Where Oh Where Has The Economy Gone?

If you get the Tweets from the GOP then you will be thumping your chest because Trump has made us mere mortal Americans richer with his lame ass economic policies.

The problem with that LIE is that reality pisses all over it.

Like the BS about how much us mere mortals would benefit from Trump tax cuts……well it is total crap….https://lobotero.com/2019/10/30/closing-thought-30oct19/

I recall when he was in the WH early in his rein he precdicted with his policies the American economy would grow 3. 4 5 % and possibly as much as 6%…..so far that was Bullshit as well….

The summer temps may have been record-setting hot, but the economy experienced some chills. Data out Wednesday via the Commerce Department shows GDP grew at a 1.9% rate from July through September, down from a growth rate of 2% in the second quarter. Why, what it means, and President Trump’s morning thoughts on the economy:

  • The Washington Post frames the slowdown as expected, as business investment was curtailed following the president’s decision to ratchet up the trade war with China at the start of August. Many expected much worse, reports the Hill, with some forecasts as low as a growth rate of 1.3%.
  • The Post notes the 3% drop in business investment in the third quarter is the largest since late 2015: “Still, the sustained pace suggests it is unlikely to dive into a recession anytime soon, unless there is a major shock or the trade war worsens significantly.”
  • Consumer spending makes up 70% of economic activity. It grew at a healthy 2.9% in the third quarter, down from 4.6% the quarter prior.
  • The AP points out Trump has set “3%-plus increases … as a benchmark to demonstrate that his policies are succeeding in lifting the economy above the modest 2.2% growth of the Obama years.” Growth for 2019 is expected to end up around 2.3%. NPR notes we’d need “an economic miracle” to end up at the 3.2% growth rate that appears in Trump’s 2019 budget.
  • Though the GDP report was better than expected, most investors doubt it will do anything to change the mind of the Federal Reserve, which is expected to announce a quarter-point rate cut at 2pm Wednesday, reports CNN. (Update: It did.)
  • About an hour prior to the report’s release, Trump tweeted, “The Greatest Economy in American History!” The Week contrasts that with a tweet Trump wrote in 2012 during Obama’s presidency: “Q1 GDP has just been revised down to 1.9% … The economy is in deep trouble.”
  • So is he right about the greatest part? The Post reports that if the annual pace of roughly 2.9% seen thus far is sustained for the remainder of his term, it would be the fastest term of growth since the Clinton years. But that still wouldn’t make it the greatest, as Clinton and Reagan both experienced growth in excess of 3% a year during their terms.

Yes Irene….the economy is NOT preforming well under the leadership of Trump…..

The ‘Trump economy’ isn’t living up to his promises

AS the election approaches….now is the time to start looking at all the promises that Trump made in 2016……if his leadership has been a sham then maybe it is time to remove this person and install a new liar  to lead the economy.

In a closing note…where have all the fiscal conservs gone?

The Federal deficit has reached $23 trillion……and NO ONE cares!

The federal government’s outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday.

Growing budget deficits have added to the nation’s debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump’s inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago.

https://thehill.com/policy/finance/468600-us-debt-surpasses-23-trillion-for-first-time

Where oh where did the deficit hawks go?

Gone to knee pads everyone.

I Read, I Wrote, You Know

“Lego Ergo Scribo”

Closing Thought–30Oct19

Tax Cuts!

Every time we have a cut in taxes we are told that they will pay for themselves and that all the benefits for the wealthy will trickle down to the rest of us peasants….both are lies that the people believe every time and every time we , the average person, gets the shaft.

That said what about the tax cuts of two years ago the Speaker Ryan helped pass and screw us people….

After two years, President Trump’s tax cuts are not on track to pay for themselves, the latest Treasury data released Friday suggest.

Total federal government revenues ended up lower in 2019 than was projected before the passage of the GOP tax overhaul in 2017.

Then, in 2017, the nonpartisan Congressional Budget Office projected that fiscal 2019 revenues, without the tax cuts, would be $3.69 trillion. Instead, revenues with the tax cuts were only $3.46 trillion.

To be certain, the difference, $225 billion, cannot be attributed solely to the tax cuts. Other economic factors have influenced economic growth over the past two years. For example, the tariffs put in place as part of Trump’s trade wars likely counteracted the stimulative effect of the tax cuts.

https://www.washingtonexaminer.com/news/two-years-in-trump-tax-cuts-not-on-course-to-pay-for-themselves

THat was a con job…..but what about all the bravado that Trump thumps his chest about….like” this is the best economy in our history”

More con….more lies…..look at the stats for yourself…..

