Bessent: American dream isn't about cheap goods
Escalating trade tensions under President Donald Trump have dominated headlines, with critics warning that American consumers will bear the burden of higher prices. But Treasury Secretary Scott Bessent argues that affordability isn't just about cheap imports — it’s about ensuring Americans can build real financial security. “Access to cheap goods is not the essence of the American dream,” Bessent said during a speech at the Economic Club of New York on March 6. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.” His remarks come at a time when many Americans continue to grapple with high costs of living amid Trump’s threats to impose further tariffs, which experts believe will drive up prices in the short term. Bessent was later pressed on the issue during an appearance on NBC’s Meet the Press. “Are you saying that the Trump administration is comfortable to have consumers pay more for goods in America?” host Kristen Welker asked. “Not at all,” Bessent replied. “What I’m saying is the American dream is not ‘let them eat flat screens.’ If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.”
Escalating trade tensions under President Donald Trump have dominated headlines, with critics warning that American consumers will bear the burden of higher prices. But Treasury Secretary Scott Bessent argues that affordability isn't just about cheap imports — it’s about ensuring Americans can build real financial security. “Access to cheap goods is not the essence of the American dream,” Bessent said during a speech at the Economic Club of New York on March 6. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.” His remarks come at a time when many Americans continue to grapple with high costs of living amid Trump’s threats to impose further tariffs, which experts believe will drive up prices in the short term. Bessent was later pressed on the issue during an appearance on NBC’s Meet the Press. “Are you saying that the Trump administration is comfortable to have consumers pay more for goods in America?” host Kristen Welker asked. “Not at all,” Bessent replied. “What I’m saying is the American dream is not ‘let them eat flat screens.’ If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.”
Ron Paul warns of 'threat' to retirement funds
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, are leading President-elect Donald Trump the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, are leading President-elect Donald Trump the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Peter Zeihan links boomers to US deficits
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
Canadian official says tariffs will 'devastate' US
In response to President Donald Trump’s tariff plans targeting Canadian goods, Ontario Premier Doug Ford has a dire warning. “If they want to try to annihilate Ontario, I will do everything, including cut off their energy — with a smile on my face,” Ford declared during a mining conference in Toronto on Monday. “They rely on our energy, they need to feel the pain. They want to come at us hard? We’re going to come back twice as hard.” Trump announced a one-month delay on the 25% tariffs for imports from Mexico and Canada covered by the USMCA free trade agreement. But Ford isn’t backing down. Later that same day, he told CNN that Ontario will impose a 25% surcharge on power it sends to 1.5 million homes in Minnesota, Michigan and New York starting next week, in response to Trump’s tariff plan. However, Trump announced he may impose new tariffs on lumber and dairy products coming from Canada sometime in the future. While Trump has called tariff “the most beautiful word in the dictionary,” Ford warns that the economic consequences will be severe. “Donald Trump’s tariffs are going to devastate the U.S. economy, put Americans out of work and raise costs for hardworking American families,” Ford wrote in a post on X.
In response to President Donald Trump’s tariff plans targeting Canadian goods, Ontario Premier Doug Ford has a dire warning. “If they want to try to annihilate Ontario, I will do everything, including cut off their energy — with a smile on my face,” Ford declared during a mining conference in Toronto on Monday. “They rely on our energy, they need to feel the pain. They want to come at us hard? We’re going to come back twice as hard.” Trump announced a one-month delay on the 25% tariffs for imports from Mexico and Canada covered by the USMCA free trade agreement. But Ford isn’t backing down. Later that same day, he told CNN that Ontario will impose a 25% surcharge on power it sends to 1.5 million homes in Minnesota, Michigan and New York starting next week, in response to Trump’s tariff plan. However, Trump announced he may impose new tariffs on lumber and dairy products coming from Canada sometime in the future. While Trump has called tariff “the most beautiful word in the dictionary,” Ford warns that the economic consequences will be severe. “Donald Trump’s tariffs are going to devastate the U.S. economy, put Americans out of work and raise costs for hardworking American families,” Ford wrote in a post on X.
