Trump tax plan was a lie. Corporate tax revenue at 75-year low; 2019 deficit looks like $1 trillion

[phands]

The figure are emerging, and as expected, the tangerine terrorist was lying...

e Trump White House got something wrong. It would be more surprising if it got something right. Do you remember when Trump and his various minions told those tall tales about their tax plan—one that overwhelmingly benefited the wealthiest Americans?

“Not only will this tax plan pay for itself, but it will pay down debt,” Treasury Secretary Steve Mnuchin promised. “I think this tax bill is going to reduce the size of our deficits going forward,”Sen.PatToomey (R-PA) told reporters in early November.

Those predictions turned out to be false—as almost every economist surveyed last November by the University of Chicago said they would (37 out of 38 agreed—one responded “uncertain”—that it would increase the federal debt not only in raw dollars but, more importantly, as a percentage of Gross Domestic Product [GDP]). A New York Times analysis this week looked at recently released government data and explained how Trump’s millionaire’s tax cut is ballooning the federal deficit. The White House earlier this month announced it had revised its projections for the federal budget. It was not a small revision. In fact, the Office of Management and Budget now projects the U.S. will accumulate almost $1 trillion in additional debt over the next 10 years above what it estimated in February, i.e., just after the Republicans passed their rich man’s party of a tax cut.
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Article on the Daily Kos

 

[laughing dog]

No one with any familiarity with economic reality took Trump's or those Republicans' claims seriously. FFS, who thinks Pat Toomey is capable of actually thinking?

It is part of the Republican belief system that any tax cut will pay for itself.

 

[Jimmy Higgins]

No one with any familiarity with economic reality took Trump's or those Republicans' claims seriously. FFS, who thinks Pat Toomey is capable of actually thinking?

It is part of the Republican belief system that any tax cut will pay for itself.

That's the line, but is it a belief or what they say to convince their voters to support it so the tax cut can starve the beast??

 

[lpetrich]

... It is part of the Republican belief system that any tax cut will pay for itself.

That's the line, but is it a belief or what they say to convince their voters to support it so the tax cut can starve the beast??

I wouldn't be surprised if it's the latter, given how they have been unwilling to repudiate the likes of Grover Norquist. So any time anyone claims that tax cuts will pay for themselves, state that they are claiming that tax cuts will feed the beast instead of starving it.

 

[laughing dog]

No one with any familiarity with economic reality took Trump's or those Republicans' claims seriously. FFS, who thinks Pat Toomey is capable of actually thinking?

It is part of the Republican belief system that any tax cut will pay for itself.

That's the line, but is it a belief or what they say to convince their voters to support it so the tax cut can starve the beast??

Does it really matter? BTW, has it worked yet to starve the beast?

 

[steve_bank]

The latest report is the deficit is accelerating. We may be in the biggest bubble yet.

 

[Cheerful Charlie]

http://nymag.com/daily/intelligence...ercent-growth-surplus-by-presidencys-end.html

...
But Donald Trump is no typical politician. And so, when the Commerce Department revealed Friday that the U.S. economy had grown 4.1 percent last quarter, the president did not respond by cautiously tempering expectations for future growth. Instead, Trump assured Sean Hannity that the economy is “going to get better”; that he will cut the trade deficit in half; deliver 8-to-9 percent GDP growth; and turn the projected $1 trillion budget deficit into a surplus.
...

Either Trump is a liar or a total fool. This is like turning the controls of an airliner over to a chimpanzee.

 

[Jimmy Higgins]

Do you mean ‘Did they successfully prohibit the sustainability of Social Security’ and lock down non-military discretionary spending in order to ‘balance’ the budget?

 

[braces_for_impact]

What?! It's almost as if the GOP is playing with a 30 year out of date economic playbook!

 

[ideologyhunter]

But at least every Republican voice in the media is screeching about impossible levels of government debt....except, they're not. That was their clamor from Jan '09 to Jan '17. New times, new song.

 

[Cheerful Charlie]

But at least every Republican voice in the media is screeching about impossible levels of government debt....except, they're not. That was their clamor from Jan '09 to Jan '17. New times, new song.

With 8% to 9% growth of GDP, we can grow our way out of debt. So it's not a problem. Really!

 

[phands]

Another thing to mix in is that we're "due" a recession. They usually hit every 7 to 10 years.

 

[Cheerful Charlie]

Another thing to mix in is that we're "due" a recession. They usually hit every 7 to 10 years.

Back in the Reagan era, the pseudo-experts loudly proclaimed that supply side economics had finally broken the back of the business cycle. No more recession cycles! No more boom and bust, it will all be boom from here on out. Then we had the recession that cost G.H.W. Bush his re-election. President Trump's present leader of his economic council, Larry Kudlow loudly proclaimed that as we drifted into a steep recession under Shrub Bush, that it was no recession, but merely a minor adjustment. When it was obvious that we were in a severe recession, Kudlow blamed it all on Clinton's raising taxes.

