[jimjam]

The Trump tax cut caused a huge rise in the Trump budget deficit, which the administration expects to hit $1 trillion this year, up from less than $600 billion in 2016. Strange to say, none of the Republicans who warned of a debt apocalypse under President Barack Obama have protested the Trump deficits. Clearly, deficits only matter when there’s a Democrat in the White House.

The growth bump under Trump has been smaller than you might have expected given the deficit surge, perhaps because the tax cut was so badly designed, perhaps because Trump’s trade wars have deterred business spending. The tax cut was sold as something that would greatly improve the economy’s long-run performance; in particular, lower corporate tax rates were supposed to lead to a huge boom in business investment that would, among other things, lead to sharply higher wages. And this big rise in long-run growth would supposedly create a boom in tax revenues, offsetting the upfront cost of tax cuts. None of this is happening. Corporations are getting to keep a lot more of their profits, but they’ve been using the money to buy back their own stock, not raise investment. Wages are rising, but not at an extraordinary pace, and many Americans don’t feel that they’re sharing in the benefits of a growing economy.

As the economy goes, the odds are that Trump’s deficit-fueled bump came too soon to do him much political good.

[Hindsite]

The Trump tax cut caused a huge rise in the Trump budget deficit, which the administration expects to hit $1 trillion this year, up from less than $600 billion in 2016. Strange to say, none of the Republicans who warned of a debt apocalypse under President Barack Obama have protested the Trump deficits.

You clearly haven't paid attention to Senator Rand Paul.
Sen. Rand Paul: Only 10 to 15 Senators Care About the Deficit

By Susan Jones | July 19, 2019 | 6:23 AM EDT

"There's only about 10 to 15 people in the Senate who care about the deficit," Sen. Rand Paul (R-Ky.) said on Thursday. And he's foremost among them.

This week, Paul and Sen. Mike Lee (R-Utah) delayed passage of a bill to permanently reauthorize the 9/11 Victim Compensation Fund by asking for a vote on an amendment to offset the $10.2 billion cost.

That earned Paul a heap of scorn and vitriol from comedian Jon Stewart, who has lobbied hard for the bill that provides compensation for survivors or first responders caught up in the 9/11 terror attacks or the clean-up effort.

"Look, I know Jon Stewart," Sen. Paul told Fox News's Neil Cavuto on Thursday.

And Jon Stewart is sometimes funny, sometimes informed. But, in this case, he's neither funny, nor informed.

I have spent my entire Senate career putting forward pay-fors for any time spending is expanded. As soon ago as two weeks ago, I put forward a pay-for, for the border funding. I put forward a pay-for the disaster funding. I do this on every new bit of funding.

So he's really not informed. And his name-calling just sort of exposes him as a left-winger, part of the left-wing mob that really isn't using his brain and is willing to call people names.

Paul said he's simply wants the extension of the 9/11 fund to be offset by spending cuts elsewhere: "It doesn't actually reduce the deficit. It just keeps the deficit from getting bigger. It's a very reasonable thing. I have done it dozens and dozens of times, including on the tax bill," he said.

Stewart has criticized Paul's vote for the tax-cut bill, but Paul said at the time he voted for it, that bill also included a pay-for.

"The left-wing mob says, oh, but you're for tax cuts, but you're not doing anything to offset the tax cuts. There's something called pay-go. And I was the leader in trying to keep that in the tax bill. It was in the tax bill when we passed it, and was later taken out of the tax bill, over my objections.

"So the whole thing is misrepresented and not true."


Paul said 91 of his Senate colleagues voted to take pay-go out of the tax bill; only 9 Senators supported Paul's insistence that the tax cuts be paid for. "But you shouldn't blame me for that," he told Cavuto.

“I have consistently been for spending cuts, even on tax bills. And I'm going to offer one on this bill also. No matter how good the cause is, we should offset the spending.”

