Newsletter Volume 3 • Number 45
BET Democrats offer observations based on decades of financial expertise
After 100 days of Trump, how much are his whipsawing, on-again, off-again tariffs costing you? Recently Yale’s Budget Lab calculated about $4,900 per year at the checkout counter.
Retirees’ savings squeezed
But to Matt DesChamps, one of your elected Democratic representatives on the Greenwich Board of Estimate and Taxation (BET), it’s also the cost to your nest egg. “Trump’s tariffs inject self-inflicted chaos and uncertainty into markets,” he notes. “That hurts returns, and falls disproportionately on retirees and others who are living on their savings.” DesChamps has 30 years of finance and investment experience at PricewaterhouseCoopers and Morgan Stanley, and launched two highly successful asset management firms, so he should know.
A worrisome drop in the dollar
BET Democrat David Weisbrod echoes DesChamps’ concerns. He spent 39 years at JP Morgan, including as vice chairman of risk management. “There is no telling what Trump might do next,” he warns. Especially ominous is the recent collapse of the U.S. dollar, a signal that global investors may be losing faith in the predictability and safety of investing here. It could translate to a huge drop in your purchasing power. “The damage Trump has already created may well be long lasting and have an adverse impact on the financial security we have enjoyed for generations.”
Higher recession risk
Putting aside the immediate negative impact on pensions and retirement savings plans, BET Democrat Elliot Alchek says Greenwich residents should also be asking how are tariffs likely to affect our town’s finances? Alchek has extensive financial experience as a former partner at a multi-strategy hedge-fund and running several fixed income businesses at Goldman Sachs, including heading national sales of municipal bonds. “Most large banks have already significantly increased their predictions of recession,” Alchek advises. “We are likely to experience rising inflation and a slowing economy later this year. This will lead to pressure on both our town’s operating budget as well as higher costs for capital expenditures.”
At times like these, we need expertise like theirs
Alchek, Weisbrod, and DesChamps are the kind of experts that other towns wish they could afford. But as unpaid, volunteer representatives to the Greenwich Board of Estimate and Taxation, they and their three other Democratic colleagues are giving sometimes 40 hours a week to fend off the worst impulses of a majority MAGA finance board. As Democrats, we value financial expertise, fiscal prudence, and sensible municipal finance. Town elections are happening in November. It’s time for you to get involved, alert your neighbors, and help elect a Democratic majority in Greenwich.
May Day, No Kings, and a political awakening in Greenwich
Tonight’s May Day vigil in Greenwich is one of 800 happening across the country, part of a growing surge of protests against the Trump/Musk power grab.
Every week, demonstrators have been gathering outside the Tesla dealership in Stamford, cheered on by a steady chorus of supportive honks. On April 19, thousands turned out for “No Kings Day” rallies in Hartford and cities across Connecticut.
The energy is spilling into local politics too. “I used to recognize 80 percent of the people at our meetings,” says DTC secretary Phyllis Behlen. “Now it’s more like 50 to 60 percent. There are new faces at every meeting!”
One of those new faces is Thomas Waurishuk Jr., a Greenwich public schools alum who moved back home after graduating from UConn. “I want to get involved because I’m concerned about the $4 million in school cuts,” he says, referring to recent Republican-led budget slashes. “I’m a product of Greenwich public schools. Programs like ALP give students skills that shape their futures. I don’t want to see opportunities like that disappear.”
Tired of yelling at the TV? Join the vigil tonight (May 1) at 6:15 p.m. outside the Havemeyer Building, 290 Greenwich Avenue.
What we’re reading
‘Stop surrendering,’ Illinois governor tells Americans
The gloves were off for Illinois Governor J.B. Pritzker’s address to a New Hampshire gathering.
“It’s time for us to be done with optimism about their motives,” he declared, and called on us to “stop wondering if you can trust the nuclear codes to people who don’t know how to organize a group chat. It’s time to stop ignoring the hypocrisy in wearing a big gold cross while announcing the defunding of children’s cancer research. And time to stop thinking we can reason or negotiate with a madman. Time to stop apologizing when we were NOT wrong. Time to stop surrendering, when we need to fight.” Get fired up by the speech here.
Action Calendar
May 6. Learn.
Community conversation with State Attorney General William Tong. YWCA Greenwich, 6:30 p.m. RSVP here.
May 21. Gather.
Join our monthly Greenwich Democrats meeting with special guest speaker, journalist and NYT opinion writer, Josh Barro. 7:30 p.m., Greenwich Town Hall, 101 Field Point Road.
May 22. Discuss.
Hear from Secretary of State Stephanie Thomas about how voting rights are being protected in CT. 6:30 p.m., YWCA, 259 E. Putnam Ave., RSVP here.
| Volume 3, Number 45 • May 1, 2025 |
| Paid for by the Greenwich Democratic Town Committee. |
| Greenwich Democratic Town Committee P.O. Box 126 Greenwich, CT 06836 |