We can strongly expect that Trump and his economic advisers haven't a clue.

There is no telling what the Trump economists are telling Trump except it will turn out to be very wrong.

 

[Ford]

We can strongly expect that Trump and his economic advisers haven't a clue.

Or they know, but they don't care.

The tax cuts, the stock buybacks, the bonuses, etc. are all just padding to help them survive the inevitable next recession without having to suffer the indignity of having to sell one of their yachts or putting off that remodel of their summer home in the Hamptons. The rest of us will suffer, but they'll be just fine and when they come out on the other end of the recession their tax cut will still be there for them.

 

[Axulus]

Another thing to mix in is that we're "due" a recession. They usually hit every 7 to 10 years.

Back in the Reagan era, the pseudo-experts loudly proclaimed that supply side economics had finally broken the back of the business cycle. No more recession cycles! No more boom and bust, it will all be boom from here on out. Then we had the recession that cost G.H.W. Bush his re-election. President Trump's present leader of his economic council, Larry Kudlow loudly proclaimed that as we drifted into a steep recession under Shrub Bush, that it was no recession, but merely a minor adjustment. When it was obvious that we were in a severe recession, Kudlow blamed it all on Clinton's raising taxes.

We can strongly expect that Trump and his economic advisers haven't a clue.

There is no telling what the Trump economists are telling Trump except it will turn out to be very wrong.

Trump is just pure bullshit lying. He knows a recession may come and/or growth will slow. He has already set up a scapegoat, the Federal Reserve.

 

[RVonse]

Another thing to mix in is that we're "due" a recession. They usually hit every 7 to 10 years.

Back in the Reagan era, the pseudo-experts loudly proclaimed that supply side economics had finally broken the back of the business cycle. No more recession cycles! No more boom and bust, it will all be boom from here on out. Then we had the recession that cost G.H.W. Bush his re-election. President Trump's present leader of his economic council, Larry Kudlow loudly proclaimed that as we drifted into a steep recession under Shrub Bush, that it was no recession, but merely a minor adjustment. When it was obvious that we were in a severe recession, Kudlow blamed it all on Clinton's raising taxes.

We can strongly expect that Trump and his economic advisers haven't a clue.

There is no telling what the Trump economists are telling Trump except it will turn out to be very wrong.

Trump is just pure bullshit lying. He knows a recession may come and/or growth will slow. He has already set up a scapegoat, the Federal Reserve.

For better or worse, Trump is right about the Fed. If you dont think the Fed could bring on a depression tommorrow by raising interest rates you are really naive. The Fed has far more to do with the economy than what any president can do. Yet the Fed is not elected nor is even actually part of the federal government. In fact, according to Ron Paul the fed can not even be audited!

IMO, the US economy is closer to communism than what red China has today. Centrally managed interest rate fiat currency done from the top down.

 

[Horatio Parker]

Trump is just pure bullshit lying. He knows a recession may come and/or growth will slow. He has already set up a scapegoat, the Federal Reserve.

For better or worse, Trump is right about the Fed. If you dont think the Fed could bring on a depression tommorrow by raising interest rates you are really naive. The Fed has far more to do with the economy than what any president can do. Yet the Fed is not elected nor is even actually part of the federal government. In fact, according to Ron Paul the fed can not even be audited!

IMO, the US economy is closer to communism than what red China has today. Centrally managed interest rate fiat currency done from the top down.

Silliness. The Fed is a creation of Congress. The Pres can give orders to the head of the Fed, and fire them if they don't do what he wants. The independence of the Fed is a choice and a tradition, not law.

 

[Jimmy Higgins]

Trump is just pure bullshit lying. He knows a recession may come and/or growth will slow. He has already set up a scapegoat, the Federal Reserve.

For better or worse, Trump is right about the Fed. If you dont think the Fed could bring on a depression tommorrow by raising interest rates you are really naive. The Fed has far more to do with the economy than what any president can do. Yet the Fed is not elected nor is even actually part of the federal government. In fact, according to Ron Paul the fed can not even be audited!

IMO, the US economy is closer to communism than what red China has today. Centrally managed interest rate fiat currency done from the top down.

Silliness. The Fed is a creation of Congress. The Pres can give orders to the head of the Fed, and fire them if they don't do what he wants. The independence of the Fed is a choice and a tradition, not law.

Jebus man! Shut up!!! Do you want Trump finding this out?!

- - - Updated - - -

Trump is just pure bullshit lying. He knows a recession may come and/or growth will slow. He has already set up a scapegoat, the Federal Reserve.

For better or worse, Trump is right about the Fed. If you dont think the Fed could bring on a depression tommorrow by raising interest rates you are really naive. The Fed has far more to do with the economy than what any president can do. Yet the Fed is not elected nor is even actually part of the federal government. In fact, according to Ron Paul...

RON PAUL REFERENCE
CRASHING
BSOD