are Your Next Moves? ChatGPT had four suggestions for what to do right now: Budget for inflation in your essential expenses, including groceries, clothes and electronics. Lock in rates for mortgage and loans sooner rather than later as uncertainty may affect financial markets. Track CPI and Fed signals. These reflect tariff-driven inflation trends. Diversify income streams to guard against local job or wage hits. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on I Asked ChatGTP What Trump's China Deal Means for the Middle Class — Here's What It Said Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
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Trump Fired Off A Sexist Trope At A Faith Luncheon. It Shows He's An ‘Unhappy Man,' Expert Says.
President Donald Trump fired off a sexist trope about women when he rambled on and on about his so-called Big Beautiful Bill during a faith luncheon at the White House earlier in July. During Trump's speech at the White House Faith Office luncheon with business leaders, he went on a tangent about the giant bill he'd signed into law, which favors the wealthy and is expected to cause millions of people to lose their health insurance. The president complained about the Republicans who'd initially pushed back on the legislation and claimed the bill would 'perhaps' prevent an economic depression that, he bizarrely reasoned, wouldn't be good for 'unattractive' men married to women. 'You people, so rich, so beautiful, so nice to look at, will be totally busted,' he said. 'And let's see how long your wife stays with you ... she'll stay with you for about three weeks and she'll say, 'Darling, I can't take it anymore. I can't take it anymore, darling, I'm leaving you.'' 'I said to one guy — he's a very, very unattractive man — but he's smart and he's rich, and I said, 'You better hope we get this thing passed because your wife will be gone within about two minutes,'' Trump continued. 'He said, 'You're right.'' The crowd erupted in laughter. Trump has made a few public quips about women marrying for money in recent months. Back in May — again making an assumption about his audience — the president inexplicably warned graduating cadets about 'trophy wives' in a commencement address at the United States Military Academy at West Point. He said that trophy wives often don't 'work out' as he told the story of the late real estate developer William Levitt and his eventual professional downfall. Geralyn Fortney, a licensed professional counselor and regional clinic director with Thriveworks who specializes in women's issues, previously told HuffPost that narratives about women marrying men for financial benefits is a 'long-standing sexist trope.' 'It dismisses the fact that everyone, even women who marry men of privilege, is capable of marrying for love,' she said. 'This is a long-standing sexist trope that discredits women as incapable of love without strings attached, and also makes us believe that women are unable to have success on their own!' As it relates to Trump's speech on Monday, Kari J. Winter, a professor of American studies at the University at Buffalo, said that the president — in addition to 'incessantly sexualizing women' — seems to 'have a core belief that women marry only for money.' 'Like a crude, cliched commercial that uses women's bodies to sell cars or booze or whatever, Trump conjures absurd, non-sequitur images of patriarchal marriage to sell his disastrous economic policies,' she told HuffPost in an email. 'He is literally telling men that they need his economics to keep their marriages afloat.' Trump's worldview is 'transactional and misogynistic' — and he's unhappy, Winter says. Winter, whose expertise includes gender, feminism, race and class, doesn't think Trump is consciously pushing a trope — she believes his 'worldview is fundamentally transactional and misogynistic.' 'In these remarks, he is addressing men despite the presence of women in the audience, and he assumes that they share his belief that wealth is the only way to attract and keep women,' she said. 'In his repetitive use of the 'trophy wife' trope, we can see that underneath his arrogance and delusions of grandeur is an unhappy man who does not believe that he is worthy of love.' 'Maybe he doesn't even believe that love is a thing,' she continued. Winter admitted that she laughed out loud when she first heard Trump's remarks at the faith luncheon — but not because his speech was funny. She laughed because his comments were 'spectacularly awkward, inarticulate and idiotic.' 'We expect incoherent word salads from Trump, but the rambling offensiveness of his remarks continues to exceed expectations,' she said. When asked to share her thoughts about the audible laughs Trump received from business leaders in attendance at the luncheon, Winter said: 'Some wealthy people will pander to anything as long as they get tax breaks at the expense of the poor and middle class.' 'The enormous economic violence encoded in Trump's big, b*shit bill shows how morally bankrupt his rich supporters are,' she wrote before later adding, 'History bears witness to the fact that many people cloak themselves in the garbs of religion in order to provide cover and permission for their most hateful, violent impulses.' 'They should be ashamed of themselves, but they appear incapable of shame so we as a society need to find a way to hold them accountable,' Winter added. Related... Trump Mocked For Claiming 'Big Beautiful Bill' Helps Ugly Rich Guys Stay Married 'South Park' Goes Scorched-Earth On Trump In Shockingly NSFW Season Premiere Stephen Colbert Absolutely Torches Corporate Bosses Amid New Trump Settlement Claim
Yahoo
15 minutes ago
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Why the Social Security Administration Loves Trump's ‘Big Beautiful Bill' — Should You?
