Economic, taxes, and tariffs discussion

[nots]

Other than Reagan, he may be the best since WW II. RR had his haters, too. Top five back to the Civil War.

J

Not to get involved in the Trump ranking, but I would be hard pressed not to mention Eisenhower as the best since WW2. Absolutely the right man for the post war era.

[Steve 2.0]

Not to get involved in the Trump ranking, but I would be hard pressed not to mention Eisenhower as the best since WW2. Absolutely the right man for the post war era.

I'll get involved. Trump is one of the worst presidents ever. (and a despicable human being)

[revo]

Those pesky revisions:

"The government says the U.S. economy grew more slowly in 2018 than it previously estimated, downgrading its estimate from 3% to 2.5%. President Donald Trump had frequently boasted of the 3% growth figure as evidence that his policies invigorated the economy.

The Commerce Department lowered its estimate of growth from the fourth quarter of 2017 to the fourth quarter of 2018 mainly because businesses spent less on buildings, equipment and software than it had earlier thought."

https://www.politico.com/story/2019/07/26/economic-growth-2018-trade-gap-1436630?fbclid=IwAR3ZiZQkPivI126k7G5raQcVF6biuHfOsOKWLmpahWOwp8dQ81HpTTgB_r4

[onejayhawk]

Not to get involved in the Trump ranking, but I would be hard pressed not to mention Eisenhower as the best since WW2. Absolutely the right man for the post war era.

I agree, though it is not the way he was thought of at the time. It turns out to be a case of no news is good news.

He was very deft in foreign affairs, which we missed in most of the 60s. Kennedy was clumsy in foreign affairs and Johnson was worse.

J

[revo]

Market was up 250 points until one trick pony Dumb Donny opened his fat stupid mouth and brought his Epic, Never-Ending Trade War Debacle right back to Square One by saying a new 10% tariff would go into effect on Sept 1. Finished down 280 -- a 530 point swing!

Dumb Donny, don't you get it, the Chinese are just going to wait you out? Dumb Donny, why you so dumb?


In other Epic, Never-Ending Trade War Debacle news, the Washington Post reported that of the farmers who applied for the socialist aid package all GOPers hate until they need it, the bottom 80% of farmers received on average just $5k while the top 10% received 54% of the socialist money.

[nullnor]

i wonder why when i heard a lot of smaller farms got absorbed by bigger farms, i think. if that happens anyways or if it was a result of the trade war or if it was intentional for whatever reason.

[revo]

The Epic, Never-Ending Trade War Debacle just took yet another nasty turn as China let its currency devalue against the dollar to a 10-year low. Market down 500 pts. Reports coming out that Dumb Donald went against ALL of his advisers by suggesting the 10% tariff on the $300Bn in retail goods. Nice job, Dumb Donald!

EDIT -- almost 1,000 points. #thanksdumdonald

[revo]

Oh goody — China announced today they are suspending ALL purchases of US agricultural products immediately.

In 2014, China bought almost $25bn in US agricultural products and quickly became the US' 2nd largest trading partner in this sector.

By 2017 it was dropping thanks to Dumb Donald, but China still bought $19.5bn in US agricultural products.

In 2018, thanks to Dumb Donald's Trade War Debacle, that number plunged to $9.1bn.

YTD 2019, that number was cut further to $3bn, and now it will be zero for the rest of Dumb Donald’s Epic, Never-Ending Trade War Debacle.

Well, I guess the GOP got the expert it wanted -- an expert in bankruptcies. Vaya con dios, agriculture industry! Dumb Donald, why you so dumb?

[revo]

And Dopey caves on his disastrous threat to implement 10% tariffs on the remaining $300Bn of Chinese imports, which constitutes mostly retail goods. It's now pushed back to December 15th, but China now fully understands that Dopey is beholden to the stock market, which would have caved in if implemented, and the American retail public, who would have been slammed with higher prices for Back to School and holiday shopping. So let's hold China responsible until, oh, voters may be affected. Great fucking policy.

Dopey now has his big, sweaty, tubby back fully to the wall in the Epic, Never-Ending Trade War Debacle. Today's the day China won. Sorry Dopey, Trade Wars are not easy to win.

[revo]

After a 10-year bull run, the German economy went into recession for Q2, thanks largely to Dopey's Epic, Never-Ending Trade War Disaster. Their economy is also expected to have negative growth for Q3:

London (CNN Business): Germany's economy shrank in the second quarter as global uncertainty and the trade war took a toll on its manufacturers.

GDP for the three months ended June contracted 0.1% compared to the previous quarter, in line with analyst expectations. That's down from 0.4% growth in the first three months of the year. "Today's GDP report definitely marks the end of a golden decade for the German economy," said Carsten Brzeski, chief economist in Germany at the Dutch bank ING.

