Keeping with the economic trend I started a couple of posts ago……
Have you filed your taxes yet? Did you get a refund?
I have filed and I had to pay.
What about the rest of America?
I mean us real people not those stiff criminals that we call the top 1%.
Did those lovely tax cuts that Trump gave the country benefit the rest of us or were the benefits for his rich buddies?
A new six-month analysis of President Donald Trump’s 2017 tax cuts details how workers received little benefit from the plan, despite the savings many of their powerful corporate employers received.
The Center for Public Integrity (CPI) interviewed independent tax analysts and officials who were involved in the Republican Party’s effort to sell the so-called American Tax Cuts and Jobs Act to the public—and within their own party ranks. Progressive critics have consistently called the law nothing nothing more than a “tax scam.”
The GOP’s insistence on a tax law which included the largest corporate tax cut in U.S. history—from 35 to 21 percent—resulted in companies saving about $150 billion in the first year after the passage in December 2017.
Trump and then-House Speaker Paul Ryan had spent months telling Americans they stood to save hundreds or even thousands of dollars in taxes, with Trump telling one crowd that the average family would see a pay raise of about $4,000, a benefit that would “trickle down” from employers’ corporate tax cuts.
This tax policy has done nothing to end the inequality that this country has been plaguing the country for decades……in reality everything we were told about the benefits of the Trump tax cuts was a LIE!
If the “economy” is doing so well then why are there no movements in the Middle Class? As a matter of fact the Middle Class is diminishing every year sinc e the 1990s.
And this economy is so good it is making most American miserable……
Is that the sound of brakes being applied to this “surging economy”?
Trump once called himself , well he has called himself many things none of which are accurate but this time he was close, “Tariff Man”…..as of midnight a 25% tariff was placed on some Chinese imports.
The trade war is heating up: China said Friday it “deeply regrets that it will have to take necessary countermeasures” after the tariff hikes threatened by President Trump kicked in at 12:01am. American and Chinese negotiators met in Washington, DC, Thursday but were unable to reach a deal to prevent tariffs increasing from 10% to 25% on more than $200 billion in products China exports to the US, the Washington Post reports. The White House said that after a “working dinner,” chief US negotiator Robert Lighthizer and China’s Vice Premier Liu He “agreed to continue discussions.” The tariff hike only applies to products that left China after the deadline, which gives negotiators more time to work out a deal.
Trump said Thursday that he had received a “beautiful letter” from China’s President Xi Jinping and while a deal is still possible, he is pleased that tariffs are bringing in “billions” of dollars for the government, the New York Times reports. The tariffs, however, are paid by American importers, who pass the costs on to the consumer. “It’s going to be a big shock to the economy,” Deborah Elms, executive director at the Asian Trade Center, tells the BBC. “Those are all US companies who are suddenly facing a 25% increase in cost, and then you have to remember that the Chinese are going to retaliate.” Despite the escalating trade dispute, world markets rose on Friday, with analysts predicting that a deal will be reached.
How many Americans can define this economic tact?
No need for Google (but if you want to check my assertions then head to that magic button) the old professor will be glad to help with your refresher course.
What is a TARIFF?
The simple definition….. A tariff is a tax imposed by one country on the goods and services imported from another country.
How do Tariffs work?
Governments may impose tariffs to raise revenue or to protect domestic industries—especially nascent ones—from foreign competition. By making foreign-produced goods more expensive, tariffs can make domestically produced alternatives seem more attractive. Governments that use tariffs to benefit particular industries often do so to protect companies and jobs. Tariffs can also be used as an extension of foreign policy: Imposing tariffs on a trading partner’s main exports is a way to exert economic leverage.
Tariffs can turn into what some called a trade war…….
Tariffs can have unintended side effects, however. They can make domestic industries less efficient and innovative by reducing competition. They can hurt domestic consumers, since a lack of competition tends to push up prices. They can generate tensions by favoring certain industries, or geographic regions, over others. For example, tariffs designed to help manufacturers in cities may hurt consumers in rural areas who do not benefit from the policy and are likely to pay more for manufactured goods. Finally, an attempt to pressure a rival country by using tariffs can devolve into an unproductive cycle of retaliation,
But to help your education I have included a couple of short videos…..
