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turbinetree

(24,632 posts)
Thu May 31, 2018, 12:47 PM May 2018

An Economic Time bomb is Ticking. And its set to go off on the Democrat watch

Trump & The GOP have lit the fuse on an economic timebomb that is set to go off on the Democrats watch (pardon the mixed metaphor.)

Two reasons why this is coming (guaranteed):

First, Trump’s massive un-paid-for Corporate tax cut will explode the National Debt. The “official” size of the Trump deficit was estimated to be “$1.2 Trillion”, but last March, the Treasury reported that the federal government ran a $209 Billion dollar deficit just for the month of March. Multiply that times 12, and if things don’t change, that translates to a $2.4 Trillion dollar annual deficit, TWICE the predicted amount. And this was when people were still paying the 2017 tax rate. Next year, the Federal Reserve will be left with no choice but to raise interest rates in order to raise enough capital to cover the shortfall. That will suck hundreds of billions out of the economy… slowing spending, thus slowing the economy and costing jobs.

The next danger sign is the recent rise in oil/gas prices (gasoline is nearly a dollar per gallon higher today than it was the day Obama left office.) “Unofficially”, every $1 increase in the price of a gallon of gas is roughly equal to a $100 Billion dollar tax increase on the Middle Class… more than wiping out Trump’s “tax cut” that was helping to boost his economy. That’s how much money Trump’s gas price increase will suck out of the economy this year. (Trump once attacked Obama for rising gas prices in this 2011 tweet.) Rising gasoline prices are the most regressive “tax” of all. The poorer you are, the larger a percentage of your income goes to buying fuel.

https://www.dailykos.com/stories/2018/5/30/1767865/-An-economic-timebomb-is-ticking-And-it-is-set-to-go-off-on-the-Democrats-watch

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An Economic Time bomb is Ticking. And its set to go off on the Democrat watch (Original Post) turbinetree May 2018 OP
You and I have Wellstone ruled May 2018 #1
Yepper, spot on turbinetree May 2018 #6
Guessing we'll watch Trump try printing more money. Hortensis May 2018 #2
Funny irony is, of course, 'printing money' is a term of derision in Republican Land apnu May 2018 #5
Yup. Good post. Forgot "drown government in a bathtub." Hortensis May 2018 #9
The Republicans have been using Reagan's playbook from the 1980s, its all they know apnu May 2018 #3
A small but significant point VMA131Marine May 2018 #4
First move: rescind the tax cut, and increase taxes on the wealthiest. Second move: legislate Squinch May 2018 #7
Yup, makes sense... mitch96 May 2018 #10
Can't "replace" SCOTUS judges. apnu May 2018 #12
Yes dear, I know that (of course), but I suspect that some of them are hanging on by their Squinch May 2018 #20
Yes, I am sure RBG is waiting for a Dem to give up her seat. apnu May 2018 #21
I think avoiding pomposity is important. And lack of clarity for people who I am not speaking to Squinch May 2018 #22
More incentive for the next Democratic president to workinclasszero May 2018 #8
If we survive this presidency that is. Initech May 2018 #11
Good point workinclasszero May 2018 #15
And then we need to kick Trump in the ass hard. Initech May 2018 #16
My dream is a democratic House and Senate workinclasszero May 2018 #19
This is somewhat a misleading article. Calista241 May 2018 #13
The economic impact, duforsure May 2018 #14
"And its set to go off on the Democrat watch" NCTraveler May 2018 #17
Don't forget rollbacks on Dodd-Frank and the "Volker Rule"! Ernesto May 2018 #18
 

Wellstone ruled

(34,661 posts)
1. You and I have
Thu May 31, 2018, 12:53 PM
May 2018

warned this would happen.

And now if Tariffs hit tonight,the timing would hit about March of next year.

turbinetree

(24,632 posts)
6. Yepper, spot on
Thu May 31, 2018, 01:03 PM
May 2018

these assholes have used tax cuts to undermine this countries power, because without a middle class, which makes us different than most other countries...........................and as for the tariffs, he throws them around hoping that one will stick and a whole bunch are going to stick it to the middle class, with lay-offs and price increases....................and then he has people in a hall that could only fit less than a thousand, and the only thing he was worried about, was why wasn't there more for his ego to see, why was there not many there to listen to him rant like an idiot that he is, a dangerous one at that....................he only see's thinks in materialistic mind set, of what can he get out anything for his benefit....................

