Trump's economy -- horrible

[Derec]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.
No matter what AOC and other MMT (modern monetary theory aka magic money tree) disciples keep preaching.

 

[ZiprHead]

Musk said they will cut the budget by a third. They are eyeing Venezuela as their model.

Venezuela is run by socialists.

They got into the deep shit they are in through massive overspending on social programs, not through cutting the budget by a third.

The result will be the same.

 

[Harry Bosch]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.
No matter what AOC and other MMT (modern monetary theory aka magic money tree) disciples keep preaching.

True. But at least AOC is honest about her intentions. However, Trump tells his followers that he will cut the deficit! But his proposed budget will dramatically increase it (just as it did the first time he ran).

 

[Shadowy Man]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.

I’m sure more tax cuts will fix this.

 

[Elixir]

Musk said they will cut the budget by a third. They are eyeing Venezuela as their model.

Venezuela is run by socialists.

They got into the deep shit they are in through massive overspending on social programs, not through cutting the budget by a third.

The result will be the same.

WHOOSH!!
Won’t be the same for Donny or Elon!
Derec may have forgotten, he ain’t them.

 

[ZiprHead]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.
No matter what AOC and other MMT (modern monetary theory aka magic money tree) disciples keep preaching.

Thank the Republicans. They spend like drunken sailors in the Subic Bay red light district then complain about Budget deficits and debt when Democrats are in charge. Your buddy Trump left the largest increase in Debt in US history.

 

[Jimmy Higgins]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.
No matter what AOC and other MMT (modern monetary theory aka magic money tree) disciples keep preaching.

Okay, take out the line item veto, Derec. What gets cut?

 

[Loren Pechtel]

I've always liked RollingStone opinions, especially Matt Taibbi's, but I went to the site only by clicking from elsewhere. Just now, clicking Loren's link I was asked to "Subscribe Now" if I wanted to "Read More." But when I got to the same page via a slightly different route I was presented with the full page. Whatever.

I see Taibbi now has his own site, https://www.racket.news/ . Its home page is useless, asking just for subscriptions, but clicking "No Thanks" takes one to a more useful home page. Whatever.

Some of our supporters of the Orange Hitler are talking about the economy as a reason.

Musk even admits The Felon is going to crash the economy.

Elon on Economy Crashing if Trump Wins: 'Sounds About Right'

Elon Musk replied "sounds about right" to an X user theorizing that economic markets would "tumble" if Donald Trump wins the 2024 election.

www.rollingstone.com

If "The Felon" will crash the economy, then WHY does Musk support him? Once again, a headline misleads grossly. The Internet is so full of lies and garbage now I hardly want to click.

Economists have repeatedly warned that a second Trump administration would be a boon to the ultra wealthy and a backslide for everyone else. As the 2024 campaign season enters its final days, the former president’s most prominent billionaire backer is in agreement, and he wants regular Americans to just suck it up.

On Tuesday, Elon Musk — the billionaire owner of X (formerly Twitter) and Tesla — agreed in a social media post that Donald Trump’s return to office would likely crash the economy.

“If Trump succeeds in forcing through mass deportations, combined with Elon hacking away at the government, firing people and reducing the deficit – there will be an initial severe overreaction in the economy,” user @FischerKing64 wrote on X. “Markets will tumble. But when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy,” he added. [Swammi's emphasis]

“Sounds about right,” Musk replied.

Whether one agrees with Musk or not -- include me among "Not" -- , we must admit the Blue headline is an incomplete and misleading summary.

I don't think it's wrong. They're predicting a new balance that produces a healthier economy but I think it's like the Laffer curve--the conditions won't exist in the real world.

 

[Loren Pechtel]

If "The Felon" will crash the economy, then WHY does Musk support him?

Because Musk has been shown to be about as good at business as Trump. Great at self promotion, shitty everywhere else. He could actually be facing bankruptcy in a few years. His purchase of Twitter cost him a lot, and he still has loans to pay off for that, Twitter/Musk getting sued in other countries for inadequate monitoring of hate speech. The majority of his wealth is in Tesla stock, but the only new thing Tesla has put out in some time is the cybertruck which is a joke. His antics and mismanagement are not going to help that stock price. SpaceX only gets by because of government subsidies. He needs Trump for the government subsidies that keep his businesses afloat.

How much of what SpaceX gets is actually a subsidy vs the government paying for them to do things?