President Trump campaigned with the promise to end taxes on Social Security. The One, Big, Beautiful Bill (OBBB) is Trump's cornerstone piece of legislation aimed at making that promise a reality. While seemingly welcome news to the near 58 million beneficiaries aged 65 and older (according to the Social Security Administration [SSA]), the pledge isn't exactly as it seems. Check Out: For You: Upon passage of the OBBB, the SSA hailed provisions that it says will benefit Social Security recipients. Here's why the SSA loves the OBBB and what it really means for retired Americans. Why the SSA Loves it According to the SSA, a significant number of beneficiaries depend on monthly Social Security checks for at least half of their income. Knowing this, the SSA is actively highlighting the relief now available to recipients. 'The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation's economy,' the SSA said in a press release. Before passage, only 64% of retirees didn't pay taxes on Social Security benefits, according to the White House. Putting more money into the wallets of retirees is a good thing, and the SSA is wise to promote the fact. See Next: Yes, If You're at the Right Income Level The OBBB was a massive piece of legislation, with a reported 900 pages, according to NPR. However, one thing is clear — the OBBB doesn't eliminate taxes on Social Security benefits. Thanks to the Byrd Rule, it wasn't able to do that, according to CBS News. What the OBBB does provide is a new deduction for retirees of $6,000 per person, providing an indirect benefit for individuals on Social Security. The deduction is available to both people who take the standard deduction or itemize. If you're married, both spouses can claim the deduction, but there is a phaseout. 'The deduction will phase out at a 6% rate when modified adjusted gross income exceeds $75,000 for single filers and $150,000 for joint filers. The deduction is fully phased out at $175,000 for single filers and $250,000 for joint filers,' per the Tax Foundation. The deduction isn't indefinite as it ends at the end of 2028. For middle-class retirees, this could be a beneficial, albeit temporary, way to reduce taxes. No, If It Doesn't Impact You It's easy to hear headlines that there's no more taxes on Social Security and think it's a good thing. Unfortunately, there's more beneath the surface. Not all retirees will feel the impact of the new deduction for older Americans. Lower-income retirees will see little to no change, according to the Tax Foundation, 'Those taxpayers are already exempt from taxation on their Social Security benefits.' No, If You're Concerned About Social Security Lasting Trust funds will deplete by 2034, a year sooner than anticipated, according to the SSA. Understandably, some retirees or near-retirees may feel nervous about possible insolvency. The OBBB may worsen the situation. Bobby Kogan, senior director of federal budget policy at the Center for American Progress, said to CBS News that we're already facing an issue with insufficient funds being contributed to the trust fund. And this bill would result in even less money being added to it. The Committee for a Responsible Budget (CRFB) confirmed this concern. 'OBBBA would impact Social Security and Medicare indirectly, mainly by reducing the revenue collected from the income taxation of Social Security benefits, which is deposited into the Social Security and Medicare trust funds,' said the CRFB. This reality may make it necessary for politicians to do something many don't want to see: slashing benefits. This is a key reason why anxious Americans view the changes with apprehension. The OBBB provides some benefits to Americans on Social Security, but they're largely temporary. While the SSA excitedly announced the changes, due diligence is essential to see if it's good for you. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on Why the Social Security Administration Loves Trump's 'Big Beautiful Bill' — Should You? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
