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Trump Domestic Policy - Budgets, etc


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The whole interaction is so mind-numbingly stupid.

 

Quote

Trump: TARIFFS! There. Everything is now fixed and the American worker is WINNING again!

Ford: ... We can't ship this new car here from China due to the tariffs.

Trump: I've got a GREAT idea! If you build the car HERE, you won't have to do the tariffs! PROBLEM SOLVED!

Ford: Yeah, we still can't do that. It's too expensive here. Most of the components have gone up in price. Because of the tariffs.


Honestly it's pretty clear he's got a very rudimentary understanding of how most of the economics relevant to his job work. And he's surrounded by people who either keep kissing his ass or manipulating him for their own ends that he's never going to develop more than that. I'm sure he thinks as long as the GDP looks good and stocks keep going up everything is peachy.

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15 hours ago, Clifford Franklin said:

The whole interaction is so mind-numbingly stupid.

 


Honestly it's pretty clear he's got a very rudimentary understanding of how most of the economics relevant to his job work. And he's surrounded by people who either keep kissing his ass or manipulating him for their own ends that he's never going to develop more than that. I'm sure he thinks as long as the GDP looks good and stocks keep going up everything is peachy.

Interesting.....because I've also read on this forum from a different poster that tariffs on Canada auto imports are dumb because it hurts American component manufacturers.

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On 8/5/2018 at 11:14 PM, Clifford Franklin said:

Ooof. Kind of sucks some (hot) air out of the balloon, doesn't it?

 

 

Tonight I listened to this Intelligence Squared debate about the state of the economy. They had an interesting mix of voices.

 

Anyway, I found myself rolling my eyes every time the Trump economic advisor took his turn. Granted, he had a major hand in writing the tax cut bill, as a bigwig at the Heritage Foundation, so he's quite impartial on the subject. But to me it just seemed like he was spitting out talking point after talking point trying to make conservatives feel good about what they've done with really no basis in economic reality.

 

The consensus was pretty clear: The tax cuts aren't going to do anything for long-term growth. They're not going to raise wages. They're not going to lead to long-term job gains. It's going to be a good short-term burst and stock buybacks are great for people who own stock but we're going to have a hell of a hangover once the jolt is over as interest rates continue to rise and the debt mounts. 

 

At some point reality is going to topple GOP rhetoric on the economy and it's going to be a very tough morning in America.

More evidence for the above in this article.   Put a fork in the "Party of Fiscal Responsibility".

 

https://www.axios.com/deficit-grows-222-billion-tax-laws-debt-us-trump-de9f61f5-5d8e-437b-ad36-bd7640349059.html

Quote

 

The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.

 

 

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