 

[Loren Pechtel]

“If Trump succeeds in forcing through mass deportations, combined with Elon hacking away at the government, firing people and reducing the deficit - there will be an initial severe overreaction in the economy,” an anonymous user posted on X.

“Market will tumble. But when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy,” the post added.

In reply, Musk said, “Sounds about right.”

link

One of America's biggest problems is people aren't too bright, especially the ones that think that Elon can 'hack' away at the government and 'reduce the deficit.' It is claw my eyes out frustrating.

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures. Another 10% is income security.

The budget in 2024 is about $6.75 trillion. That means around only $1.0 trillion is even mildly considerable as 'discretionary'. These efficiencies aren't hanging out there. You can cut stuff, but it will hurt a lot, and it won't get better. That $1 trillion remaining? That represents a lot of jobs.

The Musk plan is America's Brexit, where we are being sold that we'll save all this money and things will be better.

It's pretty obvious they want to take an axe to three of those top four.

 

[Loren Pechtel]

Curent budget spending?
22% Social Security
14% Health
13% Net Interest
13% Medicare
13% National Defense

75% of the budget above is not exactly easy to cut without some draconian measures.

Sure. But the fact that 13% of the budget is interest payments - same as Medicare and Defense - shows that we can't afford to have sky-high deficits indefinitely.
No matter what AOC and other MMT (modern monetary theory aka magic money tree) disciples keep preaching.

But note that when the Republicans are in power they run up the deficit.

 

[TV and credit cards]

If "The Felon" will crash the economy, then WHY does Musk support him?

Because Musk has been shown to be about as good at business as Trump. Great at self promotion, shitty everywhere else. He could actually be facing bankruptcy in a few years. His purchase of Twitter cost him a lot, and he still has loans to pay off for that, Twitter/Musk getting sued in other countries for inadequate monitoring of hate speech. The majority of his wealth is in Tesla stock, but the only new thing Tesla has put out in some time is the cybertruck which is a joke. His antics and mismanagement are not going to help that stock price. SpaceX only gets by because of government subsidies. He needs Trump for the government subsidies that keep his businesses afloat.

How much of what SpaceX gets is actually a subsidy vs the government paying for them to do things?

Contracts. Commercial and governmental. NASA couldn't hope to achieve what SpaceX has in such a span of time and at such a cost. 148 launches expected for 2024.
While I don't think much of Tesla, just starting a new car company and having it survive is a feat in itself, never mind causing such disruption in the industry.
Starlink now generates more revenue than rocket launches, has turned profitable and is expected to be a main source of Starship funding.

The guy's a dick but give him his due.

 

[marc]

If "The Felon" will crash the economy, then WHY does Musk support him?

Because Musk has been shown to be about as good at business as Trump. Great at self promotion, shitty everywhere else. He could actually be facing bankruptcy in a few years. His purchase of Twitter cost him a lot, and he still has loans to pay off for that, Twitter/Musk getting sued in other countries for inadequate monitoring of hate speech. The majority of his wealth is in Tesla stock, but the only new thing Tesla has put out in some time is the cybertruck which is a joke. His antics and mismanagement are not going to help that stock price. SpaceX only gets by because of government subsidies. He needs Trump for the government subsidies that keep his businesses afloat.

How much of what SpaceX gets is actually a subsidy vs the government paying for them to do things?

True, it is more contracts than subsidies. Either way, it is relying on the government to keep his business going. And from what I hear, now that the US can't just hitch rides with Russian space craft for some things, SpaceX jacked up their prices, so they are being profitable at the moment.

 

[Jimmy Higgins]

If "The Felon" will crash the economy, then WHY does Musk support him?

Because Musk has been shown to be about as good at business as Trump. Great at self promotion, shitty everywhere else. He could actually be facing bankruptcy in a few years. His purchase of Twitter cost him a lot, and he still has loans to pay off for that, Twitter/Musk getting sued in other countries for inadequate monitoring of hate speech. The majority of his wealth is in Tesla stock, but the only new thing Tesla has put out in some time is the cybertruck which is a joke. His antics and mismanagement are not going to help that stock price. SpaceX only gets by because of government subsidies. He needs Trump for the government subsidies that keep his businesses afloat.

How much of what SpaceX gets is actually a subsidy vs the government paying for them to do things?