And like we have been saying, This is not going to be good this coming October fiscal budget cycle ........................and the March budget cycle in Congress..............................



Hortensis

(58,785 posts)
2. Guessing we'll watch Trump try printing more money.
Thu May 31, 2018, 12:54 PM
May 2018


Seriously, the sitting president/administration always gets the big blame for national problems. And though I'm hoping, hoping, hoping the blue wave gives us at least a majority in the senate, as well as the house, it's far from guaranteed.

The economic consequences of Republican government have already started hurting this year under a Republican administration, and they're going to hurt a lot more under a Republican administration next year. Good.

apnu

(8,722 posts)
5. Funny irony is, of course, 'printing money' is a term of derision in Republican Land
Thu May 31, 2018, 01:03 PM
May 2018

At least the ones I know, which are financial types. They bitched for years about "printing money" and made nostalgic noises about the gold standard. And yet its Republicans who print the money, or at least, set up the conditions that forces the Fed to print money.

Which is all part of their plan actually. Since they can't get the votes to stay in power long enough to gut the Federal Government and transfer its assets to private hands, they're trying to go around problematic democracy and wreck American economics and gut things that way.

Grover Norquist popularized the "drown government in a bathtub" statement, but he didn't come up with it on his own. This idea has been around since FDR's days. That's how long its been since Republicans had a new idea, since 1936.

Hortensis

(58,785 posts)
9. Yup. Good post. Forgot "drown government in a bathtub."
Thu May 31, 2018, 01:19 PM
May 2018

I was sort of joking about Trump demanding more money be printed because whatever he wants will be wrong. But fact is, new temporary (transformed to permanent) wealth can be created that way, and of course inflation can benefit those properly positioned for it extravagantly, so it seems very possible the swarm of locusts driving policy these days could decide that'd be very lucrative, while having the happy side effect of continuing as you say, "go around problematic democracy and wreck American economics and gut things that way."

apnu

(8,722 posts)
3. The Republicans have been using Reagan's playbook from the 1980s, its all they know
Thu May 31, 2018, 12:58 PM
May 2018

Reagan (and HW Bush) blew up the debt, Clinton paid it down. W came in an blew up the debt way more than Poppy and Ronnie, Obama made a great dent in it. Trump's blowing up the debt way more than W. A Dem will wind up fixing it. Whatever nutbag the Republicans find to follow Trump (Bachman? Palin? I think some bat-shit insane lady is who they'll try next) will do more of the same.

This is all according to plan. The Republican plan has been, since FDR kicked their teeth in, has been to return America to the roaring 20s, economically that is. No regulation at all, just a wild west shootout of economics.

The plan, for those that don't know already, is to bankrupt the Federal Government. When the Feds can't pay the bills, they'll have to sell all its assets to private enterprise, except the debt of course. The debt stays on the backs of the poor sad-sacks who weren't born into wealth, which is 90% of the American population.

They have known for generations they can't get the American people to vote for this economic voodoo because even the most dense Trumper sees through that lie. What they can do is cripple the Federal Government financially and force its hand that way. It goes right around that troublesome thing, democracy.

VMA131Marine

(4,124 posts)
4. A small but significant point
Thu May 31, 2018, 12:59 PM
May 2018

The month-to-month federal deficit is not a fixed number, it changes cyclically with events throughout the fiscal year.

Typically the largest deficits are seen in February and March followed by a large surplus in April as tax receipts come in. So it is very unlikely that the overall deficit for FY2018 will be $2.4T.

https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0917.pdf

Squinch

(50,774 posts)
7. First move: rescind the tax cut, and increase taxes on the wealthiest. Second move: legislate
Thu May 31, 2018, 01:09 PM
May 2018

the end to Citizen's United.

First move for next Democratic president: replace every aging SC justice with young ones.

mitch96

(13,821 posts)
10. Yup, makes sense...
Thu May 31, 2018, 01:21 PM
May 2018

Our economy and the middle class always did better when taxes on the wealthy were higher..
m

apnu

(8,722 posts)
12. Can't "replace" SCOTUS judges.
Thu May 31, 2018, 01:30 PM
May 2018

They have to either die or retire on their own.

