There are a wealth of effects of the trade war that dear leader has set his policies on…..like higher prices and Christmas on the way…..but the one number that Americans will pay attention to is the jobs numbers…..
A job count is depressing……….
President Trump says he is “winning big time, against China.” But his trade war is causing measurable damage to the U.S. economy, with the pain likely to worsen.
Forecasting firm Moody’s Analytics estimates that Trump’s trade war with China has already reduced U.S. employment by 300,000 jobs, compared with likely employment levels absent the trade war. That’s a combination of jobs eliminated by firms struggling with tariffs and other elements of the trade war, and jobs that would have been created but haven’t because of reduced economic activity.
The firm’s chief economist, Mark Zandi, told Yahoo Finance that the job toll from the trade war will hit about 450,000 by the end of the year, if there’s no change in policy. By the end of 2020, the trade war will have killed 900,000 jobs, on its current course. The hardest-hit sectors are manufacturing, warehousing, distribution and retail.
Other data back up the Moody’s Analytics numbers. Employers have created 1.3 million jobs so far this year, down from 1.9 million during the same period in 2018. The manufacturing sector has actually contracted, with many producers struggling with higher prices caused by Trump’s tariffs. Business investment is growing by the smallest amount since late 2016.
Since this trade war will be a drag on Trump’s re-election hde had to come up with something to change the conversation……and he possibly has found his answer…..the problem is it will a deficit buster…..
President Donald Trump promised to unveil an “inspirational” middle class tax cut next year during a political retreat in Maryland late Thursday, just as the Treasury Department said the nation’s budget deficit topped the $1 trillion mark for only the second time on record.
Trump told House Republicans in the state’s biggest city, Baltimore, that his “substantial” tax cut plans would be “very, very inspirational … for middle-income folks, who work so hard,” and that details would be released early next year. Congress, however, would need to approve and pass any suggested tax reductions from the executive branch, setting up a potential election-defining fight with Democratic lawmakers heading into next year’s presidential elections.
The pledge will also add further pressure on the nation’s finances after the Treasury reported a $169 billion shortfall in revenues in August, taking the overall deficit for the 11 months ended in August, the government’s fiscal year, to $1.07 trillion. The last trillion-plus deficit was recorded in the three years that followed the 2008 global financial crisis.
Where are the deficit hawks? The Fiscal Conservatives are a bunch of low life cowards.
This is just a promise like all his promise hollow and without merit.