True, it is more contracts than subsidies. Either way, it is relying on the government to keep his business going. And from what I hear, now that the US can't just hitch rides with Russian space craft for some things, SpaceX jacked up their prices, so they are being profitable at the moment.

How profitable can they be? They are burning up money in a fools errand to colonize Mars. If they were concentrating on actual feasible projects, I think SpaceX would be in better shape, but they've got Hank Scorpio in charge.

 

[Shadowy Man]

While I don't think much of Tesla, just starting a new car company and having it survive is a feat in itself, never mind causing such disruption in the industry.


The guy's a dick but give him his due.

"The company was incorporated as Tesla Motors, Inc. on July 1, 2003, by Martin Eberhard and Marc Tarpenning".[1]

Basically, he gave the company a lot of money, then joined the board and pushed out the original founder.

 

[Harry Bosch]

If "The Felon" will crash the economy, then WHY does Musk support him?

Because Musk has been shown to be about as good at business as Trump. Great at self promotion, shitty everywhere else. He could actually be facing bankruptcy in a few years. His purchase of Twitter cost him a lot, and he still has loans to pay off for that, Twitter/Musk getting sued in other countries for inadequate monitoring of hate speech. The majority of his wealth is in Tesla stock, but the only new thing Tesla has put out in some time is the cybertruck which is a joke. His antics and mismanagement are not going to help that stock price. SpaceX only gets by because of government subsidies. He needs Trump for the government subsidies that keep his businesses afloat.

How much of what SpaceX gets is actually a subsidy vs the government paying for them to do things?

Contracts. Commercial and governmental. NASA couldn't hope to achieve what SpaceX has in such a span of time and at such a cost. 148 launches expected for 2024.
While I don't think much of Tesla, just starting a new car company and having it survive is a feat in itself, never mind causing such disruption in the industry.
Starlink now generates more revenue than rocket launches, has turned profitable and is expected to be a main source of Starship funding.

The guy's a dick but give him his due.

Agreed. He first started Zip2. Sold it to Compact computer for 307 million. I hate his politics. But greatly respect self made successful people.

 

[Jimmy Higgins]

Contracts. Commercial and governmental. NASA couldn't hope to achieve what SpaceX has in such a span of time and at such a cost. 148 launches expected for 2024.
While I don't think much of Tesla, just starting a new car company and having it survive is a feat in itself, never mind causing such disruption in the industry.
Starlink now generates more revenue than rocket launches, has turned profitable and is expected to be a main source of Starship funding.

The guy's a dick but give him his due.

Agreed. He first started Zip2. Sold it to Compact computer for 307 million. I hate his politics. But greatly respect self made successful people.

Self-made? A bit easier when coming from big money.

He has done well, and he seemed to at least been more positive in moving things forward for a few companies, but it sounds like he is one of the worst people on the planet to work for and he is definitely seeming to change as a person as well. He is too untouchable at this point. The way he fucks around with Tesla, over promising, under delivering and treating more like a tech company that lives off of hype than product development. He did help Tesla grow from niche to more widely adopted, but he lost the farm and is trying change the world with new technologies that already exist (automated driving, robots) and SpaceX is wasting money with his Mars plans when inhabiting, at best, is decades away, but wants to sell it as in the next five years (actually shouldn't we already have gotten there according to earlier promises?).

 

[Derec]

The result will be the same.

Will it? Perhaps. Perhaps not.

The point is that you should have picked a different example than the country that has the opposite as the cause of its problems.

 

[Derec]

True. But at least AOC is honest about her intentions.

Being honest about adding trillions to the debt through some hare-brained schemes like GND is not the flex you think it is.

However, Trump tells his followers that he will cut the deficit! But his proposed budget will dramatically increase it

I agree that his idea of general tariffs to replace the income tax is a bad one.
However ...

(just as it did the first time he ran).

... this is quite a bit dishonest.

As you can see, the deficit under Trump was not dissimilar to Obama's - until COVID hit. And under Biden (after recovery from COVID) deficit continued to increase beyond Obama levels.

 

[Derec]

They spend like drunken sailors in the Subic Bay red light district

This description actually fits the $3,500,000,000,000.00 Spendapalooza that Dems tried to pass just as inflation was soaring.
Edited to add: Well it would, except for TV&CCs objection. Maybe change Subic Bay to Las Vegas?

Your buddy Trump left the largest increase in Debt in US history.

He is not my buddy, guy!
Also look at the post above. The "largest increase" is due to COVID.