I know, FDR turned a recession into the Great Depression thinking that central planning could fix things.
LOL.
The economy hit bottom in July 1932…almost a full year before Roosevelt became President.
After the Decade of Andrew Mellon…who, wouldn’t you know it, favored tax cuts AND lower interest rates!
And who loved recessions/depressions. He believed they “purged the economy” and made people work harder and “lead a more moral life”.
Most recently, we heard Steve Bannon espouse the same philosophy.
Hmm…
Yep, me and Steve Bannon, the only people to ever claim FDR needlessly prolonged the depression pfft.
I’d like to know how many billions he has made. Where’s his tax returns so we can see?
He declared bankruptcy 3 times in the early 90’s. What other states besides AC and Vegas had a large share of casinos?
Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.
He bankrupted ■■■■■■■ casinos. A business where it’s mathematically guaranteed you’ll make money. He would have just made more money investing his inheritance money in the market.
I am not claiming Trump is some sort of business genius, I merely took issue with the assertion that Casino’s were a no brainer when it comes to raking in the dough, they aren’t. Many of them have failed. Losing their virtual monopoly was hard on them. Trumps genius, if you want to call it that, was in manipulating the press to make his name worth money. Not standard business practice. He’s more of a B list celebrity than a business mogul.
Read what he said.
Bannon Mellon espouse the same low taxes low interest rates is what he saying.
You mean like Trump just did for the farmers?
Over heated economy will cause inflation!
Progress…ive.
What do you think higher inflation or higher interest rates will do?
At least tax money can be put to good use for the economy and people what do you think happens when money goes to inflation or higher interest rates?
Raising taxes is never the preferred method of anything.
Higher tax rates doesn’t take money out of circulation and lower inflation unless you burn it, if you spend it, it returns to circulation and doesn’t lower inflation.
It slows down spending and given the debt it can be used to repay that. It also keeps the dollar from been driven up by higher interest rates something that the president doesn’t want as it depresses exports.
Larger government deficits drive inflation if I’m not mistaken.
Sure, because it is essentially injecting new money into the economy. But what I was addressing was that tax and spend wouldn’t reduce inflation because that isn’t removing money from the economy, just moving it around.
Since spending is completely disconnected from tax rates, I would say that increasing taxes necessarily decreases the deficit which results in lower inflation.
Have any figures on how much you have to raise taxes to reduce inflation by a point? In the end what you are really saying is, we need to make the economy worse by raising taxes to stave off inflation. Yet Reagan managed to reduce inflation while improving the economy, increase GDP and lower unemployment so I would have to say, I’d rather have higher interest rates.
Reagan also increased taxes. When dealing with tax rates, inflation, interest rates… you should take a lot of factors into account. As I see it the current tax rates were just plucked out of the air. Any adjustments should be studied.