Single mom loses $40K to Tinder con artist
Katie Powell was a single mom looking for love, so she turned to Tinder to try to find it. What she found, instead, was a con artist who managed to scam her out of $40,000. “It’s turned my life upside down,” she told the New York Post. Her so-called online match claimed to be a civil engineer working in Turkey. The pair chatted for more than a month before he began asking Powell for money. And that's where things took a serious turn for the worse.
Katie Powell was a single mom looking for love, so she turned to Tinder to try to find it. What she found, instead, was a con artist who managed to scam her out of $40,000. “It’s turned my life upside down,” she told the New York Post. Her so-called online match claimed to be a civil engineer working in Turkey. The pair chatted for more than a month before he began asking Powell for money. And that's where things took a serious turn for the worse.
UConn prof accused of misusing school funds
At a point when workplace expenses are closely scrutinized, universities cannot afford to have employees misusing funds earmarked for academic purposes only. According to NBC, a University of Connecticut faculty member has been arrested by campus police for allegedly using university and grant money to fund lavish personal trips. A university spokesperson said Sherry Zane, a professor in the Women's, Gender, and Sexuality Studies program, is accused of misusing university resources. The university report claimed that Zane submitted edited handwritten and photoshopped receipts so she could be reimbursed for more than a dozen trips. Several were international trips — Ireland and Portugal — which she claimed were for research. "The university conducts thorough investigations into potential policy violations and takes appropriate action as needed. That is what happened in this case, and it is also how we continually support a culture of compliance on our campuses," UConn President Rakenka Maric shared in a statement. When it comes to expensing trips, especially in an academic setting, what is permissible and what is unacceptable? Here are the warning signs to watch for when managing your workplace budget.
At a point when workplace expenses are closely scrutinized, universities cannot afford to have employees misusing funds earmarked for academic purposes only. According to NBC, a University of Connecticut faculty member has been arrested by campus police for allegedly using university and grant money to fund lavish personal trips. A university spokesperson said Sherry Zane, a professor in the Women's, Gender, and Sexuality Studies program, is accused of misusing university resources. The university report claimed that Zane submitted edited handwritten and photoshopped receipts so she could be reimbursed for more than a dozen trips. Several were international trips — Ireland and Portugal — which she claimed were for research. "The university conducts thorough investigations into potential policy violations and takes appropriate action as needed. That is what happened in this case, and it is also how we continually support a culture of compliance on our campuses," UConn President Rakenka Maric shared in a statement. When it comes to expensing trips, especially in an academic setting, what is permissible and what is unacceptable? Here are the warning signs to watch for when managing your workplace budget.
Teacher's $20 Kindness Challenge inspires student
Kindness may not be the loudest currency, but Kristina Ulmer — a high school English teacher in Pennsylvania — wanted to remind her students that it still holds value. After the devastating loss of her younger sister, Katie Amodei, in a car accident in 2024, Ulmer found herself holding onto something more than just grief — $100 in tips recovered from Katie’s purse. Ulmer wanted to put it toward something meaningful but for a long time, she wasn’t sure what that would be. Then, an idea surfaced, wrapped in the pages of Ray Bradbury’s Fahrenheit 451. “It’s set in a time when everyone is glued to their screens and society lacks empathy,” Ulmer told the Washington Post. “Sounds familiar, doesn’t it? It popped into my head that I could have my students do acts of kindness with my sister’s money.” That’s when Ulmer decided that her students wouldn’t just read about a world lacking empathy; they would actively work against it. With her sister’s money — and hundreds of her own dollars — Ulmer distributed $20 bills to each of her 25 students, giving them a simple assignment: commit an act of kindness and document it.
