So much for the BOOMING economy the Trump tax cuts promised

[McRocket]

The DOW is down YTD by 2.51% and is in official correction territory.

.DJI: Dow Jones Industrial Average - Stock Quote and News - CNBC



GDP growth rate for Q1 was a 'blah' 2.3% (and is down for the second quarter in a row)...the exact same growth rate under Obama's tenure that the Reps were complaining about SO strongly.

United States GDP Growth Rate | 1947-2018 | Data | Chart | Calendar


The employment to population ratio - which is a FAR better employment measurement than the U-3 (which Trump himself - rightly - called 'bogus') is still exactly where it was last September.
And before you start the nonsense 'that is because we are at full employment'? Since the start of the 'Great Recession', the E-P ratio is the lowest it has been since way back in 1987 (BTW - lower is bad).
So America is NOWHERE NEAR 'full employment'.

Bureau of Labor Statistics Data



The trade deficit is skyrocketing.

https://www.census.gov/foreign-trade/Press-Release/current_press_release/exh1.pdf


And the government just borrowed $488 billion for the first 3 months of 2018. The most since the financial crisis.

The US Just Borrowed $488 Billion In One Quarter, The Most Since The Financial Crisis


So employment, the DOW, the trade deficit, the fiscal deficit and GDP growth all either suck and/or are virtually stagnant since the first of the year.


So much for this HUGE BOOM Trumpbots promised thanks to the tax cuts.

But I - and others - knew there would be no boom. We knew that most of the personal tax cuts were for the wealthy - which NEVER helps the economy much. And we knew that, though the corporate tax cuts were good, the way the economy is structured right now, the corporations were NOT going to invest much of the extra money in expansion or bonuses...but into stock buybacks and shareholder dividends.

Case in point - Apple just announced $100 Billion (with a 'b') in stock buybacks.

Apple surprises with solid iPhone sales, announces $100 billion...


Wake up Trumpbots. Your magical tax cuts will do almost nothing for the economy.

Plus, they will send the deficit rocketing up even more.


I am for tax cuts. But a) not just for the rich; and b) not unless you cut spending to match the lost revenue.

 

[Penelope]

But they say apple is in everyone's pension account, teachers, state workers. The unemployment rate has been going down since 2010 and the rate is due to Obama admin not Trumps.

Whatever the median income has got in a tax cut is going to be eaten up by gas hikes, and all kinds of increase in prices, and healthcare is a huge one, what is being done about that. You'd think it'd be first on his agenda, but nope.

 

[midcan5]

Americans don't support Americans, kinda simple really and if you want to know why look around and read. See my sig.

Invisible Hands: The Making of the Conservative Movement from the New Deal to Reagan by Kim Phillips-Fein
Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right by Jane Mayer

"Free markets do not create the conditions for free markets." Brandon Emrys

'The highest period of growth in U.S. history (1933-1973): Tax cuts spur economic growth

How economic boom times in the West came to an end | Aeon Essays
.

 

[Mac1958]

Maybe this will take a little time. This stuff doesn't happen in an instant.

I voted against Trump, but I hope he proves me wrong.

I'll remain hopeful, even as some celebrate any bad news.
.

 

[depotoo]

Yet you ignore all the positive signs.

 

[Bleipriester]

Drone of the 1%ers and deep state.

 

[my2¢]

I was for tax reform for business and will stick with my support. I blame tariffs for any downturn, always saw them as a tax increase and as anti-productive.