The Dow surpassed 20,000 again on Friday on a better than expected U.S. non-farm payroll report for January at a time when politicians on Capitol Hill are debating more infrastructure stimulus spending, the U.S. national debt is at the cusp of reaching $20 trillion, and President Trump just issued 2 Executive Orders on Friday that weakens financial regulations to foster more econmic growth as his administration targets Dodd-Frank regulation that was implemented after the 2008 recession.
Some Democrats such as Vermont Senator Bernie Sanders remain unhappy that President Trump has hired billionaires to work in his cabinet and is reducing financial regulations that were intended to protect the American consumer.
Sanders called President Trump a “fraud” on CNN’s State of the Union that aired on Sunday and criticized him for hypocrisy concerning financial reform.
“This guy is a fraud. This guy ran for president of the United States saying, ‘I, Donald Trump, I’m going to take on Wall Street. These guys are getting away with murder’ ” Senator Sanders said.
“His major financial adviser comes from Goldman Sachs. And now he is going to dismantle legislation that protects consumers ” Sanders added.
Sanders claimed that Trump is going to sell out the middle class and working class of the country and recalled that during Trump’s election campaign, he said he’s going to bring back the Glass-Steagall Act that limits commercial banks from engaging in the investment banking business.
Sanders said that we have an “extreme right-wing” Republican Party which is “way out of touch” with mainstream America on every issue and now controls the White House, the Senate, the House, and two-thirds of the governor’s chairs.
Sanders admitted the Democratic Party needs to open the door to the working class, bring in young people, and confront the roots of inequality.
“The Democratic Party has got to say, yes, we’re going to take on the greed of Wall Street, the greed of the pharmaceutical industry, the greed of corporate America that throws American workers out on the streets and moves to Mexico and China. We are on the side of the elderly and the workers, not on the side of big business,” Sanders said on CNN’s State Of The Union.
U.S. National Debt is currently standing at $19, 971 trillion or $61, 546 per citizen and will likely reach a new record of $20 trillion in the approaching weeks.