Comment by epistasis

Private industry is not doing just fine, it's barely holding on due to massive uncertainty caused by erratic tariffs and farcical government overreach and direct meddling with corporations. All from Trump and his supporters, who are very nationalist but also appear to love socialism when it is national, such as with a 10% purchase of Intel by the US government.

If the Fed falls and monetary policy is subject to the political whims of a tyrant that only cares about himself, then we lost reserve currency stays and we are ducked so hard by simultaneous inability to continue the deficit and a need to pay back interest at far far higher rates. It would cause a spiral in the US economy like we have never seen. Or in the best case just a gradual switch from USD to other standin currencies causing a decade or two of recession in the US, best case.

So far most businesses have not jacked up prices from tariffs because they are hoping they can have the US Supreme Court overturn what look to be obviously illegal tariffs that should have been enacted by Congress rather than the king (we fought an entire revolutionary war over this!). If the Supreme Court doesn't overturn tariffs then we are at risk for inflation going up to 1970s levels.

The state of private business in the US is best represented by the meme of a dog sitting at a kitchen table saying "this is fine" while the house burns down around him. The firefighters may come, but they had better come soon.