Trump is dialing back his economic promises. Bigly

[Amused]

http://money.cnn.com/2017/04/13/news/economy/donald-trump-economic-promises/index.html

http://www.cnn.com/videos/world/2017/04/13/trump-u-turn-nato-syria-russia-china-sje-orig.cnn

President Trump and his top advisers appear to have a new message for America: Lower your expectations.
Trump played up his image as a businessman and dealmaker who could rescue the U.S. economy. The day he was sworn in, he vowed to create 25 million new jobs -- the most of any president in history -- and double the growth of the Obama era (among other promises).

Wall Street has roared in anticipation, with the stock market hitting new heights. Over on Main Street, small business and consumer confidence hit multi-decade highs.

Now, reality is setting in for how much Trump can really get done (and how fast) on the economy.

The big tax reform that was supposed to be done by August? Don't bet on it. White House Press Secretary Sean Spicer put it this way: "It still would be a great opportunity before they leave for August recess, but we're going to make sure we do this right."


Trump's campaign promise to greatly reduce -- or even eliminate -- America's federal debt? "That was hyperbole," White House budget director Mick Mulvaney told CNBC Wednesday. "I'm not going to be able to pay off $20 trillion worth of debt in four years."

Labeling China a currency manipulator on Day One? That's not happening (not even on Day 100). "They're not currency manipulators," Trump told the Wall Street Journal Wednesday in a major U-turn. During the campaign, Trump had said China has the upper hand against American manufacturers because it keep its currency artificially low.

Related: Americans have become lazy and it's hurting the economy

Repealing Obamacare and replacing it with something "something terrific"? That's up in the air. His first attempt failed in March when he couldn't gin up enough votes in Congress. Many business leaders hoped Trump would move on to tax cuts, but Trump surprised many by telling Fox Business on Tuesday, "I have to do healthcare first." Now, confusion abounds on what the next priority is.

Fixing America's "disastrous trade policies"? The White House has decided to study the issue. Commerce Secretary Wilbur Ross announced a 90-day comprehensive trade review at the end of March. Much of the "trade war" talk has been dialed back after Trump's recent meeting with Chinese President Xi.

Spending $1 trillion on infrastructure? That's unlikely. Mulvaney said he and top economic adviser Gary Cohn are "assuming a $200 billion number."

"The Trump train appears to be coming off the tracks as the president backpedals on a number of issues," says Mike O'Rourke, chief market strategist at Jones Trading.

 

[Moonbeam]

But we seem not to be there yet.

I think we will soon be treated to a national speech from Trump cheered by millions where he announces that he ran for President to win a bet he could sucker the American people.

 

[HamburgerBoy]

Good. The anti-free trade bullshit was the primary thing keeping me from even considering voting for him. This will almost certainly kill his chances in 2020 were he not already dead in the water, and maybe Republicans can back away slightly from expanding their net of welfare recipients.

 

[greatnoob]

You only need a basic understanding of how fiscal policy, banking and money markets work to know this clown was selling snake oil.

The people who were duped by this admin also (sadly) sound like the sort of poor, uneducated and unskilled people who are completely for an anarcho-capitalist state (no regulations, prefer autarky, "let the markets decide," small government=no government) despite it negatively affecting said people the most.

Ill never understand why right-wing conservatives (even here in Australia albeit on a smaller scale) always vote against their own self interest.

 

[R0H1T]

You only need a basic understanding of how fiscal policy, banking and money markets work to know this clown was selling snake oil.

The people who were duped by this admin also (sadly) sound like the sort of poor, uneducated and unskilled people who are completely for an anarcho-capitalist state (no regulations, prefer autarky, "let the markets decide," small government=no government) despite it negatively affecting said people the most.

Ill never understand why right-wing conservatives (even here in Australia albeit on a smaller scale) always vote against their own self interest.

I think it has a lot to do with the extreme heat down under, some hot headed people can't think straight often enough. Then there's cricket, too many bumpers from the Windies, plus rugby, too many tackles.

As for the OP, a pathological liar has to lie, it's in his résumé. If the American public can't wake up from the ruse of 9/11 (Iraq war & the perpetual middle east policing) & what that brought the rest of the world to, then they deserve another round of (economic) bust.

 

[dank69]

I, for one, am utterly surprised that Trump now seems to need to "study" all these issues he claimed to have all the answers for but now claims "nobody knew they were so complicated," no longer intends to deliver on his promises, and is simply pumping out standard GOP policy. I truly thought he was going to MAGA.

 

[ivwshane]

The question is; will his followers still follow?

Trump is learning what most politicians have already learned and he may be realizing how is ideological positions don't work in reality or are unobtainable in the real world. If he somehow becomes a rational voice of the GOP and they follow him, I'd consider him one of the greatest Republicans.

However...

Lets keep in mind that this guy has changed positions on policies in a matter of minutes and has taken flip flopping to a whole new level.

