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07-18-2018, 11:14 AM
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Senior Member
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The White House Makes a ‘Trillion-Dollar Admission’
The updated budget now includes a projected 2019 deficit of $1.085 trillion, up from $984 billion in February — and more than double the $526 billion the White House called for in its 2018 budget.
“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
Meanwhile, the average growth rate projected over 10 years has dropped under 3 percent.
https://finance.yahoo.com/news/white...205110561.html
Gosh, who could have predicted this?
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"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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07-18-2018, 11:18 AM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,857
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Quote:
Originally Posted by Chicks
The White House Makes a ‘Trillion-Dollar Admission’
The updated budget now includes a projected 2019 deficit of $1.085 trillion, up from $984 billion in February — and more than double the $526 billion the White House called for in its 2018 budget.
“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
Meanwhile, the average growth rate projected over 10 years has dropped under 3 percent.
https://finance.yahoo.com/news/white...205110561.html
Gosh, who could have predicted this?
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Every sentient being on the planet but Whell, it seems.
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As long as the roots are not severed, all will be well in the garden.
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07-19-2018, 11:06 AM
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Senior Member
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Join Date: Mar 2017
Posts: 13,287
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__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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07-19-2018, 11:38 AM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,151
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My company got hit with a $12K tariff yesterday on aluminum and stainless steel and these are no longer manufactured in the US. But pay we must or else we get hit with storage costs.
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White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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07-19-2018, 12:41 PM
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Senior Member
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Join Date: Mar 2017
Posts: 13,287
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Quote:
Originally Posted by Rajoo
My company got hit with a $12K tariff yesterday on aluminum and stainless steel and these are no longer manufactured in the US. But pay we must or else we get hit with storage costs.
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MAGA!
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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07-23-2018, 07:58 PM
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Senior Member
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Join Date: Mar 2017
Posts: 13,287
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How the Republican tax cuts are failing workers, in one chart
Did anyone besides our resident moron really believe the obvious Big Lie?
https://www.vox.com/platform/amp/201...loomberg-wages
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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07-27-2018, 07:36 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by Chicks
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There you go again looking at a single quarter of data and then declaring the apocalypse.
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07-27-2018, 07:41 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Meanwhile, back to reality:
Second-quarter GDP up 4.1%
This is good news, and hopefully the start of a trend.
The administration has used a mix of tax cuts, deregulation and spending increases to goose growth. White House budget director Mick Mulvaney told CNBC earlier this week that deregulation likely has had the most impact so far as companies feel more comfortable about committing capital.
Its that last line that may be the most significant. After a decade of an aggressive regulatory environment, it may be taking some time for businesses to decide that its OK to start investing / converting capital again.
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07-27-2018, 07:59 AM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
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Also, it might be fun to go back and look at the "gloom and doom" crowd - some of you guys know the type - who said "more than 3% GDP growth wasn't possible. Sure, its only one quarter. But at least right now there's nothing on the horizon to suggest a pull-back. And hey, its fun to see what the so called experts said:
http://www.latimes.com/business/hilt...519-story.html
During the presidential campaign, Trump promised growth of 3.5% a year, and sometimes even 4%. There's no disagreement that a sustained growth rate of this magnitude would be a significant achievement. Over the past decade, the economy has grown at an average of about 2% a year. The Congressional Budget Office forecasts an annual average of about 1.9% well into the next decade.
The U.S. hasn't had sustained real annual growth (that is, over inflation) of better than 3% since the 1990s, with a brief spurt in 2004 and 2005. Making up the difference from 2% to more than 3% looks like a pipe dream.
https://www.marketwatch.com/story/7-...017-2017-03-17
During the course of the campaign, Donald Trump repeatedly made a bombastic promise that America could return to 4% GDP growth under his leadership. During his inaugural address, he even went so far as to say “do not allow anyone to tell you it cannot be done” — a clear sign this wasn’t just a talking point but a realistic and achievable goal.
Well, it’s not.
https://www.npr.org/2017/05/27/53033...is-it-possible
SIMON: Based on what you've learned, 3 percent growth - does that seem confident, optimistic or naive?
TIMIRAOS: Well, it's extremely optimistic. The professional forecasters at the Congressional Budget Office and the Federal Reserve see growth of a little less than 2 percent over the coming decade. And that's where we've been for the past decade. Now, presidents, in their budget, get to assume that all of their policies become law. So you always see a little bit higher increase in the growth rate in the White House budgets but nothing that's quite diverged like this from what the consensus view is.
And finally, here's Paul Krugman, the resident leftist econ genius, stating that the sustainable pace of growth doesn't look like its above 2%:
https://www.youtube.com/watch?v=cZ5dVBa3grw
And, he certainly doesn't see 3% as a possibility. One other point he makes is that the US will look less attractive to foreign investment. That doesn't look like its true either:
https://www.theepochtimes.com/us-is-...s_2470166.html
Hey, its only one quarter, but maybe a sign of what might come? One more quarter like this and we've got a really good chance of finishing the year at 3% of more.
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07-27-2018, 08:37 AM
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Senior Member
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Join Date: Mar 2017
Posts: 13,287
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Quote:
Originally Posted by whell
There you go again looking at a single quarter of data and then declaring the apocalypse.
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There you go again, looking at a single quarter of data and calling it a trend.
Ian Shepherdson, an economist at Pantheon Macroeconomics, said following Friday’s report, “In one line: Looks great; won’t last.”
Paul Ashworth, chief US economist at Capital Economics, said Friday, “Overall, helped by the massive fiscal stimulus, the economy enjoyed a strong first half of this year but, as the stimulus fades and monetary policy becomes progressively tighter, we expect GDP growth to slow markedly from mid-2019 onwards.”
But you go right ahead and believe Donny’s lies.
__________________
"In a time of deceit telling the truth is a revolutionary act." -
George Orwell
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