1k
499
0
199
388
3471Political commentator and streamer Steven Bonnell II, better known online as Destiny, is calling out what he sees as a glaring contradiction in how conservatives are reacting to recent economic news—and the post is sparking fierce debate online.
Commentary Sparks Debate on Spending Priorities
“The same conservatives who were bragging about cutting $500,000 from random USAID contracts are now telling us that we shouldn’t care about LITERAL TRILLIONS just f***ing VANISHING from the stock market???????????????” Destiny wrote on X two days ago.
The post, which quickly went viral, came amid a brutal week for U.S. financial markets.
Nearly $5 trillion in market value has evaporated over just two days following President Donald Trump’s announcement of sweeping new tariffs.
China responded with a 34% retaliatory tariff on American imports, sparking fears of a renewed trade war, which seems inevitable at this point.
Destiny’s tweet tapped into a larger debate: why are some quick to criticize relatively small amounts of foreign aid, but unconcerned when trillions disappear from the stock market?
While Destiny’s post resonated with his followers, the broader reaction online was mixed.
Some users brushed off his criticism. “The trillions are not real money,” one person wrote. Another chimed in, “There’s no crying in the casino,” suggesting that market losses are par for the course.
Other commenters noted the irony in left-leaning voices appearing to defend corporate valuations. “Didn’t you used to cheer when corporations lost value?” one user asked.
Another person added, “Remember Occupy Wall Street?”—a reminder of how progressive movements once celebrated Wall Street downturns.
Tariffs Trigger Market Collapse
The Dow Jones Industrial Average plunged 2,231 points Friday after falling 1,680 points Thursday.
The S&P 500 and Nasdaq also posted back-to-back losses of 5% and 6%, respectively, pushing the Nasdaq into bear market territory.
It’s the worst week for stocks since the height of the COVID panic in March 2020. According to FactSet data, over $1 trillion in value was lost from Apple, Nvidia, and Tesla alone.
All three major indexes are down at least 10% from recent record highs. Investors have been rattled not only by the tariffs but also by uncertainty over whether the Federal Reserve will intervene.
Trump called on Fed Chair Jerome Powell to cut interest rates immediately, but Powell pushed back, saying it was “too soon” to make any policy decisions.
He warned that the tariffs could result in “higher inflation and slower growth.”
Trump, for his part, is not budging. On Friday, he posted, “POLICIES WILL NEVER CHANGE,” signaling no intention to soften his stance on trade.
The VIX, a widely used measure of market volatility, surged to its highest level since October 2020, reflecting investor fear.
Aid Cuts Fuel Accusations of Political Retaliation
Since coming into power, the Trump administration has sought to slash most of USAID’s operations.
The move is being overseen by Elon Musk, who leads the Department of Government Efficiency.
Musk’s harsh statement that it’s “time for [USAID] to die” shocked the global development community.
One of the shuttered projects includes the Pasig Eco Hub in the Philippines, which recycled plastic into construction blocks until its funding was frozen.
Critics argue that the cuts to foreign aid are driven more by politics than policy.
Around 95% of USAID employees reportedly donated to Democratic campaigns, fueling speculation that the decision is retaliatory. Neither Musk nor other administration officials have directly denied this claim.
Respected economists are issuing warnings. Jeremy Siegel, a finance professor at the Wharton School, called the tariff decision “the biggest policy mistake in 95 years.”
He pointed to the speed and scale of the losses, especially among top American firms that are deeply tied to Chinese markets.
Apple, Tesla, and Starbucks—all of which rely heavily on sales in China—each saw their share prices drop at least 7%.
Public Understanding of how Foreign aid Actually Works Remains Limited
Development expert David Sogge, author of Give and Take: What’s the Matter with Foreign Aid? (affiliate link), says the perception that it’s a waste is misleading.
“Foreign aid makes up just 1% of the U.S. federal budget,” Sogge wrote in a recent op-ed.
“Rather than disappearing down ‘ratholes’ overseas, most is paid out within the U.S. itself,” largely to American contractors.
1k4990199
3883471