The world's fourth largest economy, and Europe's biggest, has been hit by what analysts have described as a "perfect storm" of negative factors. Germany relies heavily on exporters that sell a large amount of goods to China and the United States, which are locked in a bitter trade dispute. Weak global auto sales have also hit the country's carmakers, and fears of a disorderly Brexit remain a drag.

https://www.cnn.com/2019/08/14/business/germany-economy-gdp/index.html

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In other Epic, Never-Ending Trade War Disaster news, John Deere & Co. reported lower 2Q earnings, lowered guidance for the year, and even hinted at layoffs because of the Trade War:
Deere & Co. provided fresh evidence Friday of weakening conditions in the U.S. manufacturing sector, saying lower demand for U.S. farm commodities is discouraging farmers from buying its machinery.

The Moline, Ill.-based maker of tractors and construction machinery, which reported lower sales for the third quarter, trimmed its forecast for the year. It has struggled to increase sales amid lower commodity prices in recent years that have pulled down farmers’ incomes. Now, U.S. farmers are scaling back their purchases as a result of a yearlong trade dispute with China.

“Concerns about export-market access, near-term demand for commodities and overall crop conditions have caused many farmers to postpone major equipment purchases,” said Deere CEO and Chairman Samuel Allen.

[revo]

Deficit, Schmeficit. The hypocritical GOP only cares about it when they're not in power:

The Congressional Budget Office is predicting the federal budget deficit will reach $960 billion in the 2019 fiscal year and $1 trillion in 2020, higher than the figures previously released. The nonpartisan analysis agency had previously forecast a $896 billion deficit for 2019 and $892 billion gap for 2020. The news comes as President Trump confirmed Tuesday to reporters that he is considering more tax cuts, including a payroll tax cut, which would add to government debt. If not for lower-than-expected interest rates reducing the cost of servicing the national debt, the numbers would be even higher, according to The New York Times. Slowed growth in federal revenue following the 2017 tax cuts, paired with bipartisan agreements to raise military and non-defense domestic discretionary spending, have contributed to the deficit projections.

[revo]

Dow plunges 625 pts after China retaliates and Dopey threatens a retaliation on their retaliatory tariffs. Also, Dopey tweets a laughable "order" to American businesses to move operations out of China. I mean, it’s almost as if he has no idea how to do things. Oh wait.

Then, laughably, he says Fed Chair Jerome Powell and Chinese President Xi are "America’s Greatest Enemies." Wait, I thought that was the free press. Or the 4 Congresswomen. Or Arnold Schwarzenegger. Or NBC. Or......

[DMT]

Hope everyone enjoyed those amazing tax cuts that the Trump Party rammed through.

https://www.cnbc.com/2019/08/19/heres-what-new-tariffs-will-cost-an-average-american-household.html

"The firm estimates that Trump’s new tariffs will cost Americans the majority of the tax break they are getting from Trump’s 2017 tax overhaul, which it estimates is around $1,300 per year."

[revo]

Moody's Analytics has estimated that the Never Ending, Epic Trade War Debacle has already cost 300,000 jobs, with the 2019 final number expected to be 450,000 jobs cut or never created.

https://finance.yahoo.com/news/trumps-trade-war-has-killed-300000-jobs-194717808.html?soc_src=community&soc_trk=tw

[revo]

Deficit, Schmeficit. The hypocritical GOP only cares about it when they're not in power:

The Congressional Budget Office is predicting the federal budget deficit will reach $960 billion in the 2019 fiscal year and $1 trillion in 2020, higher than the figures previously released. The nonpartisan analysis agency had previously forecast a $896 billion deficit for 2019 and $892 billion gap for 2020. The news comes as President Trump confirmed Tuesday to reporters that he is considering more tax cuts, including a payroll tax cut, which would add to government debt. If not for lower-than-expected interest rates reducing the cost of servicing the national debt, the numbers would be even higher, according to The New York Times. Slowed growth in federal revenue following the 2017 tax cuts, paired with bipartisan agreements to raise military and non-defense domestic discretionary spending, have contributed to the deficit projections.

The US deficit has now topped $1 Trillion again, in record time! The CBO predicted it would occur by the end of next year, but it's happened 15 months ahead of schedule!

Trump, who bragged in 2016 that he would eliminate the deficit as well as all of our debt in 8 years, has now seen the deficit rise from $587Bn at the end of 2016 to $1 Trillion today, an increase of 70% in just 2 1/2 years of this regime. The amount of debt has increased under Trump from $19 Trillion in 2016 to $22.6 Trillion today.

Here's his interview with Bob Woodward in 2016 with that massive boast (i.e. lie):

https://www.cnn.com/2016/04/02/politics/donald-trump-national-debt/index.html