One side effect that could come back to bite Trump in his massive ass is a bad jobs number and tariffs will produce that in most cases……
The tariffs will “drive down exports, and suppress job gains for the industry by as much as 400,000 over 10 years. It will also invite China to hit back at American businesses, farmers, communities, and families,” said Kip Eideberg, vice president of government affairs for the Association of Equipment Manufacturers, which represents more than 1,000 U.S. makers of farm, construction and mining machinery.
This one situation could give Trump a second term….the “surging economy”……the jobs report is good, GDP is fair to partly cloudy, and the markets are doing well with a few hiccups here and there…..
But when we hear the economy is surging….what do they mean by the economy?
Best answer is…..An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. This is also known as an economic system.
But Wages are flat! Inflation….real inflation not that piece of crap that the government uses to fool the crap out of his mortals, is getting higher. I mean how can you figure inflation without using energy, food and medicine in the equation? When we do we get a false indication of “good times”…..
The report of the surging economy is bullsh*t…..a bunch of manure spread by the MSM and the government to give us all some silly “feel good” moment……
Recent economic reports have President Donald Trump crowing.
The big headline numbers do sound encouraging. The unemployment rate is down to 3.6%, the lowest since 1969. Average earnings are finally outpacing inflation, the stock market has been hitting record highs, and the first quarter of 2019 had the fastest annualized growth rate (3.2%) since 2015.
And yet most of the gains from our growing economy are still going to those who least need a boost. Stock market rallies, for example, further concentrate wealth among the very richest Americans. The top 1% of Americans own more than half of stocks and mutual funds. The bottom 90% own just 7%.
For ordinary Americans, the slight uptick in wages is not enough to make up for many years of stagnation. Average hourly pay rose just 6 cents in April 2019 and 4 cents the month before that.
I mentioned “inflation” earlier…..Here is an explanation of inflation…..
Then there are those “glowing” jobs reports….we hear about them for days after the report comes monthly……but what about those jobs reports?
While the Current Establishment Survey (CES) Report (covering large businesses) shows 263,000 jobs created last month, the Current Population Survey (CPS) second Labor Dept. report (that covers smaller businesses) shows 155,000 of these jobs were involuntary part time. This high proportion (155,000 of 263,000) suggests the job creation number is likely second and third jobs being created. Nor does it reflect actual new workers being newly employed. The number is for new jobs, not newly employed workers. Moreover, it’s mostly part time and temp or low paid jobs, likely workers taking on second and third jobs.
Even more contradictory, the second CPS report shows that full time work jobs actually declined last month by 191,000. (And the month before, March, by an even more 228,000 full time jobs decline).
Ask yourself…is your family better off today than it was 2 years ago……if the answer is NO then you are not part of the reported “Surging Economy”….
The economy will be key to the Trump 2020 campaign…that and some crap about socialism…..Dems need to find a way to counter his message or face the consequences…..
Many in the mainstream media are telling us that the “good economy” favors Trump in 2020, and the Democrats are mostly mum on the subject, with Nancy Pelosi and the neoliberals hoping an anti-Trump campaign will win the day in the next election.
But simply running against Trump won’t work. Democrats have to refute the myth of a “good economy,” then talk about what they’re for, what their values are, and what they are going to do for the American people. Sadly, the party’s leadership seems loathe to advocate progressive values, and incapable of explaining why the economy isn’t so great.
The reason an anti-Trump campaign won’t work is because the 2020 election will be determined by turnout. Anything less than 60 percent risks a Trump victory; and failing to embrace the progressive values embraced by the majority of Americans will likely keep turnout below that.
Now that Biden has entered the race the MSM, all but FOX, is making him the man to be nominated…..
They push his story for him…his elections, his wife and child’s death, the house burns down, his son dies and how he handled each of these disasters.
Granted he is the guy to go to when you need someone to talk you through some personal disaster…….no one person could help more.
But I am sorry all this “story” does not make Biden uniquely qualified to be the best person for the presidency….of course that is my feeling not that of the corporate media who is firmly in Biden’s corner (at least for now)…..
As former Vice President Joe Biden entered the 2020 presidential race Thursday, he immediately looked past the vast field of Democratic rivals and threw down the gauntlet toward President Trump, casting the race as a “battle for the soul of the nation.”
His strategy amounts to a bet that ideology and policy matter less to Democratic primary voters than their desire for victory over a president who has upended social and political values that liberals hold dear.
