Trump protesters are unrelenting and his approval rating has sunk to record lows after three chaotic weeks in office. Even Trump voters must be experiencing buyers’ remorse if they’re paying attention to disparities between campaign promises and policies delivered since the election. The Republican Congress has an obligation — both to its president and to its constituents — to advise and dissent when proposed legislation will have ill effects on our economy and on the financial interests of taxpayers, yet the majority of our Republican congressmen have been unwilling or unable to fulfill this obligation.
In a New York Times Op-Ed, Paul Krugman says “so far his economic policies are all about empowering ethically challenged businesses to cheat and exploit the little guy. In particular, he and his allies in Congress are making it a priority to unravel financial reform — and specifically the parts of financial reform that protect consumers against predators.”
Trump issued an executive order eliminating rules requiring stock brokers and investment advisers to act in the best interests of clients rather than selling junk products that provide big commissions and profits to advisers. This only benefits Goldman Sachs and Wall Street.
This executive order strips working families and retirees of protections they desperately need when they trust financial advisers with their retirement savings. A joint statement issued by the Consumer Federation of America and other consumer groups, says “President Trump continues his streak of throwing middle class Americans under the bus — the very people he promised to protect on the campaign trail.”
Coincidently, Trump declared the Consumer Federation of America a disaster, so it’s history. Consumer protection, needed to protect Americans from financial scams, is disappearing without a peep from our invertebrate Congress.
The Economist says “Washington is in the grip of a revolution. The bleak cadence of last month’s inauguration was still in the air when Donald Trump lobbed the first Molotov cocktail of policies and executive orders against the capital’s brilliant-white porticos.” Trump’s assaults continue, while his top advisers and rubber-stamping Congress do nothing to guide or dissuade him from these costly mistakes.
The Senate voted along party lines to repeal the SEC transparency rule, removing regulations requiring disclosure of energy company payments to foreign governments. This major win for oil companies is bad for taxpayers, since it allows millions of U.S. dollars to vanish into the pockets of corrupt foreign governments, and opens doors to serious national security problems.
Trump seems poised to deliver on his campaign promise to build a border wall. Unfortunately, despite his promises to the contrary, our tax dollars will fund this exorbitantly expensive, $12 billion to $15 billion project. We can only hope the value this wall provides is worth the enormous expense to taxpayers.
There is no opposition within the Republican party to anything the president says or does, even when his executive orders and policy changes have detrimental effects on taxpayer finances, on the U.S. economy and on the viability of the Republican Party.