Paul said he doesn't vote for any spending that isn't offset:

"I didn't vote for the border spending recently, even though I support more money for the border, because the responsible thing to do is to take that money from somewhere else in the budget.”

Paul noted that the nation has racked up a $22 trillion debt. We're borrowing…almost $2 million every minute. And I have consistently sounded that theme."

He said he has forced four or five votes this year alone on offsetting new government spending. “I lose every time, because Republicans and Democrats are terrible.”

Paul also objects to the 9/11 compensation fund because it’s open-ended: “It's not $10.2 billion over 10 years. It's about $2 billion a year every year until 2092. There is no limit.

“This is the thing," Paul continued. "This bill is completely irresponsible. You know what it says for how much money we're going to spend? ‘Such sums as are necessary.’

“So if Jon Stewart could read, maybe he would read the bill, and say, oh, my God, who would -- who in their right mind would vote for a bill that doesn't have a dollar amount in it? It has no dollar amount.”

Paul said the responsible thing to do is to allocate funding for three, four or five years, then come back and reassess it. “That’s a responsible way to budget,” he said.

Paul said there is currently $2 billion in the 9/11 victims fund.

"And as we speak, payments are going out every day. We have given $12 billion. This isn't a stingy country. This isn't a country who forgot the 9/11 heroes or the firemen. This is a country that's already paid $12 billion to those people who both died and have died since then.

"This is a country that will continue to do more. But we shouldn't completely lose our head and say, oh, well, it's a good cause, so we really shouldn't have any budgetary restraints. That is -- that is completely foolish."

Paul said the amendment he and Mike Lee offered will be voted on next week: “We will vote and we will lose,” he said. “There’s only about 10 to 15 people in the Senate who care about the deficit.”

Once the amendments are defeated, the reauthorization of the 9/11 Victims Compensation Fund will pass, Paul said:

“So, when they argue and they bellyache and say, oh, he's blocking the bill -- no, I'm trying to have a debate in our country about whether or not deficits matter and whether or not we should offset new spending.

“And I think I should be commended and loudly cheered for being one of the few fiscally responsible people up here.”

https://www.cnsnews.com/news/article/su ... ut-deficit

As the economy goes, the odds are that Trump’s deficit-fueled bump came too soon to do him much political good.

We shall see how good an odds player Trump turns out to be.

[jimjam]

Growing distrust between the United States and China has slowed the once steady flow of Chinese cash into America, with Chinese investment plummeting by nearly 90 percent since President Trump took office. Chinese foreign direct investment in the United States fell to $5.4 billion in 2018 from a peak of $46.5 billion in 2016, a drop of 88 percent, according to data from Rhodium Group, an economic research firm.

In March, the Chinese owners of a gay dating app known as Grindr were told by regulators to find a buyer for the company. The Trump administration feared Beijing could use personal information as leverage over American officials.

Now, that's over the top. It is common knowledge that Obese Donald only hires pussy grabbers of the male variety.

Damn! These trade wars are so easy to win that it's a joke.

[jimjam]

By Susan Jones | July 19, 2019 | 6:23 AM EDT

Doesn't she work for that conservative fake news/propaganda outfit CNS?

[Hindsite]

Doesn't she work for that conservative fake news/propaganda outfit CNS?

I have no idea, since I have never heard of her before.

[jimjam]

“In many ways this is the greatest economy in the HISTORY of America", Obese Donald.

The real world:

Leveraged lending has increased 40% since Trump took office, which has spread "systematic risk" throughout the economy.
These high-risk loans now make up a quarter of all American business loans, and they look a lot like the pre-2008 subprime mortgages: poorly-underwritten loans with minimal protections that are then packaged and sold to investors.

Climbing student, auto, and overall household debt as one of the biggest risks to the economy. She said slow wage growth and rising costs have forced families to take on debt to pay for housing, child care, and education.

The struggling American manufacturing sector presents a threat to the US economy. The Federal Reserve reported the sector declined in growth for the second quarter in a row, and wages for manufacturing workers has also slipped below the national average for the first time.