I have been comparing Biden to most Repubs (those before they sold their souls to Trump) I have said that his policies are more in line with the GOP than most average Americans (those people that MSM says he appeals to most)
Recent criticism of Joe Biden for praising Dick Cheney as “a decent man” and Mike Pence as “a decent guy” merely scratches the surface of what’s wrong with the current frontrunner for the Democratic presidential nomination. His compulsion to vouch for the decency of Republican leaders — while calling Donald Trump an “aberration” — is consistent with Biden’s political record. It sheds light on why he’s probably the worst Democrat running for president.
After several decades of cutting corporate-friendly deals with GOP legislators — often betraying the interests of core Democratic constituencies in the process — Biden has a big psychological and political stake in denying that the entire GOP agenda is repugnant.
I am not going to support Biden for the nomination…I do not care if he is the only one that the media thinks can beat Trump in 2020…..and as soon as the voter gets their heads out of the media’s ass they will see that he is not the one we need to put this country into a healthy state.
I know it is early but it is NEVER too early to come to the aid of your country.
I realize that our Beloved Supreme Leader has said that he trust Kim and that Kim would not break his word to Trump….and yet Kim has done just that…..
North Korea fired at least one unidentified projectile from the country’s western area on Thursday, South Korea’s military says. It was the second such launch in the last five days and a possible warning that nuclear disarmament talks could be in danger, the AP reports. The South’s Joint Chiefs of Staff had no other immediate details, and it wasn’t clear what the North had fired. But some analysts have said that if the North returns to the kind of longer-range banned weapons that it tested in 2017, when many feared a Washington-Pyongyang standoff could end in war, it will be a strong sign that a frustrated North Korea is turning away from diplomacy.
A summit earlier this year between President Trump and North Korean leader Kim Jong Un ended in failure. North Korea wants widespread sanctions relief in return for disarmament steps that the United States has apparently seen as insufficient. Longer-range ballistic missile tests, banned by the United Nations and seen as threatening by surrounding countries, would likely result in more sanctions. The launch came hours after the North, through its state media, described its firing of rocket artillery and an apparent short-range ballistic missile on Saturday as a regular and defensive military exercise and ridiculed South Korea for criticizing the launches.
Apparently North Korea has done what it does the best….Lie to American presidents…..and Trump is no different and may be the most gullible of the bunch…..
North Korea on Saturday tested a new short-range missile system and a multiple-rocket launch system, marking the regime’s first missile launches since November 2017. The tests reflect Kim Jong Un’s continued adherence to the regime’s longtime strategy of blackmail diplomacy, which seeks to secure sanctions relief without making meaningful concessions of its own.
The projectiles “landed in the water east of North Korea and didn’t present a threat to the United States or South Korea or Japan,” said Secretary of State Mike Pompeo on Sunday. At the same time, he said, the United States remained committed to reaching a deal with Pyongyang to achieve its “final and fully verified denuclearization.”
The tested short-range missile is a new system (based on the Russian Iskander) for North Korea’s military. Both the missile system and the rocket system can now target major U.S. military bases in South Korea, namely the newly built Camp Humphreys and Osan Air Base and beyond.
On another side of this situation…the US has walked out of the negotiations on the Korean War remains……
In a new sign of troubled relations with North Korea, the Pentagon said Wednesday it has suspended its efforts to arrange negotiations on recovering additional remains of US service members killed in the North during the Korean War. In a statement Wednesday, the Pentagon’s Defense POW-MIA Accounting Agency said it has had no communication with North Korean authorities since the Hanoi summit between President Trump and Kim Jong Un in February. That meeting focused on the North’s nuclear weapons and followed a June 2018 summit at which Kim committed to permitting a resumption of US remains recovery, which had been suspended by the US in 2005.
“As a result, our effort to communicate with the Korean People’s Army regarding the possible resumption of joint recovery operation for 2019 has been suspended,” the agency said. “We have reached the point where we can no longer effectively plan, coordinate, and conduct field operations in the DPRK during this fiscal year, which ends on Sept. 30, 2019.” The agency had hoped to arrange for recovery operations this spring, but the North never agreed to face-to-face negotiations to work out details such as payments required for the provision of support services by the North Korean army, reports the AP. Last summer the North turned over 55 boxes of what it said were the remains of an undetermined number of US service members. Thus far, three American service members have been identified from those remains.
After writing this draft news broke that the US had confiscated NK’s 2nd largest cargo ship for sanctions violations…..