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Trump's mediocre GDP despite trillion $$$ deficits

Bitek

Bitek

Lifer
Latest GDP numbers confirm no better than Obama economic growth even though the trillions in spending and tax cuts for rich people.

Recall that Trump promised his tax cuts would be "rocket fuel for the economy" and he would create "4,5 maybe 6% growth."

Well, were at 2.5% and slowing while the deficit has blown past $1T/yr.

New GDP data confirms Trump’s tax cuts aren’t working. Growth is slowing and business investment is actually negative.

Consumer spending is holding up the economy as business investment contracts.

Last fun fact, more than 1/3 of Trump's tax cut goes to foreigners rather than benefit American taxpayers.

Trump's economic accomplishments are worse than had we elected a potted plant.
 
Just wait until his tariffs get consumer spending to start dropping. But that's what we get for letting a rapist clown with the mind of a 13 year old be President.
 
Clearly the solution to this problem is another round of tax cuts. Maybe drop the rates to 0 for the top earners, that way the tax dollars will come flowing in to the government coffers. The 'conservative logic' that reducing taxes will earn the government more in tax revenues is like saying that taking a pay cut at your job means that you will make more money to spend.
 
DrDoug said:
Clearly the solution to this problem is another round of tax cuts. Maybe drop the rates to 0 for the top earners, that way the tax dollars will come flowing in to the government coffers. The 'conservative logic' that reducing taxes will earn the government more in tax revenues is like saying that taking a pay cut at your job means that you will make more money to spend.
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don't ya know it will? after having to apply for snap and housing subsidy,.
 
At this time in Obama's first term his deficits were close to 2x the Trump deficit. Obama added about $10 trillion to our debt over his eight years. Trump is nowhere close to that pace, though I do wish we'd cut our spending more.
 
SlowSpyder said:
At this time in Obama's first term his deficits were close to 2x the Trump deficit. Obama added about $10 trillion to our debt over his eight years. Trump is nowhere close to that pace, though I do wish we'd cut our spending more.
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Haha, whatabout in a bubble.

It's Obama's fault for handing a good economy over to Trump, duh. The only place to go was down? Lol....you're too funny.

Maybe we can cut spending and just skip over all the promises, you know....the extravagant stuff like infrastructure, health care, or education. The high rollers already got theirs!
 
ch33zw1z said:
Haha, whatabout in a bubble.

It's Obama's fault for handing a good economy over to Trump, duh. The only place to go was down? Lol....you're too funny.
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What do you mean could only go down?" Obama handed Trump a decent economy, it went next level better under Trump.

I disagree with conservatives about Obama, largely. I think at least when we're talking about how the economy went under him I think he did pretty well, given he inherited a mess from GWB. That doesn't mean things improved even more under Trump, though. I mean, is that really your argument? That the Trump economy is as good to better than the Obama economy? So... gotta vote him out?
 
SlowSpyder said:
What do you mean could only go down?" Obama handed Trump a decent economy, it went next level better under Trump.
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I know, it's crazy what can happen when you're not handed a worldwide fiscal crisis.

Now try to imagine a competent GOP president that was actually sincere about any of their fiscal concerns under Democrat leadership. Oh! The possibilities!
 
ch33zw1z said:
I know, it's crazy what can happen when you're not handed a worldwide fiscal crisis.
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Under Obama it seemed things could only go up from where they were. But as I said, Obama did inherit a mess from GWB. Trump walked into a better situation. I agree. That said, the economy has only been elevated further under Trump, and at lower deficits than Obama.
 
SlowSpyder said:
Under Obama it seemed things could only go up from where they were. But as I said, Obama did inherit a mess from GWB. Trump walked into a better situation. I agree. That said, the economy has only been elevated further under Trump, and at lower deficits than Obama.
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Providing fiscal stimulus on the backs of the middle class in times of increasing prosperity is not sound fiscal policy, as the numbers have shown. Tax cuts for the wealthy is literally the only major piece of GOP legislation passed during GOP control of the POTUS and Congress.

I think you call that winning.

A relatively short summary: https://www.forbes.com/sites/chuckj...s-budget-deficits-could-almost-double-obamas/

No worries Slow, your bubble stays intact.
 
Yes, for all those conservatives out there who pretended to care about the deficit under Obama remember Trump is on the pace for huge deficits in an economy that’s doing pretty well. If a recession happens those deficits are going to absolutely explode.

