He\u2019s absolutely right. Here in the U.S., the middle class drove much of the enthusiasm for President-elect Donald Trump and his \u201cAmerica First\u201d policies.\u00a0Exit polls<\/a>\u00a0show that Trump overwhelmingly won the vote of those without a college education and those making between $30,000 and $49,000.
<\/p>\n\n\n\n
A Tale of Two Prime Ministers<\/strong><\/h2>\n\n\n\nHarper also spoke of his commonsense, fiscally conservative approach to dealing with the 2008\u20132009 global financial crisis. Canada, believe it or not, was\u00a0the only G7 country<\/a>\u00a0that fully regained and even surpassed the business investment that was lost during the recession.
Unfortunately, my dear home country\u2019s economy has struggled greatly under current Prime Minister Justin Trudeau, who has prioritized social issues over solutions to middle-class problems. During Trudeau\u2019s administration, annual GDP-per-capita growth has\u00a0averaged just 0.3%.<\/a>\u00a0Canadians are now\u00a0significantly poorer than their U.S. counterparts.<\/a>
![\"Canada's](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
<\/p>\n\n\n\nThe DOGE Initiative: Cutting Costs and Regulations<\/strong><\/h2>\n\n\n\nHarper\u2019s insights tie directly into the economic anxieties felt by many working-class Americans. U.S. national debt now tops $36 trillion. Federal regulations cost approximately $2.1 trillion every year, representing around 7% of the country\u2019s GDP, according to the Competitive Enterprise Institute (CEI).
This places a significant strain on middle-class households. The CEI estimates that the average American household pays over $14,500 annually in \u201chidden\u201d regulatory taxes, exceeding what they spend on nearly every other expense except housing.
Trump\u2019s decision to form the Department of Government Efficiency (DOGE), co-chaired by Elon Musk and Vivek Ramaswamy, aims to alleviate this burden. In a\u00a0WSJ op-ed<\/a>\u00a0last week, Musk and Ramaswamy described their mission to cut wasteful government spending and regulations and massively deduce headcount:
\u201cDOGE intends to work with embedded appointees in agencies to identify the minimum number of employees required at an agency for it to perform its constitutionally permissible and statutorily mandated functions.\u201d
This reminds me of how Musk addressed runaway spending at Twitter, now rebranded as X, after he acquired the platform in April 2022. The Tesla chief reduced the company\u2019s workforce\u00a0by about 80%,<\/a>\u00a0yet X continues to operate just as well as ever.
<\/p>\n\n\n\nGold and Bitcoin<\/strong><\/h2>\n\n\n\nEconomic uncertainty has led investors to seek safe havens. Gold has been one of the strongest-performing commodities in 2024, rising more than 31%. As you can see in the chart, the yellow metal took a hit after the election when the U.S. dollar rallied, weighing on commodities priced in the greenback.
Last week, Goldman Sachs forecast that gold could reach\u00a0$3,000 an ounce by the end of 2025,<\/a>\u00a0supported by demand from central banks, geopolitical tensions and investors hedging against economic volatility.
Meanwhile, Bitcoin continues to trade in the $90,000s as Trump\u2019s promise to turn the U.S. into the world\u2019s\u00a0\u201cBitcoin superpower\u201d<\/a>\u00a0lights a fire under investors.
Senator Cynthia Lummis\u2019s recent proposal to\u00a0sell federal gold reserves to purchase Bitcoin<\/a>\u00a0has sparked debate. While Bitcoin\u2019s potential is undeniable, I believe the U.S. would be unwise to abandon its gold, a cornerstone of financial stability for over 5,000 years. \u00a0
Going forward, I believe that diversification remains key, especially as geopolitical tensions support the need for safe-haven assets like gold and Bitcoin.
—<\/p>\n\n\n\n
Unfortunately, my dear home country\u2019s economy has struggled greatly under current Prime Minister Justin Trudeau, who has prioritized social issues over solutions to middle-class problems. During Trudeau\u2019s administration, annual GDP-per-capita growth has\u00a0averaged just 0.3%.<\/a>\u00a0Canadians are now\u00a0significantly poorer than their U.S. counterparts.<\/a>
![\"Canada's](\"https:\/\/www.usfunds.com\/app\/uploads\/2024\/11\/COMM-canada-trudeau-11222024.png\")
<\/p>\n\n\n\n
The DOGE Initiative: Cutting Costs and Regulations<\/strong><\/h2>\n\n\n\nHarper\u2019s insights tie directly into the economic anxieties felt by many working-class Americans. U.S. national debt now tops $36 trillion. Federal regulations cost approximately $2.1 trillion every year, representing around 7% of the country\u2019s GDP, according to the Competitive Enterprise Institute (CEI).
This places a significant strain on middle-class households. The CEI estimates that the average American household pays over $14,500 annually in \u201chidden\u201d regulatory taxes, exceeding what they spend on nearly every other expense except housing.
