The problem Trump doesn't realize with the tax cut was that whatever benefit came from it was not sustainable. The growth eventually would force interest rates up and dampen things. The economy is still not in bad shape but Trump basically just forced interest rates up. The other problem with the tax cut is that we're now stuck in deficit spending.
Man, it's all smoke and mirrors. People keep thinking the economy is going well because the stock market was* doing well because of stock buy-backs and gaudy unemployment numbers. Wages are still stagnant, half of Amearica can barely get by on their salaries, half of America doesn't have any savings, and most of America is carrying massive amounts of debt. The economy is not good. The Economy hasn't been good for a long time.
Remember that time @Roscoe Arbuckle got so mad about my claims that a recession was looming that he threatened to "blast me" on CF while he was drunk? Pepperidge Farm remembers. How's ol' Trump's economy looking now there, Jimbo? Are You Ready for the Financial Crisis of 2019?
He is the champion of the the white man that supports a right wing authoritarian government with an outdated economic model. That is a mouthful, so “racist” works too.
The problem isn't the tax cut, it is Trump's asinine trade policies, skyrocketing student loan debt, and debt as a whole - including the federal government's. It isn't rocket science, for every dollar we pay in taxes, we get $.80 in return - and we spend about $1.40. 20% overhead, and overspending will never allow the books to balance out. If we paid more in taxes, they'd just mismanage more of it and both sides are guilty. There are a whopping 5-6 "fiscal conservatives" in the whole of Washington. Defense spending would be the easiest place to make a dent. We have 5x as many military aircraft as the the entire world combined, and nearly 5x as many aircraft carriers... stop building them, like yesterday. We have Air Force bases covering every corner of the globe, and only two countries in the world that would ever be able to even think about challenging our air superiority. Both the left and right kowtow to the military industrial complex, which is why defense contractors are sprinkled across the entire map.
Of course it will, but it is expected to cost $2.3 trillion over a decade, it has hardly played a role in our current financial situation. In fact, some economists think the tax cut may help lessen the long term effects of a recession - as businesses saw the writing on the wall and saved money instead of giving out raises and expanding.
The economy is good from a relative perspective. Hate to break it to you, but the days of Americans having money for retirement or owning homes is coming to an end. It was never sustainable. Most parts of the world, you grow old, and you die. Something bad happens, you die. If you can't work, you probably will die. Except in Europe which has the tax rates to support a social safety net system. In today's America, most older Americans will need survive off social security until they get sick and die. This is what Americans wanted.
When business spend less, the gov't runs a bigger deficit. So that doesn't help. The deficit had shrunk to around $500B before Trump took over, and now it's growing toward $2 trillion. The tax cut is a significant contributor to that increase - saying it hardly played a role is naive at best.
No, it's not... by nearly every metric it is anything but good. The argument of 20 year retirements has no role in discussing the economy. We know the world has changed, and people will work later as they live longer. That has nothing to do with the fact that the last time the senate passed a budget was in April 2009. The economy will never be "good" until we reign in spending, both personal, local, state and federal. Social Security is a house of cards that will need to be addressed in the next 20 years... I'm not sure how anyone could read CBO projections and say that the economy is "good." As far back as 2015 Social Security was running at nearly a 10% deficit, and it is getting worse year by year... and according to the CBO that gap will widen to 30 percent in less than 10 years, and will exceed 40 percent by the year 2040.
It will most certainly help unemployment numbers, that's the point. If businesses prepared for the rainy day, they can run longer and leaner... thus keeping payroll taxes coming in. The entire reason the 2008 recession was so bad, and so long was because of mass layoffs - it's a snowball effect.
WHat!? the economy is good relative to what? America has PLENTY of money, but it's all getting funneled to the top 1% and wasted on silly bullsh-t. Americans being able to be comfortable with a nest egg is absolutely achievable and sustainable. this is a ridiculous post..
And Trump is not the ultra-elite persona he leads. He's a brand, and always has been - he's the "Red Bull" of the 1%, and he's oh so self conscious about never being in the "three comma club."
You can't compare personal wealth to business wealth, medium and small businesses have and continue to be the lifeline of this country. 99.7% of U.S. employers are small businesses - and the tax cuts help them too. The rich will always get richer, because money never sleeps. Aristotle Onassis had a saying of "Man at work, men at work and money at work..." they go in that order. A man can work 60-80 hours at max per week. Men at work can work 60-80 hours per week, multiplied by the number of men. Money, is nothing but potential that works 24/7/365. The "working man" can never and will never compete with money's potential... unless said working man makes himself some money. The problem isn't wealth, the problem has always and continues to be spending and the debt it causes.
Exactly. He's a bullsh!t artist, carnival barker, self-promoter, reality ****ing tv star who can only make money by putting his name/brand on things that other people create. And he got elected president.
I agree. However The rich don't need anymore help and businesses shouldn't be allowed to run unchecked is all I'm saying.. Rich getting richer doesn't mean you have to gut the middle class with policy.
The crazy thing is, if he would have teamed up with Warren Buffet in the 80's, he could likely be one of the top 5 richest men in the world. His ego was too big for that though... he could have turned daddy's millions into tens of billions. The tax cuts weren't meant just for the rich... as I pointed out, more than 99% of businesses are medium and small businesses. Of course the richest would benefit the most though, they have the most to benefit from. Even if we did tax the wealthiest Americans higher, we'd still be $20 trillion in the hole and social security would be a ticking time bomb. All of the US Billionaires wealth combined only adds up to about 15% of the current total deficit. People act like billionaires hold all of this wealth, but when you compare it to the overall GDP ($20 trillion) and tax revenue ($2 trillion), it's a freaking drop in the bucket. The left make the uber rich the tent pole for their outrage to rile up their constituents, while their pork spending bills with billions of dollars in kickbacks go unnoticed. It is brilliant, really. The US Government is the most inefficient and wasteful employer in the world.
We certainly are invested in the market and trump's mess is taking its toll. We'll wait this out, fingers crossed.
It's easy to point to the rich because it's easy for Americans to understand - "The rich aren't paying as much in taxes as you are" and so on. I never said the corrupt, bribed left wasn't complicit. The Progressive left, who aren't in it for the money, have ideas that unfortunately take too long to explain: Medicare for all Green New Deal larger minimum wage Free tuition/Community college stop paying for unnecessary wars It's really all about priorities and asset allocation.. In before, "how are you going to pay for it."
