Economic, taxes, and tariffs discussion

[chancellor]

ITaxes go up, overall costs go down. How do you not see the obvious inefficiency of a for-profit model imposed on health care?!

Gosh, and government has proven itself stunningly efficient....more LULZ! No US government imposed health care plan - including Medicare - even remotely came close to holding projected costs. Moreover, the assumption that doctors and hospitals will just accept a 40% reduction in payments is proven false on a yearly basis has already been proven fallacious; see the "doc fix" law passed with overwhelming support in 2015 for just a 21% cut in payments to doctors.

I'm sure 60% favor M4A as it's being presented in the press and by the Bernie Bros. Once the requirements to meet the fallacious, fact-hiding plan that's out there now come out - doubling of income and corporate taxes - I'm rather sure that number will drop by a lot.

But, hey, like I said. Run with it. Double the taxes for M4A. Sounds like a winning slogan to me.

[Teenwolf]

Gosh, and government has proven itself stunningly efficient....more LULZ! No US government imposed health care plan - including Medicare - even remotely came close to holding projected costs. Moreover, the assumption that doctors and hospitals will just accept a 40% reduction in payments is proven false on a yearly basis has already been proven fallacious; see the "doc fix" law passed with overwhelming support in 2015 for just a 21% cut in payments to doctors.

I'm sure 60% favor M4A as it's being presented in the press and by the Bernie Bros. Once the requirements to meet the fallacious, fact-hiding plan that's out there now come out - doubling of income and corporate taxes - I'm rather sure that number will drop by a lot.

But, hey, like I said. Run with it. Double the taxes for M4A. Sounds like a winning slogan to me.

Likewise, I'd advise you to keep promoting tax cuts for the rich as a midterm motivator. Tax cut support is well under water, so good luck with that.

Cant wait until the stock buyback bubble bursts and the stock market crashes. You think it will hold off until after midterms?

[onejayhawk]

Likewise, I'd advise you to keep promoting tax cuts for the rich as a midterm motivator. Tax cut support is well under water, so good luck with that.

No they aren't. Where did you get that? Polling three to six months after passage is mixed. You can make a case for unpopular, but well under water is not accurate unless you include only Democrats.

Cant wait until the stock buyback bubble bursts and the stock market crashes. You think it will hold off until after midterms?

That's another interesting position. When did you start listening to Ron Paul? Bubbles are obvious in hindsight. Not so much going in. That said, the volatility that presaages a bubble burst has not developed. What we are seeing is a lot of increased earning which supports market pricing. This is one area where the tax cut has had a big impact. Another is job creation.

J

[revo]

On the China trade war front, Dumb Donnie upped his threat to jack up the tariffs on $200Bn in Chinese goods to 25%, and they naturally responded with the same tariff hike on up $60Bn on US goods. Trade wars are easy!


And while the unemployment rate sinks to a 50-year low, little to small businesses are getting caught in Dumb Donald's tariff crossfire:

"Just 30 minutes separates the Welded Tube Corp.’s production plant in Canada from a second location in Lackawanna, N.Y.

Since 2013, the company has shipped raw steel from Ontario to the U.S. plant, and finished products back to Canada without much fuss. Then President Donald Trump instituted a 25 percent tariff on steel imports, and Canada retaliated with its own tariffs on the metal.

Since then, Welded Tube has been forced to lay off 25 workers and cut pay for its remaining staff. It also shuttered the Lackawanna facility for three weeks and reduced production in an attempt to address the higher costs imposed as a result of the trade conflict between the two administrations, including the ongoing negotiations over an update to the North American Free Trade Agreement."

https://www.washingtonexaminer.com/business/layoffs-and-production-cuts-at-welded-tube-highlight-impact-of-trumps-tariffs-on-smaller-businesses

JEFFERSONVILLE — A Jeffersonville company is telling national media outlets that it’s had to lay off 75 employees since February because of tariffs.

The CEO of Brinly-Hardy Co., which was founded in 1893 in Kentucky, but has been manufacturing lawncare accessories in Jeffersonville for 20 years, originally testified before the Office of the U.S. Trade Representative in July about the damages tariffs have been wreaking on her business.

Jane Hardy warned that the taxes on imported goods could be the “nail in our coffin” for her company, as prices have risen by as much as 37 percent for the domestic steel that Brinly-Hardy uses. The United States has imposed steel and aluminum tariffs on foreign imports of the materials, which has reduced competition and raised prices for domestic steel.

http://www.newsandtribune.com/news/this-jeffersonville-company-says-tariffs-have-caused-it-to-lay/article_b891b836-969b-11e8-a1dd-d732ee84f9b2.html

[revo]

MENOMONIE, Wis.—After the U.S. placed tariffs on European steel and aluminum in June, Europe hit back with a tax that, among other things, made American kidney beans 25% more expensive in Europe.

Now, Cindy Brown is running out of room to store the beans. One-ton bags of them cover the floors in her cavernous warehouses. Smaller sacks are piled on wood-pallet shelves. Kidney beans fill tall steel bins that dot the grounds.

