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Economy

The T in Trump stands for tariffs and trade wars

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During the 2016 GOP primaries, we were repeatedly reminded by the Trump cult about how, as a successful businessman, the New York liberal was the person America needed to “fix” an economy recovering from the financial meltdown of 2008.

I was never all that impressed with Trump’s track record of so-called business success, beginning with a family inheritance and a $1 million loan from his wealthy father, Trump “succeeded” by having more business failures than successes—including four bankruptcies—while achieving the self-proclaimed status as “the king of debt.”

If anything, Trump was exhibit A for what NOT to do to fix an economy. In fact, it was the business practices of real estate investors like him that led to the 2008 crash in the first place.

Yeah, I can hear the cult now telling me about the record-breaking stock market. While the market has climbed to all-time highs, it’s riding a bull market that began in 2009 under Obama. I guess that means Barry gets some of the credit too, right?

I can also hear the cult praising Trump for lower taxes and new jobs after the recently passed tax reform bill. They’re only half right. While individual rates are lower for many, there’s no way to predict how lower corporate tax rates will translate into new jobs; however, without a correlating reduction in spending, Trump’s tax plan will explode the country’s already massive debt.

But hey, maybe he can make America bankruptcy #5.

As a man who routinely sabotages his own agenda, Trump’s recently announced trade war could bring any progress he might have crashing down. On Monday, Trump announced YUGE tariffs on imported solar panels and residential washing machines in order to protect select US manufacturers of these products and to save jobs.

Tariffs have historically done more harm than good, however, with higher prices to consumers and LOST jobs being the result.

For example, when the Bush administration imposed tariffs on steel in 2002, prices for products using steel rose 40%, and there were additional price increases by domestic producers due to reduced competition. Bush’s tariff “saved” 1700 jobs but at a cost of approximately $800,000 each. Additionally, multiple tens of thousands of jobs were indirectly lost.

By the way, trade-wars can also hit agriculture big time according to Sen. Chuck Grassley because “if you take action against a particular country, there’s always a chance for retaliation. A lot of times, that retaliation is in regard to agriculture. And that’s very scary.”

Following Trump’s announcement, Sen. Ben Sasse reminded his GOP colleagues that tariffs are really just another tax on consumers, saying, “Moms and dads shopping on a budget for a new washing machine will pay for this—not big companies.”

The T in Trump stands for tariffs and trade-wars, but it stands for one more thing—a train wreck for the American economy.

Originally posted on The Strident Conservative.

 

David Leach is the owner of The Strident Conservative. His daily radio commentary is nationally syndicated with Salem Radio Network and can be heard on stations across America.

Follow the Strident Conservative on Twitter and Facebook. Subscribe to receive podcasts of radio commentaries: iTunes | Stitcher | Tune In | RSS

David Leach is the owner of The Strident Conservative, your source for opinion that's politically-incorrect and always "right." His articles can also be found on RedState.com. His daily radio commentary is nationally syndicated with Salem Radio Network and can be heard on stations across America.

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Economy

Obamanomics damaged the economy, and Trumponomics isn’t fixing it

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While Trump and the GOP want you and me to believe that Trumponomics has singlehandedly saved the US economy by reducing taxes and creating jobs, the reality for those of us living in the real world is quite different.

It was Mark Twain who once said, “There are three kinds of lies: lies, damned lies, and statistics.” When it comes to politicians in an election year, Mr. Twain could have been describing the Washington establishment owned and operated by the Republicans and Democrats.

No doubt you’ve heard the much-ballyhooed news that unemployment has dropped to its lowest level since 2000, coming in at 3.9%. But just as it was when Obama manipulated unemployment numbers to cover his pathetic economic policies, this recent jobs report has been manipulated to hide the truth about our very unhealthy economy.

Unemployment numbers can change for any number of reasons:

  1. People move from the unemployed category into the employed category
  2. The number of employed grows faster than the number of unemployed
  3. You simply add people to the employed category without changing anyone’s status
  4. You simply stop counting people in the unemployed category, making them magically disappear

When we consider that the number of jobs added in April was 164,000 while the number of unemployed dropped by 239,000, we can conclude that reason #4 is how the latest unemployment rate was manipulated to make things look better than they really are. Unemployment went down because the labor-participation rate fell to 62.8 percent after being 63 percent in February and 62.9 percent in March. Three consecutive months of declines.

Quite simply, when you are no longer working or looking for work, the government no longer includes you as a part of the equation to calculate the unemployment report.

Meanwhile, Trumponomics is also creating a slower growth rate than Trump is claiming while his tax cuts and record government spendingdespite the recent rescission cuts—is creating another threat to the US economy, an apocalyptic debt spiral adding trillions to the already unsustainable national debt.

Obamanomics caused a great deal of damage to the US economy, but Trumponomics isn’t doing anything to repair it; in fact, Trump’s plan will likely destroy what’s left of it.


Originally posted on The Strident Conservative.

 

David Leach is the owner of The Strident Conservative. His daily radio commentary is distributed by the Salem Radio Network and is heard on stations across America.

Follow the Strident Conservative on Twitter and Facebook. Subscribe to receive podcasts of radio commentaries: iTunes | Stitcher | Tune In | RSS

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Democrats

Forget lowering unemployment, Bernie Sanders will eliminate it!

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During his 2016 Democrat primary campaign, Bernie Sanders was “absolutely sympathetic” to the idea of a universal basic income; however, he felt that his plans for a $15/hr. minimum wage, expanding Social Security to pay for guaranteed healthcare, and providing free college would do more than creating just another government handout.

But now Bernie has apparently found a way to accomplish his goals as well as the goals of the universal basic income crowd.
Yesterday, we learned that the self-proclaimed Democratic-Socialist is ready to announce a plan that will guarantee every American “who wants or needs one” a lifetime government job paying at least $15/hr. and proving paid family and medical leave plus retirement, health, and vacation benefits.

While the details are still being worked on, Bernie has admitted that he currently has no idea exactly how much his plan will cost or where the money to pay for it will come from. However, if his 2016 campaign is any indication, the cost will be irrelevant, and the money to pay for it will come from “the billionaires and oligarchs” he refers to as the “top one percent of income earners.”

While it would be tempting to shrug off Bernie’s plan as the rantings of a socialist loon living to the left of the left-wing, we should remember how his Marxist beliefs concerning income inequality caught fire with a generation of Constitutionally ignorant voters raised on the socialist ideology taught in today’s public schools indoctrination centers.

And a poll conducted during the 2016 primary season showed that a majority of millennials rejected capitalism.

Democrats would see a huge voter advantage by creating a new state-run workforce dependent upon them for their jobs. And politicians from both parties would have a new voter-bloc to advance their ideological and political agendas.

Bernie’s plan is being called a guaranteed-jobs program, but the only guarantee it gives us is the destruction of capitalism and Constitutional America.


Originally posted on The Strident Conservative.

 

David Leach is the owner of The Strident Conservative. His daily radio commentary is distributed by the Salem Radio Network and is heard on stations across America.

Follow the Strident Conservative on Twitter and Facebook. Subscribe to receive podcasts of radio commentaries: iTunes | Stitcher | Tune In | RSS

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Culture and Religion

PragerU: As the Rich Get Richer, the Poor Get Richer

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The rich are getting richer, and the poor are… also getting richer. What’s driving this wealth creation process? In this video, Daniel Hannan explains why it is capitalism — and capitalism alone — that has led to the unprecedented enrichment that is the central fact of Western life.

As the Rich Get Richer, the Poor Get Richer

Published: Apr 9, 2018

 

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