It’s true the economy has been doing well – but there have been periods when it was even stronger.

https://www.bbc.com/news/world-45827430

The truth is that the economy is the best in decades but only if you are already wealthy and are getting wealthier…..the rest of us continue to struggle….day to day……

Be Smart!

Learn Stuff!

I Read, I Wrote, You Know

“Lego Ergo Scribo”

That ‘Marvelous’ Tax Cut

This will be the first resurrection of the VOMITORIUM…..

About two years ago the Trump tax cut went into effect and we were promised so much to sell them to the public by Trump, Mnuchin and Kudlow the dude that played an economist on TV…….and yet NOTHING they promised to the public has occurred…..corporations are smiling with the windfall of profits because of the cuts….

But the biggest bullsh*t promise was that these tax cuts would slash the federal deficit…..so far after two years that is NOT happening….

“A treasury secretary who can’t count needs to be held accountable.”

That was the message progressive advocacy group Americans for Tax Fairness (AFT) directed at Steve Mnuchin Friday, marking the two-year anniversary of the treasury secretary’s claim that the GOP’s 2017 tax cuts would slash the U.S. budget deficit “by a trillion dollars.”

AFT pointed out in a statement that the deficit has soared in the two years since passage of the tax legislation. CNN reported earlier this month that the deficit topped a trillion dollars during the first 11 months of fiscal year 2019.

“Mnuchin’s empty promise shows just how much the 2017 tax cuts for the rich were a scam on the American people,” said AFT executive director Frank Clemente. “Mnuchin’s prediction was off by $1 trillion.”

https://www.commondreams.org/news/2019/09/27/1-trillion-say-progressives-two-year-anniversary-mnuchin-claim-trump-tax-cuts-would

Another economic lie from Trump and his Boyz that has NOT materialized……manufacturing is NOT returning…..factories are NOT re-opening…..and those millions of jobs have yet to appear…….Mexico is NOT paying for the Wall our military families are…..all in all this is just bullshit with a capital “B”.

What more will it take for the American people to wake up and vote these corrupt toads out of office?

Be Smart!

Learn Stuff!

VOTE!

“Lego Ergo Scribo”

 

Closing Thought–10May19

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……
 
After running a campaign on the idea that America was an impoverished wasteland, Donald Trump has spent his presidency bragging about the economic expansion that began under Barack Obama but continued under him. Though he might be a glutton for credit, Trump isn’t wrong, exactly, when he celebrates the “record economy” in his tweets: Unemployment in the United States is at a 50-year low, the stock market is soaring, and GDP is growing at a brisk clip. Polls have found that people are confident in the state of the economy.
 
 
And yet Americans buy the crap and the lies EVERY TIME!
 
WHY?
 
Lear Stuff!
 
Then VOTE!
 
I want to start my weekend….the ‘honey dos’ are considerable….but with luck it will rain and they will have to wait….(he said with crossed fingers)…….

Tax Day=Pay Day

Today is when most Americans learn if they owe or get a trefund from the IRS…..the tax reforms of 2017 screwed many Americans out of their deductions…..but as usual corporations get a pay day…..

M-IC will be the big winners on Tax Day……

In tax season, most of us think more about getting our forms in on time—and getting our refunds—than about where our tax dollars actually go.

It’s probably no surprise that a significant portion—24 cents out of every dollar—of your taxes go to the military. But where those dollars go from there should be a national scandal.

Out of those 24 cents, just 5 cents go to our troops. But 12 cents go to corporate military contractors.

For a country that claims to celebrate our troops, with holidays and yellow ribbons and patriotic displays of the flag, we sure don’t put our money where our mouth is. Every year for tax day, my organization looks at where our tax dollars go. And every year, far more money goes to Pentagon contractors than to our troops.

All told, the average taxpayer handed over $1,704 to Pentagon contractors last year, compared to $683 for military pay, housing, and other benefits (except military health care, which has its own agency). Still, the taxes we pay for military contractors are more than twice as much as the average contribution for veterans’ health and benefits ($833).

 
Me?  I broke even this year….I was lucky…..most Americans will not be that fortunate.
 
Little do we know…..nothing good has come out of these tax cuts…….especially for the revenue of the nation…..
 
The_Score-IRS_img
 
 
And believe it or not……the Trump tax cuts are popular only with the uber rich….go figure……

Multiple polls show a majority of Americans don’t think they got a tax cut at all — even though independent analyses show they did. And only around a third of the country approves of the legislation itself, the Tax Cuts and Jobs Act, passed by Congress at the end of 2017.

