When Donald Trump talks about economics, it's utterly pathetic. It's why he'll post a tweet about tariffs, telling the world that he doesn't understand how tariffs work:
Tariffs are taxes that American consumers pay for imported goods. It's why Trump would say that Mexico would pay for the wall by imposing tariffs on imported goods from Mexico. No, actually Trump that just means Americans will pay a tax for the wall.
Having said that, that's why Trump will post stupid tweets like this one:
Someone replied with a good tweet:
Of course, on a more serious point of view, Trump will never give an example of a Democrat who has promoted open borders, or the Venezuelan financial model.
With the taxes, the good Democrats want at the least, a tax system that doesn't largely benefit the wealthiest. Not to mention, the amount of money that billionaires made in 2017, which was more money in a single year than ever before in human history.
In other words, money flowed from the bottom-up more last year, than in any other year in human history.
"According to the Swiss bank UBS’s fifth annual billionaires report published on Friday, billionaires across the globe increased their wealth by $1.4 trillion last year — an astonishing 20 percent — bringing their combined wealth to $8.9 trillion," writes Inequality, an organization that looks at how economic policies impact inequality.
The UBS reports that "The past 30 years have seen far greater wealth creation than the Gilded Age." Adding, "That period bred generations of families in the U.S. and Europe who went on to influence business, banking, politics, philanthropy, and the arts for more than 100 years."
Trump and Republicans have said that the tax cuts would "pay for itself," but anyone with a brain should know that is horse shit. To call it horse shit, all you have to do is use some mathematically simplistic thinking. If you cut taxes, but increase spending, the national debt is going to go up.
Does anybody remember the Bush Tax Cuts Jobs Act? No, because the economy went to shit.
Republicans increase the debt when they are in power, and then complain that we need to cut "entitlements." That means cutting; social security, medicare, medicaid, even though those are programs funded by people's hard work. That is why the Republicans call them "entitlements," and not "Benefits thanks to hard working Americans."
The deficit for fiscal year 2018 ended up being $779 billion or 3.7 percent of GDP," writes Dean Baker, senior economist at the Center for Economic and Policy Research. "The Trump administration had projected a deficit of $440 billion or 2.2 percent of GDP. Almost the entire shortfall was due to lower than projected revenue, not a federal government spending spree."
Dean Baker continues:
The centerpiece of the tax cut was a huge cut in the corporate income tax rate from 35 percent to 21 percent.
Most immediately, this part of the tax cut was a huge handout to the country’s wealthiest people, who own the vast majority of stock. Companies have not been shy about announcing big share buybacks or dividends following the tax cut.
Trump's tweet is absurd for two reasons:
1) The wealthiest 10% of Americans own 84% of the stocks owned by Americans.
2) The gains Trump is praising didn't make up for the losses, but's what he does. When the stock market is down he says nothing, but when it goes up he'll praise it. He doesn't care to see if the gains make up for the losses, and the gains in the stock market at the end of the month does not make up for the losses.
CNBC writes (emphasis mine):
After Tuesday's comeback, the Dow is down 5.9 percent this month, still its worst performance since August 2015. The S&P 500 is off by 7.9 percent in October, on track for its worst month since May 2010. On Monday, the S&P 500 closed in correction territory, down 10.2 percent from its record.
Honestly, I hate all these fucking numbers, which is why I like just bringing up something he fails to mention in tweet, and that is there were Democrats who voted to deregulate banks.
As David Dayen points out, nine Senate Democrats voted for deregulating banks.
Four Banking Committee Democratic Senators:
1) Joe Donnelly, D-Ind.,
2) Heidi Heitkamp, D-N.D.,
3) Jon Tester, D-Mont.,
4) Mark Warner, D-Va
The five other Democratic Senators:
1) Time Kaine, D-Va
2) Joe Manchin, D-W.V.
3) Claire McCaskill, D-Mo.,
4) Gary Peters D-Mich.,
5) Angus King, I-Maine, who caucuses with Democrats
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