Trump\u2019s decision to form the Department of Government Efficiency (DOGE), co-chaired by Elon Musk and Vivek Ramaswamy, aims to alleviate this burden. In a\u00a0WSJ op-ed<\/a>\u00a0last week, Musk and Ramaswamy described their mission to cut wasteful government spending and regulations and massively deduce headcount:
\u201cDOGE intends to work with embedded appointees in agencies to identify the minimum number of employees required at an agency for it to perform its constitutionally permissible and statutorily mandated functions.\u201d
This reminds me of how Musk addressed runaway spending at Twitter, now rebranded as X, after he acquired the platform in April 2022. The Tesla chief reduced the company\u2019s workforce\u00a0by about 80%,<\/a>\u00a0yet X continues to operate just as well as ever.
<\/p>\n\n\n\nGold and Bitcoin<\/strong><\/h2>\n\n\n\nEconomic uncertainty has led investors to seek safe havens. Gold has been one of the strongest-performing commodities in 2024, rising more than 31%. As you can see in the chart, the yellow metal took a hit after the election when the U.S. dollar rallied, weighing on commodities priced in the greenback.
Last week, Goldman Sachs forecast that gold could reach\u00a0$3,000 an ounce by the end of 2025,<\/a>\u00a0supported by demand from central banks, geopolitical tensions and investors hedging against economic volatility.
Meanwhile, Bitcoin continues to trade in the $90,000s as Trump\u2019s promise to turn the U.S. into the world\u2019s\u00a0\u201cBitcoin superpower\u201d<\/a>\u00a0lights a fire under investors.
Senator Cynthia Lummis\u2019s recent proposal to\u00a0sell federal gold reserves to purchase Bitcoin<\/a>\u00a0has sparked debate. While Bitcoin\u2019s potential is undeniable, I believe the U.S. would be unwise to abandon its gold, a cornerstone of financial stability for over 5,000 years. \u00a0
Going forward, I believe that diversification remains key, especially as geopolitical tensions support the need for safe-haven assets like gold and Bitcoin.
—<\/p>\n\n\n\n
This places a significant strain on middle-class households. The CEI estimates that the average American household pays over $14,500 annually in \u201chidden\u201d regulatory taxes, exceeding what they spend on nearly every other expense except housing.
![\"The](\"https:\/\/www.usfunds.com\/app\/uploads\/2024\/11\/COMM-hidden-costs-11222024.png\")
Trump\u2019s decision to form the Department of Government Efficiency (DOGE), co-chaired by Elon Musk and Vivek Ramaswamy, aims to alleviate this burden. In a\u00a0WSJ op-ed<\/a>\u00a0last week, Musk and Ramaswamy described their mission to cut wasteful government spending and regulations and massively deduce headcount:
\u201cDOGE intends to work with embedded appointees in agencies to identify the minimum number of employees required at an agency for it to perform its constitutionally permissible and statutorily mandated functions.\u201d
This reminds me of how Musk addressed runaway spending at Twitter, now rebranded as X, after he acquired the platform in April 2022. The Tesla chief reduced the company\u2019s workforce\u00a0by about 80%,<\/a>\u00a0yet X continues to operate just as well as ever.
<\/p>\n\n\n\n
Gold and Bitcoin<\/strong><\/h2>\n\n\n\nEconomic uncertainty has led investors to seek safe havens. Gold has been one of the strongest-performing commodities in 2024, rising more than 31%. As you can see in the chart, the yellow metal took a hit after the election when the U.S. dollar rallied, weighing on commodities priced in the greenback.
Last week, Goldman Sachs forecast that gold could reach\u00a0$3,000 an ounce by the end of 2025,<\/a>\u00a0supported by demand from central banks, geopolitical tensions and investors hedging against economic volatility.
Meanwhile, Bitcoin continues to trade in the $90,000s as Trump\u2019s promise to turn the U.S. into the world\u2019s\u00a0\u201cBitcoin superpower\u201d<\/a>\u00a0lights a fire under investors.
Senator Cynthia Lummis\u2019s recent proposal to\u00a0sell federal gold reserves to purchase Bitcoin<\/a>\u00a0has sparked debate. While Bitcoin\u2019s potential is undeniable, I believe the U.S. would be unwise to abandon its gold, a cornerstone of financial stability for over 5,000 years. \u00a0
Going forward, I believe that diversification remains key, especially as geopolitical tensions support the need for safe-haven assets like gold and Bitcoin.
—<\/p>\n\n\n\n
![\"Strong](\"https:\/\/www.usfunds.com\/app\/uploads\/2024\/11\/COMM-stong-dollar-11222024.png\")
Last week, Goldman Sachs forecast that gold could reach\u00a0$3,000 an ounce by the end of 2025,<\/a>\u00a0supported by demand from central banks, geopolitical tensions and investors hedging against economic volatility.
Meanwhile, Bitcoin continues to trade in the $90,000s as Trump\u2019s promise to turn the U.S. into the world\u2019s\u00a0\u201cBitcoin superpower\u201d<\/a>\u00a0lights a fire under investors.
Senator Cynthia Lummis\u2019s recent proposal to\u00a0sell federal gold reserves to purchase Bitcoin<\/a>\u00a0has sparked debate. While Bitcoin\u2019s potential is undeniable, I believe the U.S. would be unwise to abandon its gold, a cornerstone of financial stability for over 5,000 years. \u00a0
Going forward, I believe that diversification remains key, especially as geopolitical tensions support the need for safe-haven assets like gold and Bitcoin.
—<\/p>\n\n\n\n