PDF Summary:The Cost, by Maria Bartiromo and James Freeman

The Cost, by Maria Bartiromo and James Freeman, delves into the economic and political impacts of Donald Trump's presidency. The book covers Trump's efforts to stimulate economic growth through tax cuts and reduced regulations, his confrontational approach to China's intellectual property violations and unfair trade practices, and issues of journalistic integrity surrounding media coverage of the Trump administration.

The authors examine how the COVID-19 pandemic response disrupted the economy, disproportionately affecting young people and exacerbating mental health issues. The book also analyzes Biden's shift towards more progressive policies like higher taxes and expanded government roles, raising concerns about potential economic consequences.

(continued)...

Media coverage's impact on the government's actions during Trump's administration.

Media representations of Donald Trump have significantly shaped political perspectives, potentially transforming the political terrain.

In their quest to challenge Trump and protect conventional norms, news outlets abandoned the customary principles of journalistic practice.

Officials from the FBI and the Department of Justice collaborated with different media organizations to damage Trump's reputation.

Donald Trump's rise in politics, characterized by his campaign's determination to challenge the status quo of media and political elites, encompassed a complex narrative that included the participation of major media entities and crucial governmental bodies, including the Federal Bureau of Investigation and the Department of Justice. The behavior of the previous head of state was frequently portrayed as self-serving, suggesting a trade-off between his frequently unseemly conduct while in office and the purported economic benefits.

Public trust diminished when selective reporting concurrently enhanced the economic position of media organizations.

The book suggests that media outlets abandoned their journalistic integrity, choosing to undermine Trump's backers by promoting baseless speculations regarding his supposed collaboration with Russia, instead of rigorously examining the evidence at hand. This approach resulted in biased journalism that diminished trust within the general populace, possibly increasing revenues for media corporations as larger audiences were drawn by the exaggerated coverage.

Certain media outlets spread the narrative that Trump had betrayed his country by conspiring with Russian entities. Journalistic scrutiny often gave way to a narrative approach that vilified the previous president and those who supported him. The narrative captivated audiences, undermining their trust while concurrently increasing profits for companies in the media sector.

Segments on broadcast media, including a prominent TV host's show, often gave attention to unsubstantiated claims about Trump, including those that were disseminated by a digital media company, which fueled efforts such as the impeachment campaign that began shortly following the 2016 election. A considerable array of media outlets persistently leveled a torrent of criticism at both the actions taken by Trump and his personal conduct, sometimes engaging in direct attacks that encompassed conjectural evaluations of his psychological condition from a distance – actions that seemed to be at odds with the principles of impartial journalism.

Jim Rutenberg, a journalist from The New York Times, suggested that reporters might have to embrace a more adversarial stance in their dealings with Trump, signifying a departure from traditional journalistic methods, while Trump countered by criticizing the press for their dependence on anonymous sources in their critiques against him. The growing conflict that involved prominent news channels, including CNN and MSNBC, with President Trump playing a pivotal role, turned into a widely broadcasted drama that drew in figures like CNN's Jeff Zucker into the turmoil.

The spread of unauthorized leaks and misinformation further eroded the credibility of reliable journalism, resulting in the conferral of esteemed media honors to correspondents whom Trump criticized as "Fake Journalists" for their reporting on the alleged conspiracy with Russia and the subsequent impeachment process. The deceptive maneuvers, including fraudulent acts and the manipulation of evidence directed at the courts responsible for surveillance by FBI and government personnel, constituted a calculated effort to undermine the Trump administration.

Ultimately, the book posits an era marked by the shortcomings of financially driven media corporations, a time when such organizations may have benefited from emphasizing divisive political narratives, despite the fact that this manner of journalism diminished their trustworthiness with viewers. The book portrays a media landscape that eagerly spread the story of Russian collusion, contributing to the political drama and potentially eroding the public's trust in journalism and their dependence on media outlets.

The COVID-19 pandemic and its economic consequences

The emergence of a lethal new virus originating in China signaled the onset of the COVID-19 pandemic, which led to significant and widespread economic consequences due to the policies implemented by authorities, such as compulsory shutdowns and assorted tactics to address the emergency.

The compulsory closures led to unparalleled turmoil across the entire economic spectrum.

The COVID-19 pandemic has significantly impacted the global economy, amid claims that China's initial downplaying of the situation was intended to undermine other nations' economic stability. Efforts have been stepped up in the United States to broaden the sources of supply chains, particularly for medical products, with the goal of diminishing dependency on any one nation, even though this approach may lead to increased costs. Decreasing tariffs in various regions could assist in balancing out these expenses.

By mid-2020, legislators had allocated in excess of $2.6 trillion to cushion the economic impact of the global health crisis, with discussions underway to potentially allocate further trillions, actions that would swell the national debt and heighten the financial load for future generations. In order to mitigate the financial burdens brought on by the COVID-19 pandemic in 2020, it would be necessary to implement a substantial hike in the income tax rate, potentially more than doubling it. In this timeframe, the Federal Reserve created close to three trillion dollars in fresh currency, primarily for the purchase of government securities.