The Federal Reserve Board released its Report on the Economic Well-Being of U.S. Households on Thursday, finding that only 61 percent of Americans could cover an unexpected $400 expense with cash, savings or a credit card paid off at the next statement.

[BigSteve]

“In many ways this is the greatest economy in the HISTORY of America", Obese Donald.

The real world:

Leveraged lending has increased 40% since Trump took office, which has spread "systematic risk" throughout the economy.
These high-risk loans now make up a quarter of all American business loans, and they look a lot like the pre-2008 subprime mortgages: poorly-underwritten loans with minimal protections that are then packaged and sold to investors.

Climbing student, auto, and overall household debt as one of the biggest risks to the economy. She said slow wage growth and rising costs have forced families to take on debt to pay for housing, child care, and education.

The struggling American manufacturing sector presents a threat to the US economy. The Federal Reserve reported the sector declined in growth for the second quarter in a row, and wages for manufacturing workers has also slipped below the national average for the first time.

The Federal Reserve Board released its Report on the Economic Well-Being of U.S. Households on Thursday, finding that only 61 percent of Americans could cover an unexpected $400 expense with cash, savings or a credit card paid off at the next statement.

You know what would be impressive? If you didn't cut and paste your diatribes from the writings of others and present them as your own...

[jimjam]

During the Obama years, the Republicans created drama every time the debt ceiling had to be raised. Burgeoning deficits were their ostensible concern, although the real reason was that they wanted to block anything that Obama did. This included Trump who then opposed raising the debt ceiling. Now, that the Republicans are in power in the White House and Senate, they have made a 180 degree turnaround. They want the debt ceiling raised. No one cares about deficits any longer and the country is on the road to fiscal insolvency. Within four years, the Treasury is set to spend more on interest payments than on the nation’s entire defense budget. Obese Donald had four bankruptcies and 15 business failures. What could possibly go wrong with his running the economy? Trump, remember, said he'd pay off the entire National Debt in 7 years.

Hilariously inept!

[Hindsite]

During the Obama years, the Republicans created drama every time the debt ceiling had to be raised. Burgeoning deficits were their ostensible concern, although the real reason was that they wanted to block anything that Obama did. This included Trump who then opposed raising the debt ceiling. Now, that the Republicans are in power in the White House and Senate, they have made a 180 degree turnaround. They want the debt ceiling raised. No one cares about deficits any longer and the country is on the road to fiscal insolvency. Within four years, the Treasury is set to spend more on interest payments than on the nation’s entire defense budget. Obese Donald had four bankruptcies and 15 business failures. What could possibly go wrong with his running the economy? Trump, remember, said he'd pay off the entire National Debt in 7 years.

Hilariously inept!

President Trump and the Republicans have to play ball with Pelosi and Schumer and the other Democrats to get anything passed nowadays. That is just the facts of the situation. But the national debt would probably be twice as high if the Democrats were in complete control. Just look at the cost of all their socialist programs they want to enact that will also ruin our economy.

[jimjam]

Trump’s only major legislative achievement so far is the 2017 Tax Cut and Jobs Act. The core of that bill was a sharp reduction in corporate tax rates, which has led to a drastic fall in tax revenues, on the order of $140 billion over the past year. Who gains from this tax cut? Supporters of the bill claimed that the benefits would be passed on to workers in the form of higher wages, and they made a big deal over a flurry of corporate bonus announcements in early 2018. But those bonuses weren’t actually very big, and they didn’t continue.

In fact, at this point it’s clear that the bonus surge, such as it was, was all about tax avoidance: By moving up payments they were going to make anyway, corporations got to deduct the expense at the old, higher tax rate. Now that this option has expired, bonuses have dropped back to their normal level, or even a bit lower.

So who is benefiting from the tax cut? Basically, shareholders, who have received increased dividends and seen a lot of capital gains as corporations use their windfall not to invest, but to buy back their own stocks.

