The Trump Crime Family

[Carmine Falcone]

It seems Trump inspires a lot of dramatic criticism. As far as North Korean negotiations, it seems like detractors went to sleep for 25 years, woke up and were shocked to see N. Korea had nuclear weapons/missiles and blamed the current President.

Lol. We can always count on you for the DERP-trademarked analysis except, as usual, you distort the facts and the real issue at hand eludes you. NK has had weapons since George W's tenure but even before that, Clinton entered into a deal with NK that fell apart. No one blames Trump for NK. The reason Trump might be getting extra scrutiny on NK is because is he placed that scrutiny on himself. It was the know-nothing coprophagist who announced he would have the magic touch to deal with NK definitively where THREE presidents had failed, as if the three presidents (who were far more knowledgeable than Trump btw) had been in NK talks just for shits and giggles. Newsflash: diplomacy, much like healthcare, is hard. It's just another example of Trump overestimating his abilities.

The real problem has never been concessions made by the US. Rather, the problem has been the North Koreans reneging on agreements. And so far, it looks like NK is doing to Trump what it did to his predecessors, which say one thing in official talks but do the opposite back in Pyongyang. Not that the "deal" was much of any deal. It's no surprise that the official who went back to hash out the details is Mike Pompeo. Heady situations like the NK nuclear issue require an actual adult with a command of history and negotiation, rather than the glorified photo op Trump did a few weeks ago. Nonetheless, Trump deserves credit for directly engaging Pyongyang; the only problem is he did fuck-all.

 

[rumpleforeskiin]

If it walks like a duck, talks like a duck, it must be a duck. Quack.

"IF EVER ANYONE needed further proof that supply-side-ism is more theology than economics, and that the truth is not the Trump White House’s specialty, he or she need only consider the recent pronouncement of Larry Kudlow, President Donald Trump’s director of the National Economics Council.

To wit: The Trump tax cuts are paying for themselves.

Sorry, Larry, but the fiscal facts say otherwise.

Kudlow, mind you, was not educated as an economist. In fact, he doesn’t have an advanced degree at all (though none of that kept him from landing chief economist jobs at Paine Webber and Bear Stearns). But what he lacks in credentials he makes up for in certitude. As Jonathan Chait chronicles in “The Big Con,” his takedown of supply-side economics, in 1993, Kudlow confidently predicted that Bill Clinton’s tax hikes would throw “a wet blanket over the recovery.” Instead, the economy boomed. In December of 2007, Kudlow wished away the economic warning signs on the horizon. “The recession debate is over,” he wrote. “It’s not gonna happen.”

Last week, as one of Trump’s top economic advisers, he went further.

“The deficit . . . is coming down, and it’s coming down rapidly,” he averred on the Fox Business Network. Actually, just the opposite. Through May, the deficit is running about $100 billion higher this year than last. According to the latest analysis by the nonpartisan Congressional Budget Office, the national debt will rise to 78 percent of GDP by year’s end and 96 percent by 2028. Yearly deficits will average $1.2 trillion, with total new federal debt accumulation of $12.4 trillion from 2019 through 2028. Even assuming the individual tax cuts expire on schedule at the end of 2025, the Trump cut will be responsible for about $2 trillion of the decade’s total debt accumulation.

Kudlow later clarified in a way that transformed a clearly erroneous assertion into a merely dubious one. “I meant to say the economy is so strong right now it’s going to produce lower deficits,” he said. “I probably should have said future deficits.”

In the interview in which he wrongly claimed the Trump tax cuts were paying for themselves, Kudlow offered this proud coda: “This is old-fashioned supply-side economics.” When it comes to his false claim about the tax cuts, truer words were never spoken."

The Dow just had its worst half year since 2010. The economy and the people have just begun to pay for Trump's tax cut. Just wait until the trade war starts hemorrhaging jobs. We can only hope that it starts well before November. Short term pain for long term gain.

 

[sambuca]

You really have a bug up your ass about Larry Kudlow. You’re putting way too much faith in economists and their ability to forecast outcomes. Administration economists are the worst. They just champion their boss’ and/or their party’s policies.

 

[sambuca]

Not all tax cuts are the same. Corporate tax rates had to come down closer to parity with the industrialized world. Individual tax rate reductions were stupid and will likely drift back upward.

Tax reform apart from tax cuts is anybody’s guess. People get use to the status quo. I thought it was kind of ballsy for the Federal govt. to take away the state income tax deduction. Not sure if it will hold up over time.

 

[rumpleforeskiin]

You really have a bug up your ass about Larry Kudlow. You’re putting way too much faith in economists and their ability to forecast outcomes. Administration economists are the worst. They just champion their boss’ and/or their party’s policies.

Frankly, I'd rather trust economists than a supply side touting talk show host with a looooong history of being wrong about just about everything.

Frankly, I have nothing in particular against Kudlow, no more than any other no nothing nobody. However, given Sharkman's penchant for citing him as someone with some kind of wisdom, I thought this editorial was a good thing to point out.

