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Trump’s 4 Biggest Lies about Today’s Economy


#1

Trump’s 4 Biggest Lies about Today’s Economy

Robert Reich

Trump is putting out 4 big whoppers about today’s economy. Here’s what he’s saying, and here’s the truth:

1. “Best job growth ever.” Wrong. Job growth has actually slowed. In the last 19 months of the Obama administration the economy created 3.96 million jobs. In the first 19 months of Trump’s, 3.58 million.


#2

Reich is kind of picking at straws here. Yeah, we all know Trump is a liar, but he’s not too far off the mark with this set of lies.


#3

HI,

Interesting. A story: I was in DC in June and the “keynote” was given by a White House Critter. His name is not significant. He told us GDP increase is the real metric. He also said that President Obama had few good quarters, and Trump was getting 2.6 this quarter, while Obama only got 2.59 for the same quarter two years ago. He also claimed that you had to shop around for GDP data, and he has gotten to trust the Dallas Federal Reserve Bank, and the numbers they post. Sort of shopping around until you fine something which looks good. There was no scientific approach, like getting an “average” number with a standard deviation. Just pure, false news. We need to know that all those cars sitting at the thousands of GM dealers are “sold”. Now the truth is that GM has more than its annual production capacity sitting in that “sold” mode, like, maybe, “maybe will be sold some day”. Gross Domestic Product could be a useful idea, but when dealing with pirates, it makes sense to count and bite the gold before you believe a thing


#4

Trump’s 4 Biggest Lies:

  1. I hire only the best people,
  2. I did not have sex with all those women,
  3. My administration is running like a finely tuned
    machine,
  4. I am a stable genius.

#5

Wrong-2nd 1/4 GDP was just revised upward to 4.2% and 3rd 1/4 GDP is estimated to come in around 4.8%

Old Bob, who once came across as level headed, has now joined the ranks of the unhinged.

Many years ago, Johnny Rivers had a big hit about living on “The Poor Side of Town”. Today, a lot of Americans seem to be living on the other side of town, the part of the city where people are too busy to dwell on every little this and that coming out of Washington.

It’s like we live on two different planets: One side is obsessed with everything Trump and the other part is busy living.

Today, we got some anything rather impressive news:

U.S. small business optimism surged to a record in August as the tax cuts and deregulation efforts of President Donald Trump and the Republican-led Congress led to more sales, hiring and investment, according to a survey by the National Federation of Independent Business.

The NFIB Small Business Optimism Index jumped to 108.8 last month, the highest level ever recorded in the survey’s 45-year history and above the previous record of 108 in 1983, set during the second year of Ronald Reagan’s presidency.

The August figure was up from a 107.9 reading in July.

That’s impressive.

It’s more impressive when you consider two things. First, most Americans work in a small businesses. Second, small businesses are the backbone of Hispanic communities, and many other minority areas.

So how do you reconcile this amazing report with the constant barrage of negative news? The easy answer is bias. The more relevant answer is that most Americans are not following these negative stories. Even fewer will read the Woodward book.

h/t Silvio Canto


#6

Thanks. I just read up on the National Federation of Independent Business (NFIB.)
Received million$$$ from Karl Rove’s PAC. Elected 22 (Republican) members to Congress, many of them endorsed by the Tea Party. NFIB challenged President Obama’s Affordable Care Act (ACA) all the way to the Supreme Court…where they LOST.

Congrats for cherry-picking this organization’s press release to use as the foundation of your latest screed. I will now continue to ignore your ignorant and biased rants.


#7

I was a member back in the day of the NFIB. They are a voice for small business men. Naturally they’re going to support pols that want lower tax rates and less regulation.

Aren’t we allowed to support organizations that share our beliefs?

I read comments here that use links from Mother Jones, HuffPo, TruthDig, The NYT and even further far left sources. If you choose to wall yourself off from opposing POVs, fine with me bub.


#8

Let’s face reality people, ever since Reaganomics the middle class has been royally screwed. Trickle down, or Golden Shower economics works about as well at improving the lower and middle class as tough love helps a person addicted to drugs.

“In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers.”


#9

Eisenhower tax rates:

"During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)

What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals making $200,000 or more per year or couples making $400,000 and above per year.

In 2015 dollars, that’s roughly $1.7 million for an individual and $3.4 million for a couple."

If someone were to suggest this rate today they would probably be called a socialist for doing what a Republican president did in the 50’s.

This is how far to the radical right this country has gone on economics.


#10

The one problem with purchasing power comparisons is that the quality of the goods purchased changes as well due to technology. Cars, for example, are much safer, more efficient, and last longer. The average home is about 50% larger than it was in 1964, etc., etc.


#11

Additionally, there were significantly more deductions and exclusions available to taxpayers than there are today. Notice that when Kennedy cut the maximum tax rates, collections went up, and the percentage of overall income taxes paid by the rich increased.