Book SummaryThe Cost, by Maria Bartiromo and James Freeman

1-Page Summary1-Page Book Summary of The Cost

The results and implications arising from the economic strategies of Trump.

This work delves into the complexities of the financial policies enacted by Trump, highlighting how his tax cuts and the reduction in regulatory constraints have stimulated corporate investment and economic growth.

Economic growth occurred, and businesses experienced an increase in investment following tax cuts and eased regulatory restrictions.

The decrease in corporate tax rates bolstered the competitive position of the United States, ultimately benefiting employees.

President Trump clinched his electoral win by pledging to boost economic competitiveness by easing regulatory burdens and lowering taxes for businesses. He championed the enhancement of U.S. investment through the recommendation of a substantial decrease in the corporate tax rate, initially proposing a cut to 15 percent from the previous 35 percent, which was later modified to 21 percent after negotiations. Corporations contended with an earnings tax rate nearing 40 percent, which, when combined with regional and municipal levies, exceeded those of any other advanced economies. Trump's reduction was viewed as a key driver for increased business investment, leading to record-setting job openings and a strong stock market response.

The approach of reducing corporate tax rates was designed to deter U.S. companies from pursuing...

The Cost Summary The competitive economic dynamics involving Trump and China.

Throughout the tenure of President Donald Trump, significant attention was given to addressing perceived imbalances in trade and safeguarding intellectual property rights from violations often linked to activities in China.

Trump sought to correct unfair trade practices and the inappropriate seizure of intellectual property.

The introduction of tariffs was intended to force concessions but unintentionally slowed down economic growth because of disputes related to trade.

President Trump adopted a robust strategy to address trade imbalances, tackling what he characterized as China's outright appropriation of intellectual property. He utilized higher tariffs and sanctions as a strategic tool to extract compromises from the Chinese government. The Trump administration argued that the World Trade Organization (WTO) needed modernization to rectify disparities resulting from the rapid growth of China's economy, which they viewed as harmful to the interests of the United States.

During his administration, the implementation of tariffs aimed to pressure China into discussions, though it risked reducing the United States' long-term economic growth, corporate earnings, and...

The Cost Summary 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...

The Cost Summary 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...

The Cost Summary 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...