And a big share of these gains to shareholders has gone to foreigners.

[jimjam]

President Donald Trump has blasted bipartisan politicians for failing to address the federal debt and repeatedly vowed to eliminate it within eight years. On his watch, it has exploded to more than $22 trillion.
The country was already headed for a $1 trillion deficit this year. Yet, the president has made clear his support for the federal budget deal reached Monday, which would increase spending by $320,000,000,000 against a backdrop of lower tax receipts.

Hey kids ……. looks like it's time for another tax cut for Obese Donald's buddies down at the Billionaire Club …..

[Hindsite]

President Donald Trump has blasted bipartisan politicians for failing to address the federal debt and repeatedly vowed to eliminate it within eight years. On his watch, it has exploded to more than $22 trillion.

I don't recall any such vow, but it has not been eight years yet. You seem to forget that the national debt really exploded from $10 trillion to $20 trillion during the eight years of Obama and the Democrats.

[jimjam]

You seem to forget that the national debt really exploded from $10 trillion to $20 trillion during the eight years of Obama and the Democrats.

your point is well taken. Democrat, Republican, Liberal, Conservative ….. when it comes to waste and spending ….. pretty much same difference. We just get to choose different flavors of incompetence.

The Congressional Budget Office (CBO) projects that interest payments will continue to grow rapidly, rising from $389 billion in fiscal year 2019 (the current fiscal year) to $914 billion in 2028. Overall, net interest costs will total nearly $7 trillion over the next decade. What does the man on the street/average taxpayer get for these interest payments? Pretty much nothing ….

there will eventually be a massive economic collapse.

Thank God for the Democrats though. Because of FDR I get a nice retirement check every month and because of LBJ I have not yet been bankrupted by the Medical Industrial Complex. Of course I am looking at the situation selfishly but …… I don't see where the party of the billionaires ,Republicans, have done dick for me, with the exception of "trickle down economics" that don't trickle so good .

[Hindsite]

your point is well taken. Democrat, Republican, Liberal, Conservative ….. when it comes to waste and spending ….. pretty much same difference. We just get to choose different flavors of incompetence.

The Congressional Budget Office (CBO) projects that interest payments will continue to grow rapidly, rising from $389 billion in fiscal year 2019 (the current fiscal year) to $914 billion in 2028. Overall, net interest costs will total nearly $7 trillion over the next decade. What does the man on the street/average taxpayer get for these interest payments? Pretty much nothing ….

there will eventually be a massive economic collapse.

Thank God for the Democrats though. Because of FDR I get a nice retirement check every month and because of LBJ I have not yet been bankrupted by the Medical Industrial Complex. Of course I am looking at the situation selfishly but …… I don't see where the party of the billionaires ,Republicans, have done dick for me, with the exception of "trickle down economics" that don't trickle so good .

I am satisfied under Trump economics. It is working fine for me.

[Godstud]

If the same was happening under Obama, you'd be having a hissy fit while ranting and raving, @Hindsite. You have double standards, and ignore the reality, because it conflicts with your abject adoration of Trump.

You are an excellent argument for the Dunning-Kruger Effect.

[Hindsite]

If the same was happening under Obama, you'd be having a hissy fit while ranting and raving, @Hindsite. You have double standards, and ignore the reality, because it conflicts with your abject adoration of Trump.

If the Democrats can have double standards in their hatred of Trump, then I certainly can adore and support Trump.

[jimjam]

I am satisfied under Trump economics. It is working fine for me.

I'm glad to hear that. My economics is also fine, just as it was under Obama ….. no change. However there are a few billion others on this planet.

Imagine how much better shape we’d be in if the hundreds of billions squandered on tax cuts for corporations had been used to rebuild our crumbling infrastructure. Imagine what we could have done with policies promoting jobs of the future in things like renewable energy, instead of trade wars that vainly attempt to recreate the manufacturing economy of the past.

