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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (1506373)

12/5/2024 4:55:42 PM

From: Brumar89

Respond to of 1573984



Bannon turns "Marxist" - why Bannon will never work for drumpf again: Steve Bannon Issues Warning to America's Wealthy Former Trump advisor Steve Bannon issued a stark warning to America's wealthiest during his latest War Room podcast, claiming that the United States is heading toward a fiscal crisis that will require sacrifices from the billionaire class. Drawing parallels to France's political and economic struggles, Bannon emphasized that the burden of addressing the growing deficit should not fall on the middle and working classes. \ "The deficit in the United States is now above 60 percent of GDP," Bannon claimed. "It's unsustainable. Right now, we're running deficits of $1.5 to $2 trillion a year. We've been warning for years that this was not sustainable, and now, in late 2024 and early 2025, it's coming home to roost." However, the Congressional Budget Office (CBO) reports that the federal deficit for fiscal year 2024 was approximately 6.4 percent of GDP—significantly lower than Bannon's assertion. While recognizing the need for austerity, Bannon framed the coming economic fight as a choice between protecting the working class or shielding the wealthy from financial sacrifice. "If the ox has got to get gored, it's got to come out of the wealthy. It's got to come out of the billionaire class," he stated emphatically. "It cannot come out of the middle class. It cannot come out of the working class. No, no, no. Can't do that. It's hard enough to get by today." In past interviews, Bannon has criticized Trump's 2017 tax cuts, which disproportionately benefited corporations and the ultra-wealthy. Instead, he has long advocated for increased taxes on billionaires to address economic inequities. Former Trump advisor Steve Bannon issued a stark warning to America’s wealthiest during his latest “War Room” podcast, claiming that the United States is heading toward a fiscal crisis that will require sacrifices from the billionaire class. Screenshot: The War Room© Screenshot: The War Room "Let's have massive tax increases on billionaires," Bannon said during a 2021 episode of his podcast, echoing sentiments he has reiterated in recent months. Bannon's comments come after President Joe Biden announced his intention to pursue a 25 percent minimum tax on billionaires, which would include taxing the rising value of their assets. In 2021, Bannon also insisted that the government needed "to start increasing the marginal tax rates for the wealthy." Bannon's stance on tax cuts contrasts sharply with that of Elon Musk, a new and prominent ally of Trump who helped secure the 2024 election. Musk has previously demonized taxes targeting the billionaire class. Trump recently announced that Musk will partner with Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE). Looking ahead, Bannon warned of a looming "firestorm" in the bond market and the potential unraveling of pension systems as the U.S. grapples with its mounting fiscal challenges. He called for leadership capable of understanding the intricacies of the financial system and crafting policies that provide stability while withstanding scrutiny. "This fight in France is a preamble to the fight that's going to be here," Bannon said. "We need President Trump to implement policies that not only disrupt but also reassure markets. It's about creating a safe passage through what's coming.