If the POTUS could replace who sits on the SCOTUS, there is no check on Executive power from the Judicial Branch.

Squinch

(50,774 posts)
20. Yes dear, I know that (of course), but I suspect that some of them are hanging on by their
Thu May 31, 2018, 01:59 PM
May 2018

fingernails until there is someone sane to choose their successor.

apnu

(8,722 posts)
21. Yes, I am sure RBG is waiting for a Dem to give up her seat.
Thu May 31, 2018, 02:10 PM
May 2018

But its important to be clear when we're talking about these things. This forum is open, and people will read things literally. We are the good guys, we should be as accurate as possible at all times.

Squinch

(50,774 posts)
22. I think avoiding pomposity is important. And lack of clarity for people who I am not speaking to
Thu May 31, 2018, 02:23 PM
May 2018

compromises my being one of the good guys?

Kay.

 

workinclasszero

(28,270 posts)
8. More incentive for the next Democratic president to
Thu May 31, 2018, 01:15 PM
May 2018

reverse the horrendous tax cut for billionaires and reinstate controls on banks and wall street.

Whoever it is better do it and believe me the 1%ers, banks and wall street will scream like scalded cats but it must be done.

Initech

(99,915 posts)
11. If we survive this presidency that is.
Thu May 31, 2018, 01:29 PM
May 2018

If Russia can steal this election, what's there to stop them from stealing the next one? Trump will pardon anyone convicted of a crime at this point as long as they kiss his ass enough.

 

workinclasszero

(28,270 posts)
15. Good point
Thu May 31, 2018, 01:36 PM
May 2018

The only thing that can save this country is a historic, massive, blue wave election this fall.

It's got to be record breaking huge to overcome Russian interference.

Initech

(99,915 posts)
16. And then we need to kick Trump in the ass hard.
Thu May 31, 2018, 01:38 PM
May 2018

We can't sit on the sidelines and watch him roll back every advancement made under Obama, laugh in the face of the electorate, and abuse his power, and expect him to get away with it. This motherfucker and his enablers need to be kicked to the curb and fast.

 

workinclasszero

(28,270 posts)
19. My dream is a democratic House and Senate
Thu May 31, 2018, 01:50 PM
May 2018

Then Shitler would be a lame duck dictator.

After President Putin's Puppet, I think the office of the presidency has way to much power to fuck over this country.

The office is set up for people of good will from party's that will enforce ethical standards and laws.

This is dead in this country now with the GOP putting up demagogue criminals like Trump and then refusing to uphold the laws and standards.

We need changes bigtime.

Calista241

(5,584 posts)
13. This is somewhat a misleading article.
Thu May 31, 2018, 01:34 PM
May 2018

You can't just extrapolate 1 month's budget deficit over a whole year. The very next month, in April, we had a $214b surplus.

https://www.marketwatch.com/story/us-records-largest-ever-monthly-budget-surplus-in-april-as-individual-tax-receipts-boom-2018-05-10

I'm not saying Trump's policies aren't reckless or ill-conceived, but we need to fight him with accurate data that can't be easily disproved.

duforsure

(11,882 posts)
14. The economic impact,
Thu May 31, 2018, 01:34 PM
May 2018

Will be much greater with so many losing their health care plans, and many being priced out of insurance and care. Already seeing medical centers close , and the rural area's will be really in trouble and closing smaller outlets after their reductions in Medicaid and Medicare, and their upcoming attack to destroy Social Security. Add to that his trade wars making prices skyrocket, and his reductions in labor from his immigration policies where food prices all already on the rise to. Oil , and other goods of steel and aluminum to drive costs up for everything. Soon we'll be hearing recession again , and maybe worse, a depression from his horrible policies. All because of the con man in the oval office.

 

NCTraveler

(30,481 posts)
17. "And its set to go off on the Democrat watch"
Thu May 31, 2018, 01:41 PM
May 2018

It's going to happen and I hope it is under our watch. Look at what they left Obama. Unfortunately, even cleaning up their mess makes us lose enormous clout. It weakens our clout when it comes to pushing our agenda in other areas.

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