Like everything else in Trump’s pitiful life, his braggadocio about a “great economy” is an illusion; a con. Although it’s true that President Obama left Trump with a nation in full economic recovery, Trump’s failed policy of ‘trickle-down economics,’ and giving away the nation to the super-rich and major corporations have begun to destroy the efforts of an intelligent and competent president.

Economists are forecasting everything from a stock market crash to a recession and even a full depression.

Trump’s two biggest failures are placing tariffs on imports; creating a trade war; and his misnamed “tax reform.”

Although the few knowledgeable economists in Trump’s administration warned against tariffs, he refused to listen. Jobs have been lost, foreclosures began on non-corporate farms, and Trump was forced to bailout soybean farmers with more than 30 billion dollars of taxpayer money.

Trump promised tax cuts, and he kept that promise, but only for our nation’s 704 billionaires and 18.6 million millionaires. Small cuts were given to a diminishing middle class, but only for one year. He also reduced the corporate tax rate from a maximum of 35 percent to 21 percent. Prior to the change, the average tax rate actually paid by America’s corporations was 18 percent.

Without major corporations including Amazon and Wal Mart paying any tax at all in 2019, the federal deficit increased by 1.2 trillion dollars, and this fact is predicted to continue with a similar number until 2025.

Now to the question of “sustainability.”

Federal Reserve Chairman, Jerome Powell appeared before congress to offer a warning, telling them that federal spending must be reduced. (I wonder if that includes Trump’s habit of using the national treasury as his personal bank?)

“Putting the federal budget on a sustainable path when the economy is strong would help ensure that policymakers have the space to use fiscal policy to assist in stabilizing the economy during a downturn,” Powell said Tuesday before the House Financial Services Committee.

“A more sustainable federal budget could also support the economy’s growth over the long term.”

The question is, “does anyone believe that Trump and Mick Mulvaney will listen?” Hell no. Trump’s arrogance, egomania, and narcissistic personality will allow him to continue believing that he knows more than anyone else about everything.

If the economy takes even a small downturn prior to the 2020 election, Trump and the Trump Party will receive what they deserve. They will lose not only the presidency but also the senate. Democrats will be in complete control of Washington.

The Truth Lives Here

Op-ed by James Turnage

SOURCE

Image courtesy of DonkeyHotey

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