So as Trump moves closer to full-time reelection mode later this year, he will have to battle a stark reality: While his personal rating on the economy remains high, his signature legislative achievement is widely viewed as a political dud, one that has drawn special anger in places with high state and local taxes and pricey housing markets where deductions were limited to reduce the overall cost of the tax plan.

https://www.politico.com/story/2019/04/15/donald-trump-tax-cuts-unpopular-1273469

Not to worry……this all comes around again next year.

 

It’s Tax Time!

Closing thought–11Feb19

Remember those “great” tax cuts that the Idiots in Congress and the president championed before the 2018 midterms…..they made sure that they always included the Middle Class when they were selling then bragging about their accomplishment?

Remember?

Well now that it is tax time how did we poor SOBs in the Middle Class fair?

T o answer that question….YOU WERE SCREWED!

You Feel For A CON JOB!  (as usual)……

That’s right you slow individuals that believed the GOP about the tax cuts are screwed!

The new tax law does result in some people paying higher taxes (especially over the long term), but the specific issue here is tax refunds rather than total taxes paid. Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.

https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refund-withholding-trump

No surprise to me…..tax cuts seldom help the Middle Class and yet the Middle Class buys the bullsh*t EVERY TIME!

The 2017 law was supposed to boost workers’ wages, create jobs, and drive more investment — and as we’ve known for awhile, it’s done none of that. But now we can add two more failures to the creatively-named Tax Cuts and Jobs Act (TCJA): It hasn’t encouraged corporations to return their profits from overseas, and it’s probably hiding a nasty surprise for many Americans come tax season.

Let’s start with the second idea. Lots of Americans work for an employer who sends them regular paychecks. Those employers rely on tables published by the Internal Revenue Service (IRS) to guesstimate how much their employees owe in taxes each year. Then they withhold the necessary increments from each paycheck. Come tax season, every worker settles up with the government. If their employer withheld too little, they pay the remainder. If the employer withheld too much, they get a refund from the IRS. As Matt Yglesias pointed out, the system has traditionally overdone withholding on purpose — roughly three-fourths of tax filers usually get a refund.

https://theweek.com/articles/822464/gops-tax-cut-just-keeps-getting-worse

Tax Cuts help NO ONE but the rich…..do not buy the lies and the manure about the Middle Class…..

The Promise Of Wages

I follow Speaker Ryan on Twitter because his daily Tweets can get a real person laughing for most of the day.  His Tweets since the tax cuts of 2017 are about how much better off the economy is at this point and occasionally he offers some vague promise of wages.

The truth is these cuts have done little to raise the wages of the working class but did everything to raise the wealth of the already wealthy.

The real truth is that all the tax cuts for the last couple of decades have done nothing to raise the wages of the average working stiff.

The graph on wages is flat and has been that way for many decades……follow the graphs on wages……there are 9 of them that prove my point…..https://www.epi.org/publication/charting-wage-stagnation/

After checking out the graphs……read this report from the Pew Research……

On the face of it, these should be heady times for American workers. U.S. unemployment is as low as it’s been in nearly two decades (3.9% as of July) and the nation’s private-sector employers have been adding jobs for 101 straight months – 19.5 million since the Great Recession-related cuts finally abated in early 2010, and 1.5 million just since the beginning of the year.

But despite the strong labor market, wage growth has lagged economists’ expectations. In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers.

http://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/

So to taunt the tax cuts as working for the working class is a damn lie….a lie that the GOP has become master at selling to the unwitting public.

To fight this growing story…the public is starting to see just how much of a lie the GOP is spreading…..the Right needs a theory to explain the lagging wages…..

Once upon time, when the GOP was still attempting to dress itself up as a party of ideas, Yuval Levin was considered one of its star intellectuals. As editor of the conservative policy journal National Affairs, he was a wonkish prophet of fiscal doom, who argued that the U.S. would soon face a reckoning over its national debt, and that the only way to avert catastrophe was to radically curtail the modern welfare state. Levin was once described as Paul Ryan’s own “personal philosopher,” and was the sort of guy who could get David Brooks hot and bothered by writing a long-winded argument for slashing entitlement spending.

If a politician like Sen. Marco Rubio or Wisconsin Gov. Scott Walker had become president in 2016, Levin might still be playing a starring role in Washington’s policy discourse. But of course, Donald Trump is president, and Republicans have dropped the charade that they sincerely care about the deficit, or whatever the heck got written about in ponderous thinky policy rags. Levin still gets cited by columnists like Brooks, but his star is a bit fallen.

https://slate.com/business/2018/09/wage-stagnation-new-conservative-theory.html

An interesting read and very eye opening……

The GOP has always been a party for liars and when it comes to screwing the public they are masters at making the public smile while getting humped.