Efforts to combat the pandemic led to extensive closures, even though COVID-19, while a considerable hazard, did not cause as many annual deaths as other medical conditions like cardiac ailments and oncological diseases. These lockdowns led to unprecedented unemployment rates, with many young and vulnerable individuals disproportionately affected.

Measures implemented during the lockdown adversely affected young people and vulnerable populations.

Young individuals, the least susceptible to the disease, had to forgo many aspects of their everyday lives as schools closed and lockdown measures were implemented. The reduced availability of schooling during the closures is expected to significantly affect the lifelong earning potential of children, as evidenced by the situation in Ohio, where there was a significant drop in the projected future income of students.

American pediatric associations have voiced their worries regarding the detrimental effects of extended school closures, which can lead to issues like social withdrawal, increased danger of abuse, and mental health challenges that encompass drug abuse, depressive states, and potential suicidal ideation. Despite the highlighted dangers in these discussions, there is a significant hesitancy to return to classroom-based instruction, which highlights a divide between the imperative to continue educational activities and concerns for family health and safety.

The delay in receiving medical care and routine health checks negatively impacted overall community health.

Grasping the negative consequences of the compulsory isolation enforced upon Americans because of the pandemic will undoubtedly take time. The enduring effects of the pandemic on the economy and employment are becoming evident through a significant increase in emergency calls for mental health issues and medical journals raising concerns about increased suicide risks.

Scheduled mammograms and routine health check-ups have seen a substantial decline, with projections indicating a drop of 80 to 90 percent. Delays in identifying diseases can result in the progression of severe medical conditions, potentially escalating fatalities from significant ailments like cancer to levels that could equal or exceed those linked with Covid-19.

The health crisis led to an unusual circumstance in which the emergency handling of severe medical events like heart attacks was reduced to ensure hospital capacity was preserved for COVID-19 patients. The halting of standard and non-urgent medical procedures, typically major revenue streams for hospitals, resulted in heightened economic pressures on the healthcare infrastructure.

The measures linked to President Biden in the aftermath of the 2020 election results.

Joe Biden's campaign platform evolved considerably during the 2020 election, adopting more progressive policies similar to those proposed by the Vermont senator, which raised concerns about their possible effects on economic growth and corporate responsibilities.

Biden moved sharply left, embracing Sanders-style socialism

The summary depicts the current President's pivot towards more progressive beliefs, mirroring Elizabeth Warren's viewpoints and the stances frequently promoted in a multitude of speeches and policy proposals by Bernie Sanders.

The proposals advocated for a substantial rise in taxation levels, coupled with an expansion of governmental powers.

Despite initially presenting himself as an impartial guardian of traditional standards, recent statements by the President reveal a resolve to expand the government's influence and control within the market.

In the summer of 2020, Biden's comments indicated a move towards expanding the responsibilities of corporations beyond just fulfilling the interests of shareholders, hinting at a possible end to the period defined by shareholder capitalism. Biden expressed his dedication to a comprehensive environmental program, projected to have a price tag of two trillion dollars, employing language commonly linked with progressive Democrats. His collaboration with Bernie Sanders, culminating in the establishment of a united task force, and his intentions to enhance public services, signify a move towards advocating for a more pronounced role for the state.

During the shift towards more progressive policies, Biden has proposed a tax hike that is over double what was put forward in 2016 by Hillary Clinton, with the intention of raising around $4 trillion to fund these extensive initiatives. Critics contend that the repercussions of these tax strategies could ripple through society, affecting not only the wealthy but also the broader public, including individuals who have investments in stocks as part of their retirement plans and pension funds. Research from the Tax Foundation suggests that the economic strategies proposed by the Biden administration could lead to diminished productivity, decreased wages, and fewer job opportunities.

The urgency to evaluate the financial repercussions of President Biden's tenure is heightened due to his decision to incorporate elements from Sanders' policy initiatives. The financial recuperation following the COVID-19 outbreak, a challenging endeavor, underscores these expenses with greater clarity.

As the economy endeavors to bounce back, there is consideration of reversing the policies that spurred growth under the former president's tenure, coinciding with the incumbent president's plans to raise taxes and implement more regulatory actions. Some argue that such changes could slow down the resurgence of the economy and are in direct conflict with the approach of Trump, which was generally seen as favorable for economic expansion.

Should Trump be re-elected, his foremost goal would be to strengthen an economy that can support the growing national debt, thus emphasizing a clear divergence from Biden's economic plans and marking a pronounced division in fiscal strategies. The possibility of emulating specific strategies from the previous president's business playbook, along with proposed increases in taxation and adjustments to regulations, renders the task of forecasting the economic trajectory of the United States under his potential governance both difficult and unpredictable.