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... as empty and vacuous as Donald Trump's cranium.
Donald Trump promised the world and delivered a world of financial hurt and ruin.
Donald Trump started a trade war which is not going well. The trade war negated Donald Trump's stimulation of the US economy by blowout debt.
How can Donald Trump's howling mob believe the bullshit, blather, slander, and insults he feeds them at his rallies?
The US economy is in a parlous condition with government debt increasing faster than GDP and interest on debt growing so fast it will be unpayable.
Dopey, morally bankrupt, Donald Trump has broken the world economy which was so peaceful and growing at the end of Obama's tenure.
New Reports Show That Trump’s Economic Promises Were Empty
Donald Trump promised the world and delivered a world of financial hurt and ruin.
Donald Trump started a trade war which is not going well. The trade war negated Donald Trump's stimulation of the US economy by blowout debt.
How can Donald Trump's howling mob believe the bullshit, blather, slander, and insults he feeds them at his rallies?
The US economy is in a parlous condition with government debt increasing faster than GDP and interest on debt growing so fast it will be unpayable.
Dopey, morally bankrupt, Donald Trump has broken the world economy which was so peaceful and growing at the end of Obama's tenure.
New Reports Show That Trump’s Economic Promises Were Empty
New Reports Show That Trump’s Economic Promises Were Empty
By John Cassidy
January 31, 2020
Two new reports suggest that, although the boost from President Trump’s 2017 tax cuts is fading, the resulting budget deficit will linger for decades.
With the impeachment trial, the coronavirus, and the Iowa caucuses in the news, dry economic statistics aren’t getting much attention right now. But two new reports—the latest gross-domestic-product figures from the Commerce Department and a new set of budget projections from the Congressional Budget Office—shouldn’t be allowed to pass without comment. Indeed, the issues they raise should be central to the 2020 election.
The core of Donald Trump’s platform is that his policies have produced what he touts as “The Greatest Economy in American History!” The truth is very different. By enacting a huge tax cut, in late 2017, that was heavily slanted toward corporations and the rich, Trump and the Republicans gave the economy a temporary boost—in 2018, it grew at an annual rate of 2.9 per cent—that has now faded.
In the fourth quarter of last year, G.D.P.—the broadest measure of activity in the economy—expanded at an annual rate of 2.1 per cent, the new report from the Commerce Department showed. Taking 2019 as a whole, G.D.P. grew at 2.3 per cent. These growth rates are nowhere near the four-per-cent growth that Trump promised in 2016. Instead, they are in line with the average growth rate since 2000, which is 2.2 per cent. And this ho-hum outcome has only been achieved at a tremendous cost. The federal government is now running an enormous budget deficit and accumulating vast amounts of new debt, which will burden taxpayers for decades to come. After three years of Trump’s Presidency, in fact, the United States is starting to look like one of his highly indebted business ventures.
This year, the new report from the C.B.O. says, the deficit will be about a trillion dollars. Ten years from now, it will be roughly $1.3 trillion. Numbers like these are so big that they are hard to take in. The way economists make sense of them is by comparing the dollar amount to the level of G.D.P., much like a family might compare its mortgage to its income. If you do this, you can see just how out of whack with history the Trump Presidency really is.
According to the C.B.O.’s projections, the budget deficit will be 4.6 per cent of G.D.P. this year, and by 2030 it will have risen to 5.4 per cent of G.D.P. Before Trump took office, the United States had never run sustained deficits of this magnitude except during wars ...