And since everything is political these days, let me say that pundits who think that Trump will be able to win by touting a strong economy are almost surely wrong. He most likely won’t face a recession (although who knows?), but he definitely hasn’t made the economy great again.

So he’s probably going to have to do what he’s already doing, and clearly wants to do: run on racism instead.

BTW ………… how is Obese Donald's easy to win trade war going? It looks like his method of treating China like some hapless NYC contractor don't work so good. Maybe he should send a few hundred lawyers over to China .

[Hindsite]

I'm glad to hear that. My economics is also fine, just as it was under Obama ….. no change. However there are a few billion others on this planet.

It became worse for me under Obama than it was under Bush.

Imagine how much better shape we’d be in if the hundreds of billions squandered on tax cuts for corporations had been used to rebuild our crumbling infrastructure. Imagine what we could have done with policies promoting jobs of the future in things like renewable energy, instead of trade wars that vainly attempt to recreate the manufacturing economy of the past.

You should blame the Democrats for that, since they have been obstructing and investigating Trump instead of making the deals with him. Rebuilding our crumbling infrastructure was always on Trump's list of things to do. But how can one work with people that call you a traitor and talk about impeachment and investigating you all the time, even after about three years of nothing from the Mueller investigation.

And since everything is political these days, let me say that pundits who think that Trump will be able to win by touting a strong economy are almost surely wrong. He most likely won’t face a recession (although who knows?), but he definitely hasn’t made the economy great again.

It is greater than it has ever been for me. So Trump will definitely get my vote again.

So he’s probably going to have to do what he’s already doing, and clearly wants to do: run on racism instead.

To me that means calling out the left-wing radicals for their hypocrisy, which sounds good to me.

BTW ………… how is Obese Donald's easy to win trade war going? It looks like his method of treating China like some hapless NYC contractor don't work so good. Maybe he should send a few hundred lawyers over to China .

He is doing pretty good, so far. He got a new trade agreement with Canada and Mexico, but the Democrat Congress refuses to bring it up to a vote. Then when the Democrats would not act on border control, Trump managed to get Mexico to send 21,000 to control their border after threatened tariffs. He just recently made a trade agreement with the EU and is looking forward to making a trade agreement with the British. In the case of China, it is going to be more difficult, since they have been getting away with unfair trade practices for decades that made them richer and they don't want to give that up. But if anyone can do it, I believe President Trump is the right person. Even the Democrat minority leader in the Senate, Chuck Schumer, recently said that Trump was doing the right thing with China.

[jimjam]

How did Trump manage to bankrupt his casinos, alienate his vendors, file for personal bankruptcy five times? Well, now we know as he goes about bankrupting the US and destroying the world economy, not to mention our own country's civility and trustworthiness. Hear that Republicans? He's your legacy but all of our heartache.

Stock market down 740 so far today ………….

No, Mr President... it is not called “currency manipulation”...

it is called “unintended consequences” from your launching a global trade war that is a zero sum game.

China is playing chess, while you are playing bully the boy in the sandbox.

In my opinion, Trump should not talk about things he does not understand, like economics. He should restrict his comments to things he does understand, like, say, cheating at golf.

[Hindsite]

How did Trump manage to bankrupt his casinos, alienate his vendors, file for personal bankruptcy five times? Well, now we know as he goes about bankrupting the US and destroying the world economy, not to mention our own country's civility and trustworthiness. Hear that Republicans? He's your legacy but all of our heartache.

Stock market down 740 so far today ………….

No, Mr President... it is not called “currency manipulation”...

it is called “unintended consequences” from your launching a global trade war that is a zero sum game.

China is playing chess, while you are playing bully the boy in the sandbox.

In my opinion, Trump should not talk about things he does not understand, like economics. He should restrict his comments to things he does understand, like, say, cheating at golf.

Trump has never filed for personal bankruptcy. Those business bankruptcies were necessary during a downturn in the economy. Many others filed for bankruptcy too. You seem to jump to conclusions before this trade war has gotten stated good.