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The Trump Economy


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1 hour ago, teachercd said:

I would imagine it would sway some R votes...

 

I also wonder when Zuckerburg is going to start giving away his money...seems like he was all talk...

Zuckerberg already supposedly donates a lot to philanthropy, and he's part of the same pledge as Gates and Buffet. He says he will give 99% of his shares to charity in his life time.

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3 hours ago, BigRedBuster said:

So....it's a bad thing that Gates set up his foundation and is fighting Polio,  and child deaths from poor sanitary conditions world wide with his money and other wealthy people.

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But there are far more urgent reasons than poverty to get rid of billionaires and reverse the trend of economic polarization. A growing body of economic and political-science research demonstrates that Gilded Age–type inequality does not just mean having too many with too little. It is warping the very social fabric of the country, stifling mobility, innovation, investment, and growth, and putting the country at political risk.


Dramatic inequality in wealth means dramatic inequality in terms of political power means a political system unresponsive to what most people want. Wealth inequality, in other words, is an anti-democratic force. A remarkable study by Lee Drutman found that just 31,385 people—one ten-thousandth of the population—accounted for more than a quarter of all political donations in the 2012 campaign cycle, with politicians getting more money from fewer people than in any other year analyzed. No wonder low-income households’ policy preferences have little effect on political outcomes in the United States, whereas high-income households’ policy preferences do, as research by Martin Gilens of Princeton University and Benjamin Page of Northwestern forcefully shows. One of those political outcomes? Inequality itself: Unequal societies tend not to correct their own inequality, because of the political influence of the rich.

 

 

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Not an encouraging sign.

 

https://www.cnbc.com/2019/10/17/ray-dalio-says-the-world-is-in-a-great-sag-and-echoes-the-1930s.html

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Hedge fund owner Ray Dalio said the global business cycle is in a “great sag” and the world’s economy holds at least two parallels to the 1930s.

Speaking a CNBC-moderated panel at the IMF and World Bank annual meetings in Washington, D.C. on Thursday, Dalio said it was now too late for central banks to make much difference as economies enter a natural downturn.

 

“This cycle is fading, we are now in the world in what I would call a ‘great sag’,” said Dalio, adding that monetary policy, and especially interest rate reductions, were unlikely to offer much stimulus.

“Europe is at the limitation of that, Japan is (too) and the U.S. doesn’t have much to go on for that,” he told CNBC’s Geoff Cutmore.

Dalio said the world was also experiencing the biggest wealth gap since the 1930s and that was creating political stress.

“In the United States the top one-tenth of 1% of the population has a net worth that is approximately equal to the bottom 90%,” he said.

Dalio told the CNBC panel that China’s new swagger was further evidence that the world now echoes the depression era of the last century.

 

“Also like the 1930s, we have a rising power challenging an existing world power in the form of China-U.S. challenges.”

The hedge fund titan claimed there were four types of war to watch for — trade, technology, currency and geopolitical.

 

 

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  - the highest deficit in 7 years   -  but still lower than expected.

 

https://www.cnbc.com/2019/10/25/federal-deficit-increases-26percent-to-984-billion-for-fiscal-2019.html

 

  • The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark.
  • The U.S. government also collected nearly $71 billion in customs duties, or tariffs, a 70% increase compared to the year-ago period.
  • The gap between revenues and spending was the widest in seven years. Defense, Medicare and interest payments ballooned the shortfall.
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