 

[Commodus]

Ill never understand why right-wing conservatives (even here in Australia albeit on a smaller scale) always vote against their own self interest.

As I've heard it explained, many of those people vote against their own interests because they hope they'll become rich one day. Not necessarily through the policies, but they see their low- or middle-class position as a temporary one... why screw yourself over when (not if) you join the upper class? Of course, they don't realize that they'll likely be stuck in their economic class for the rest of their lives, and that whatever tax breaks the rich get don't actually make much of a difference.

 

[trenchfoot]

As I've heard it explained, many of those people vote against their own interests because they hope they'll become rich one day. Not necessarily through the policies, but they see their low- or middle-class position as a temporary one... why screw yourself over when (not if) you join the upper class? Of course, they don't realize that they'll likely be stuck in their economic class for the rest of their lives, and that whatever tax breaks the rich get don't actually make much of a difference.

What I'd like to know about that is how much of an influence tribalism and traditionalism has over that rather peculiar habit of theirs.

But seeing as if that kind of attitude is something a lot of folks feel uncomfortable letting on about, I suppose we'll never really know.

 

[Jhhnn]

You only need a basic understanding of how fiscal policy, banking and money markets work to know this clown was selling snake oil.

The people who were duped by this admin also (sadly) sound like the sort of poor, uneducated and unskilled people who are completely for an anarcho-capitalist state (no regulations, prefer autarky, "let the markets decide," small government=no government) despite it negatively affecting said people the most.

Ill never understand why right-wing conservatives (even here in Australia albeit on a smaller scale) always vote against their own self interest.

It's the political & economic equivalent of spousal abuse syndrome- Tell 'em what they want to hear & they'll come back for more, over & over again...

 

[manly]

As I've heard it explained, many of those people vote against their own interests because they hope they'll become rich one day. Not necessarily through the policies, but they see their low- or middle-class position as a temporary one... why screw yourself over when (not if) you join the upper class? Of course, they don't realize that they'll likely be stuck in their economic class for the rest of their lives, and that whatever tax breaks the rich get don't actually make much of a difference.

I think this common explanation gives the average Joe too much credit for thinking aspirationally. For example, I remember all the debate over the proposed Bush tax cuts (tm). Prominent Dems pointed out how some 80% of the benefits went to the top 2% (going from memory, hope I'm not too far off). GWB just shrugged and kept repeating "it's your money" without ever explaining why regressive tax cuts made economic sense or were inherently fair to all.

There are other reasons such as voters being swayed more by "hot button" social issues than economic self-interest; even though a large percentage of the electorate always claims the economy is job #1 when asked.

Tbh in my opinion I think the belief that one will become a 2%-er and thus benefit from Repubs' fiscal policies is not all that common. More likely would be thinking along the lines of rich Americans earned everything they got, so it's unfair for them to be singled out to support welfare programs. Never mind what I get out of a tax cut, why steal from the rich to give to the poor? (rhetorical question, certainly not my viewpoint)

 

[dank69]

The question is; will his followers still follow?

Trump is learning what most politicians have already learned and he may be realizing how is ideological positions don't work in reality or are unobtainable in the real world. If he somehow becomes a rational voice of the GOP and they follow him, I'd consider him one of the greatest Republicans.

However...

Lets keep in mind that this guy has changed positions on policies in a matter of minutes and has taken flip flopping to a whole new level.

The guy literally bases his policy and makes decisions according to information he gleans from watching Fox News, and we all know how "informed" Fox News viewers are.

 

[ch33zw1z]

Cmon guys, this President thing is hard, who can believe it, nobody knew

 

[Fanatical Meat]

So will it take Jared more than a few weeks to fix the middle east? Can I still expect to get tired of winning so much?

 

[hal2kilo]

I think this common explanation gives the average Joe too much credit for thinking aspirationally. For example, I remember all the debate over the proposed Bush tax cuts (tm). Prominent Dems pointed out how some 80% of the benefits went to the top 2% (going from memory, hope I'm not too far off). GWB just shrugged and kept repeating "it's your money" without ever explaining why regressive tax cuts made economic sense or were inherently fair to all.

There are other reasons such as voters being swayed more by "hot button" social issues than economic self-interest; even though a large percentage of the electorate always claims the economy is job #1 when asked.

Tbh in my opinion I think the belief that one will become a 2%-er and thus benefit from Repubs' fiscal policies is not all that common. More likely would be thinking along the lines of rich Americans earned everything they got, so it's unfair for them to be singled out to support welfare programs. Never mind what I get out of a tax cut, why steal from the rich to give to the poor? (rhetorical question, certainly not my viewpoint)

I see it as some kind of distorted morality. The anti-taxers think it's stealing.

 

[Cerpin Taxt]

http://www.temporarilyembarrassedmillionaires.org/