Top Stories From the Breitbart News Desk

[Maganomics Daily]( Top Stories From the Breitbart News Desk Stocks drifted lower on Friday as glee over the development of effective coronavirus vaccines gave way to concerns over the likelihood that we’re hurtling toward lockdowns again. To put it in stark political terms, the Trump vaccine news is now less important than the coming Biden lockdowns. The Dow Jones Industrial Average fell three-quarters of a percentage point. The S&P 500 fell nearly seven-tenths of a percentage point. The tech-heavy Nasdaq Composite dropped four-tenths of a percentage point. The economists at JPMorgan told clients of the bank Friday that they expect the economy to contract slightly in the first quarter of 2021, largely due to lockdowns. They’re not the first to make the call, but they’re certainly the most prominent. Most economists had been forecasting growth throughout the year. JPMorgan’s view is that GDP will drop by 1% on an annualized basis but return to growth in the following quarters. They see the growth that would have occurred in the first quarter getting pushed back into the second and third quarters – when they expect growth to hit 6.5%. [Banks Preparing for Major Devaluation of the U.S. Dollar]( Crucially, the JPMorgan forecast assumes $1 trillion of stimulus spending in the first quarter. Republicans would very likely agree to a $1 trillion bill aimed at getting the country through another round of lockdowns. But Democrats have insisted for months on much larger spending bills aimed at shoring up the shaky financial position of blue-state governments and spending on special interest projects with tenuous ties to the public health emergency. Will Nancy Pelosi and Chuck Schumer back down if Joe Biden is in the White House? That remains to be seen. Without a stimulus bill, the first-quarter contraction is likely to be much larger than a mere 1%. Trump made good on his long-standing promise to address prescription drug costs on Friday. The new rule requiring drug companies to charge Medicare the lowest prices they charge to the healthcare systems of other economically developed countries would hurt the big drugmakers, but investors don’t expect much financial damage. Shares of Pfizer rose Friday. Undoubtedly, the rule will face legal challenges and some of the most intense lobbying ever seen on Capitol Hill. Will it survive? That will likely depend on how hard whoever is president next year and the year after that fights for it. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image]( [Trump Announces Groundbreaking Rules to Lower Prescription Drug Prices]( President Donald Trump announced two sweeping regulations Friday aimed at lowering prescription drug prices for Americans. One of the rules implements what is known as a “most favored nation” approach that limits what Medicare pays for medications to the lowest price paid by other economically advanced countries. The administration says it could save $28 billion for Medicare beneficiaries through lower copays. [[Click here for more]( Recommended Link [New Cash Law Will Be Disaster for Savers]( [image]( New law has expert warning seniors and retirees to beware. There’s a darker truth behind this political event… [Read the shocking details]( -- IN OTHER STORIES… [JPMorgan Economists Forecast ‘Grim’ Double-Dip Contraction in First Quarter 2021]( JPMorgan economists said Friday that they expect the economy to contract slightly in the first quarter of next year. [[Click here for more]( [Donald Trump: ‘Big Pharma’ Purposely Delayed Coronavirus Vaccine Until After Election]( President Donald Trump accused pharmaceutical companies Friday of purposely delaying a coronavirus vaccine until after the election, in order to prevent his reelection. [[Click here for more]( [Nancy Pelosi: House Democrats Received ‘Mandate’ Despite Losing Seats]( House Speaker Nancy Pelosi (D-CA) insisted during a Friday press conference that House Democrats received a “mandate” to pursue their progressive agenda based on the 2020 election results, despite losing several seats, because they collectively garnered “nearly 2 million more votes than Donald Trump.” [[Click here for more]( --------------------------------------------------------------- FROM THE MAGANOMICS INSTITUTE… [Deep Dive: Will the U.S. Hotel Industry Survive COVID’s Second Wave?]( Hotels are still in a slump as we head into the holiday season. Is there a light at the end of the tunnel? 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