GDP growth for 2018 was below that for 2016 despite massive fiscal stimulus and a deficit about twice as high. That’s...pretty bad.
 
fskimospy said:
Yes, for all those conservatives out there who pretended to care about the deficit under Obama remember Trump is on the pace for huge deficits in an economy that’s doing pretty well. If a recession happens those deficits are going to absolutely explode.

GDP growth for 2018 was below that for 2016 despite massive fiscal stimulus and a deficit about twice as high. That’s...pretty bad.
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The plan is to ride it until D's are in charge, then blame them. Trump's base won't care one bit, will spread it as legit, and the rest of 'Murica won't remember what happened anyways. Just like the last time.
 
SlowSpyder said:
At this time in Obama's first term his deficits were close to 2x the Trump deficit. Obama added about $10 trillion to our debt over his eight years. Trump is nowhere close to that pace, though I do wish we'd cut our spending more.
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Let's bring some charts into this.

Comparing the absolute value of the deficit at a similar timepoints is a silly way to do it, unless you are trying to ignore the year over year changes, which is a better situational indicator.

The fact is in 2011 we were still recovering from Bush's economic meltdown, but revenues were growing and deficits rapidly falling.

https%3A%2F%2Fblogs-images.forbes.com%2Fchuckjones%2Ffiles%2F2019%2F01%2FTRUMP-CRFB-COMMITTEE-FOR-A-RESPONSIBLE-FEDERAL-BUDGET-LARGEST-DEFICIT-IN-A-STRONG-ECONOMY-ABOVE-4-1950-TO-2028-GRAPH.png


Trump otoh, inherited a historically long economic expansion, but revenue growth has fallen flat, while spending is strongly increasing.

Basically Trump is engaged in a massive, yet poorly designed and timed, stimulus program.

With such poor performance, no wonder Trump is desperately trying to push the Fed into a rate cut.

Budget-2.jpg


Budget-3.jpg
 
ch33zw1z said:
The plan is to ride it until D's are in charge, then blame them. Trump's base won't care one bit, will spread it as legit, and the rest of 'Murica won't remember what happened anyways. Just like the last time.
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That is the real danger of winning the next election. We're sitting on a debt powder keg, meanwhile there are signs of weakness and slowing down. How long can we avoid recession with the current conditions?
 
Bitek said:
That is the real danger of winning the next election. We're sitting on a debt powder keg, meanwhile there are signs of weakness and slowing down. How long can we avoid recession with the current conditions?
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And how many times will the middle class be able to withstand this cycle of privatize profits while socializing losses before the whole thing comes tumbling. Meanwhile, those "job creators" (who just got done beating the middle class like a naughty puppy for 50 years) will just get the hell out of Dodge.
 
In 2009, Obama's first full year he passed the stimulus and had a 1.4 trillion dollar deficit. Stop acting like you care about the much smaller deficit under Trump. In 2010 it was $1.3 trillion, Obama got his tax cuts and ACA passed. 2011? $1.3 trillion deficit. 2012? $1 trillion deficit.

You guys have no ground to stand on here.
 
SlowSpyder said:
In 2009, Obama's first full year he passed the stimulus and had a 1.4 trillion dollar deficit. Stop acting like you care about the much smaller deficit under Trump. In 2010 it was $1.3 trillion, Obama got his tax cuts and ACA passed. 2011? $1.3 trillion deficit. 2012? $1 trillion deficit.

You guys have no ground to stand on here.
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This is a long way of saying ‘I don’t understand how economics works’.
 
ch33zw1z said:
The plan is to ride it until D's are in charge, then blame them. Trump's base won't care one bit, will spread it as legit, and the rest of 'Murica won't remember what happened anyways. Just like the last time.
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Yes, the day a Democratic candidate wins the presidency is the day Republicans will claim they have woken up and had ‘lost their way’ on debt and deficits. Then they will blame their most recent loss on not being fiscally conservative enough and vow to double down on cutting spending and deficits under this new Democratic president. Then, the news media will pretend to believe them and the cycle starts anew.
 
SlowSpyder said:
In 2009, Obama's first full year he passed the stimulus and had a 1.4 trillion dollar deficit. Stop acting like you care about the much smaller deficit under Trump. In 2010 it was $1.3 trillion, Obama got his tax cuts and ACA passed. 2011? $1.3 trillion deficit. 2012? $1 trillion deficit.

You guys have no ground to stand on here.
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And once the country had started to recover from the worst financial crisis in over 50 years, said deficit collapsed. (2013 - $679B, 2014 - $485, etc)

It's just stupid to act as if "the number of years into their presidency" is what matters rather than the financial shape of the country. The federal deficit is currently exploding *without* there being a financial crisis. That context matters.
 
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