Kindness may not be the loudest currency, but Kristina Ulmer — a high school English teacher in Pennsylvania — wanted to remind her students that it still holds value. After the devastating loss of her younger sister, Katie Amodei, in a car accident in 2024, Ulmer found herself holding onto something more than just grief — $100 in tips recovered from Katie’s purse. Ulmer wanted to put it toward something meaningful but for a long time, she wasn’t sure what that would be. Then, an idea surfaced, wrapped in the pages of Ray Bradbury’s Fahrenheit 451. “It’s set in a time when everyone is glued to their screens and society lacks empathy,” Ulmer told the Washington Post. “Sounds familiar, doesn’t it? It popped into my head that I could have my students do acts of kindness with my sister’s money.” That’s when Ulmer decided that her students wouldn’t just read about a world lacking empathy; they would actively work against it. With her sister’s money — and hundreds of her own dollars — Ulmer distributed $20 bills to each of her 25 students, giving them a simple assignment: commit an act of kindness and document it.
Shockproof your portfolio during economic 'detox'
For much of last year, President Donald Trump promised “extraordinary” economic benefits from his policies and “the brightest economic future the world has ever seen” for the country. But just weeks into his second term, the administration is asking Americans to brace for an economic dip instead. In a recent interview on CNBC’s Squawk Box, Treasury Secretary Scott Bessent warned that the ongoing efforts to cut back government spending would negatively impact the economy. “The market and the economy have become hooked, become addicted, to excessive government spending and there’s going to be a detox period,” he said.
For much of last year, President Donald Trump promised “extraordinary” economic benefits from his policies and “the brightest economic future the world has ever seen” for the country. But just weeks into his second term, the administration is asking Americans to brace for an economic dip instead. In a recent interview on CNBC’s Squawk Box, Treasury Secretary Scott Bessent warned that the ongoing efforts to cut back government spending would negatively impact the economy. “The market and the economy have become hooked, become addicted, to excessive government spending and there’s going to be a detox period,” he said.
Mortgage rate trends this week
Thirty-year fixed mortgage rates were essentially flat this week, increasing slightly from 6.65% last week, to an average of 6.67%. "The 30-year fixed-rate mortgage has stayed under 7% for nine consecutive weeks, which is helpful for potential buyers and sellers alike,” says Sam Khater, chief economist at housing giant Freddie Mac.
Thirty-year fixed mortgage rates were essentially flat this week, increasing slightly from 6.65% last week, to an average of 6.67%. "The 30-year fixed-rate mortgage has stayed under 7% for nine consecutive weeks, which is helpful for potential buyers and sellers alike,” says Sam Khater, chief economist at housing giant Freddie Mac.
Tariffs and tensions hit small WA border town hard
To reach Point Roberts, WA from the U.S., you must drive through Canada or travel by private boat or plane. The small town is located on the Tsawwassen Peninsula, separated from the continental U.S. by water. Like so many northern border towns, Point Roberts is tied to Canada more than geographically. Many of its 1,000 residents are dual citizens of the U.S. and Canada. “Half of us here are dual citizens, including me,” Brian Calder, former president of the Point Roberts Chamber of Commerce, told Global News. “Canadian and American.” As relations between the two countries cool, the town has been caught in the crosshairs of the trade war and tariffs. Residents are worried about what that might mean for their community and their access to essential services like water and energy.
To reach Point Roberts, WA from the U.S., you must drive through Canada or travel by private boat or plane. The small town is located on the Tsawwassen Peninsula, separated from the continental U.S. by water. Like so many northern border towns, Point Roberts is tied to Canada more than geographically. Many of its 1,000 residents are dual citizens of the U.S. and Canada. “Half of us here are dual citizens, including me,” Brian Calder, former president of the Point Roberts Chamber of Commerce, told Global News. “Canadian and American.” As relations between the two countries cool, the town has been caught in the crosshairs of the trade war and tariffs. Residents are worried about what that might mean for their community and their access to essential services like water and energy.
Moneywise Digest