when trump enacted his tax cut for the rich he said it wouldn’t blow up the deficit becausewe would have 3% growth well into the future,despite pretty much every competent economist saying that was a fantasy
he predicted this growth would occur with 10 year interest rates of 3.2%
well we dont have 3% growth so the deficit is blowing up. now he is saying its jay powell and the feds fault for having interest rates to high. This is despite his administrations forecast that 10 year interest rates would be 3.2% while they are actually about 1/2 that…
Something you have to understand about Trump is that he doesn’t actually know anything about economics. He doesn’t know how interest rates work. He doesn’t know how tariffs work. He doesn’t know how trade deficits work. He doesn’t know what an inverted yield curve is. He doesn’t understand what the Fed does. He doesn’t really know what the national debt is. The list goes one and on.
The fact that he has employed Cocaine Kudlow, who’s only experience in an economic position was cut short due to his inability to keep the white out of his nose, should tell you all you need to know.
What am I missing, it says GDP growth 2018 2.9%, 2019 a little mixed so far, 1st quarter 3.1% 2nd quarter 2.1%. Yes, some economists are predicting a slow down going forward but they remain predictions and haven’t happened yet. His record over six quarters isn’t looking too shabby. For a fantasy.
“I see the U.S. outlook as being a positive one,” Powell said Wednesday. “There is nothing really within the U.S. economy that presents a prominent, near-term threat.” There’s no segment or sector that’s “boiling over,” he added, saying the risks are really coming from abroad.
No idea what Trump is thinking. As you imply, if they were giving him the same sort of rates they gave Obama that would mean the economy sucks.
As a percentage of GDP, revenues decreased by about 5%. That means GDP would have to increase every single year at 5%…to break even. Tax cuts do not pay for themselves. They never have. They never will.
Oh I didn’t miss it, I just don’t know what the heck it was supposed to mean in the context of federal revenue because there is no way on earth federal revenue dropped by 5% of GDP.
Yes I know, anti-tax cut people always want to have their cake and eat it too. They want to count what the revenue would have been without the tax cut but keep the increased revenue from the larger GDP while they are at it.