Chippewa Valley Bean Co. had been on track to ship to Europe 60% of its beans traded internationally this year, worth $25 million. Now, “we’re just sitting on our hands,” said Ms. Brown, president of the family company.

https://www.wsj.com/articles/cindy-brown-hit-it-big-in-kidney-beans-then-came-the-tariffs-1533220705?mod=e2fb&page=1&pos=1

[Teenwolf]

That's another interesting position. When did you start listening to Ron Paul? Bubbles are obvious in hindsight. Not so much going in. That said, the volatility that presaages a bubble burst has not developed. What we are seeing is a lot of increased earning which supports market pricing. This is one area where the tax cut has had a big impact. Another is job creation.

J

"Increased earning".... nope. Not happening. Wages have fallen below the rate of inflation, so real wages have gone down...

Stock buyback bubble is clear... something like 80% of the corporate tax breaks were poured into buybacks to artificially inflate stock prices, so the CEOs could cash out their options at a higher profit before the bubble bursts. Not sure where to find sourcing on this, just on my phone... but I dont see how or why this reality is in dispute.

[revo]

"Increased earning".... nope. Not happening. Wages have fallen below the rate of inflation, so real wages have gone down...

Stock buyback bubble is clear... something like 80% of the corporate tax breaks were poured into buybacks to artificially inflate stock prices, so the CEOs could cash out their options at a higher profit before the bubble bursts. Not sure where to find sourcing on this, just on my phone... but I dont see how or why this reality is in dispute.

That's true, stock buybacks in Q1 2018 were the highest in recorded history.

Goldman Sachs projects stock buybacks hitting $1 trillion this year, up 46% over last year.

[Hornsby]

More winning for Trump with Tariffs!

Element Electronics, a consumer electronics company in South Carolina, says it will be closing its plant in Winnsboro due to tariffs imposed by President Trump.

The State reported Tuesday that the company was one of the largest remaining employers in Fairfield County after the local Walmart, which used to be the largest grocery store in the county, closed its doors two years ago.

The news also comes after plans were canceled to build two nuclear reactors in the area, terminating 5,000 construction jobs.
“When you think you’ve reached rock bottom, to get kicked in the gut like this, you didn’t think anything more could happen,” state Sen. Mike Fanning (D) said of Element's announcement to the local paper. “Within 365 days, you just get rocked to your core.”

Element said “the layoff and closure is a result of the new tariffs that were recently and unexpectedly imposed on many goods imported from China, including the key television components used in our assembly operations in Winnsboro,” in a letter to the state’s Department of Employment and Workforce obtained by the local paper.

The company said in the letter that it hopes the closure will be temporary and added that it could reopen the plant in “three to six months, but we cannot predict this with any certainty at this time.”

The company said it plans to start laying off workers in October, a move that will reportedly cost the county 126 jobs.

http://thehill.com/policy/finance/400761-south-carolina-manufacturer-says-its-closing-plant-over-trump-tariffs

[cardboardbox]

More winning for Trump with Tariffs!



http://thehill.com/policy/finance/40...-trump-tariffs

wow, had no idea they were still in business. The worst electronics products I've ever used...

[nots]

wow, had no idea they were still in business. The worst electronics products I've ever used...

So true....I think the root of the layoffs has a lot more to do with a lousy product than these tariffs

[Teenwolf]

http://thehill.com/policy/finance/40...ness-with-iran

Let's see... Trump rips up the Iran deal with zero justification... then unwittingly brokers an exclusive trade deal between China and Iran... what a mastermind. How many dimensions to this chess game, guys? Looks more like tic-tac-toe to me.

China on Wednesday defended its business ties with Iran despite a set of U.S. sanctions targeting Tehran, potentially setting up further trade conflicts between Beijing and the Trump administration.

A statement from the Chinese Foreign Ministry reported by Reuters states that China's business dealings with Iran comply with all United Nations sanctions currently applied to Iran, and that the country would ignore new measures implemented by the U.S. on Tuesday.

"China's commercial cooperation with Iran is open and transparent, reasonable and fair, not violating any United Nations Security Council resolutions," the statement read, adding that "China's lawful rights should be protected."

China's response comes on the heels of President Trump's declaration early Tuesday that countries which continue to do business with Iran would soon find themselves frozen out of U.S. markets.

[Teenwolf]

Oh yeah, the US trade deficit is up from $43 Bn to $46 Bn in June, expected to rise again when July numbers are out. Can you guys say "bankruptcy #7"? This is dumb Donnie's MO! Idiotic mismanagement. Buckle up.

[Teenwolf]

.......

[revo]

He's doubling tariffs on Turkey, all because of the detention of an American pastor. So he's CLEARLY attacking a country using tariffs, only to curry favor with his Christian base. And here I thought he was already stretching the "law," that it must be of "national security" to place tariffs on another country. Now it's just for shits and giggles.

[In the Corn]

He's doubling tariffs on Turkey, all because of the detention of an American pastor. So he's CLEARLY attacking a country using tariffs, only to curry favor with his Christian base. And here I thought he was already stretching the "law," that it must be of "national security" to place tariffs on another country. Now it's just for shits and giggles.

This is sure to improve relations...