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The tariffs on imports were not a carefully considered idea which was a joint decision of financial experts, or even members of Trump’s incompetent cabinet. This was his idea and his alone. They have proven to be a disaster and are beginning to destroy the efforts of President Obama and his administration to reverse the great recession of 2008, caused by another failed Republican president. Although Trump continues to brag about accomplishments which are actually credited to President Obama, he refuses to admit his many failures.

Trump’s “tax reform” bill was a huge mistake. His gifts to the super-rich and corporations are resulting in a massive increase in the national deficit. His unilateral decision to place tariffs on imports from various nations all over the world are beginning to adversely affect every man, woman, and child in America.

Not only are businesses large and small feeling the effects of what are huge taxes on imported goods, especially from China, consumers are already experiencing higher prices at retail outlets across the nation. Farmers, specifically soy bean farmers, were so devastated Trump was forced to sign another executive order to bail them out with $30 billion of taxpayer money.

Economic experts are forecasting another recession caused by another Republican president whose fiscal policy was based on trickle-down economics.

The Congressional Budget Office; CBO; is forecasting higher levels of a predicted recession during the next decade than previously suggested.

“The U.S. budget deficit is expected to hit $960 billion in 2019, and average a whopping $1.2 trillion per year between 2020 and 2029, according to the CBO’s look ahead at the U.S. budget and economic outlook over the next decade.” This according to a report from CNBC.

There was a $63 billion increase in the CBO’s prediction based on the huge and controversial budget recently signed by Trump. A huge reduction in corporate taxes guarantee a huge deficit. This is what happens when millions of ignorant voters cast their ballots for a man who failed at every business venture in his life; a man who was forced to bankrupt casinos which is unheard of in the private sector.

The CBO has suggested that unless changes are made immediately, the deficit will rise even higher after 2029. In other words, another great depression may be inevitable.

The truth is; “Trumponomics” is a massive failure.

Tell everyone; “the truth lives here.” If you don’t believe everyone you know deserves the truth, let my story end here.

Op-ed by James Turnage

SOURCE

Image courtesy of DonkeyHotey

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