BTW, early signs of the economy tanking are starting to show. The Dow just has it's worst half year since 2010. And the coming months should see jobs start to fade away. Or move to Canada to make ketchup...or catsup.

 

[rumpleforeskiin]

I thought it was kind of ballsy for the Federal govt. to take away the state income tax deduction. Not sure if it will hold up over time.

Ballsy my sweet Irish ass. Look at the states with high income tax rates. All blue, each and every one. California, New York, New Jersey, Massachusetts. One man's "ballsy" is another man's payback.

 

[Sol Tee Nutz]

The economy is in ruin and it is all Trumps fault, finally we got something on him, high fives all around.

https://www.focus-economics.com/regions/major-economies

Maybe next time, get back to me in a month when nothing happens, again.

 

[rumpleforeskiin]

Maybe next time, get back to me in a month when nothing happens, again.

The Dow ended the first half of the year down 2.4%, it's worst performance since 2010. This, I assume, was in reaction to Trump's giving himself a $400 million tax break. The fallout from the trade war is yet to happen, though farmers in the US midwest (Trump country) are freaking out now that the no longer have a market for their corn and soybeans, the largest manufacturer of nails in the US tell that he's going to have to cut 500 jobs if he can even manage to stay in business. Heinz is freaking out now that they've lost the Canadian ketchup market. Tip of the iceberg.

 

[jalimon]

It's interesting to read on the trade deficit thing the US has with other countries. First and foremost they have it because the US economy is the strongest. Second, 560 billions deficit is not that much in the global economic pictures for the US, just a few %. Third just lowering the US dollar would cut this trade deficit by much. It's a very risky political move to put so much emphasis on the trade deficit. It could easily create a economic depression which would not look good for Trump. On the other end if he succeed to bring the deficit at par with other countries he will look brilliant. Even if in the global pictures it does not do any good for the US. Remember we are talking just a few %...

Cheers,

 

[rumpleforeskiin]

On the other hand, Trump claims the US has a trade deficit even with countries with which the US has a trade surplus, ie Canada. An oft repeated lie among the over 3600 he has uttered in public since taking office. (Only he knows, maybe, how many lies he's told Melania.)

 

[sambuca]

We will just have to agree to disagree. I and many think a 3% of GDP trade deficit year after year is problematic. The large trade deficit holds up at any point in the U.S. cycle whether growth or recession. Partially due to the fact that the U.S. is depended on (too much in my opinion) to provide stimulus to the global economy.

 

[sambuca]

Rumple, the four high tax states that you mentioned as solid Blue also have Republican Congressional districts.

As far as the stock market slowing down, this is entirely normal when the Fed raises rates. The unrealistically low interest rates supported a robust Dow Jones for many years. In fact, the Fed raising rates from ridiculously low levels is a healthy development for the real economy.

 

[EagerBeaver]

Women Confronts Pruitt at Restaurant, Demands He Resign

https://www.cnn.com/videos/politics/2018/07/03/woman-confronts-scott-pruitt-sot-vpx.cnn

 

[rumpleforeskiin]

Rumple, the four high tax states that you mentioned as solid Blue also have Republican Congressional districts.

You are correct. However, as has been widely observed Trump only cares about his own ass. Many of the R congresspeople in these states are endangered and will lose their seats come November, at least in part to Trump's conscious punishing of states that didn't vote for him.

 

[sambuca]

Rumple, I am actually uncomfortable with personalizing political issues. Doesn't matter if it's Trump. Doesn't matter if it's Obama. People should voice their concern or dislike for policies, but not get bogged down into thinking an evil President is pulling the levers on everything wrong happening with America. Obama's detractors often blamed him for ridiculous things too.

So with that, I don't think Trump wrote away the state tax deduction or was even smart enough too.

 

[rumpleforeskiin]

You are correct that he was not smart enough to, but he didn't write the bill.

Note also that the new tariffs coming down from Canada, the EU and China hit particularly hard in Trump country. You can bet your last loony that that is quite intentional.

As for not personalizing politics, I would agree with you. Unfortunately, the current President, whose entire agenda revolves around undoing all of the accomplishments of his black predecessor no matter who gets hurt in the process, does not.

 

[jalimon]

Discovered tonight that Scott Pruitt is only 50! Jesus Christ funny thing is I tough he looked all right... for a 65 year old dude haha

Cheers,

 

[EagerBeaver]

Cohen: Trump Isn't Pardoning Me

Why would Cohen be talking about getting or not getting a pardon unless he believes he has committed a pardonable offense?

https://www.cnn.com/2018/07/05/politics/michael-cohen-friends-pardon-donald-trump/index.html

 

[Doc Holliday]

Discovered tonight that Scott Pruitt is only 50! Jesus Christ funny thing is I tough he looked all right... for a 65 year old dude haha

Cheers,

Wow! Same here!!! He's really only 50???

 

[Doc Holliday]

Why would Cohen be talking about getting or not getting a pardon unless he believes he has committed a pardonable offense?

Good point. Maybe Michael Avenati was right about Cohen: he ain't very smart. Avenati refers to him as a total dufus and totally incompetent.