Obama Policies Boost Economy, Trump Claims Credit.

On Wednesday, U.S. government experts had something good to say, for a change.

Our economy has expanded at a 3.3 percent annual rate in the third quarter. We have performed beyond expectation slightly, three-tenths of a percent faster than their first estimate.

The economic recovery since the 2007-2009 recession is now in its eighth year and showing little signs of slowing down.

The recovery is primarily being powered by a tightening labour market. This has allowed for the maintenance of the strong performance that started during former President Barack Obama’s first term.

The growth rate we are seeing now is in line with the nation’s recovery and with President Obama’s targeted goal. However, unlike President Obama, Trump doesn’t understand that this will fluctuate. Economists generally see such a pace as unsustainable and expect growth to slow sometime in 2018. Trump sees it as proof that he’s making everything great, all the while plotting happily to destroy it.

The Senate Budget Committee advanced its bill Tuesday, sending it to the full chamber for a vote later this week.

Weighing in in favour of the bill was Jan Hatzius, chief economist at Goldman Sachs.  Unsurprisingly, he thinks the new tax plan is a great idea. Make your voices heard any way you can think up, folks.

The administration’s remaining supporters gesture limply toward stock market returns. But the stock market is not the only measure of the economy, nor even a particularly reliable one.
If the market’s history teaches us anything, it is that markets go up and down. A market disaster may wait just over the horizon. Trump has promised to blame the judicial branch if we experience another terrorist attack. One wonders where he’ll find a scapegoat when stock markets fall, the real estate market slows, or inflation takes off? What sort of a goat could even do all that anyway?
Temporary deficit spending can sometimes help the economy. Economist Paul Krugman cites the 2008 financial crisis as an example when unemployment was very high.
The Federal Reserve—normally our first line of defence against recessions—had limited ability to act, because the interest rates it controls were already very close to zero. That was a time for serious pump-priming; unfortunately, we never got enough of it, thanks to scorched-earth Republican opposition.”
Our economy is very different in 2017. Unemployment is near historic lows. Quit rates, which show how confident workers are in their ability to find new jobs, are back to pre-crisis levels. Wage rates are rising at last, and the Federal Reserve has begun raising interest rates. If we just keep walking straight, we’ll be fine.
Krugman had the following to say on the matter.
“Whether or not we’re back to full employment is for the economists to debate”, but “the economic engine no longer needs a fiscal jump-start. This is exactly the wrong time to be talking about the desirability of bigger budget deficits.”

Trump’s recklessness and slovenly manner of governing set fire to the foundations needed for sustained national economic growth. If the Trump administration continues to stoke fear, it may soon do exponential damage to the fundamental legal and cultural infrastructure that made America a great place to invest and do business.

Quinnipiac University released a new poll about this on Wednesday. Most Americans know to give credit to former President Obama for the current state of the U.S. economy than to Trump, although it should be fairly conceded Trump’s constant boasting has had some effect. Constantly assuming credit over his betters, he has convinced some people through sheer repetition that he can take credit for this somehow, and that’s where we come in.

Trump’s policies are going to lay waste the good work that President Obama spent eight years on.

Tax plans are confusing. They tend to be full of numbers and technical jargon. They give the gift of throbbing temples to most of us. But one thing, at least, is easy to grasp. It’s going to hurt the middle class terribly. This plan is legislative savagery at its worst.

Trump’s tax plan is much like his other policies. Ill-conceived, worse planned, and terrible for very nearly everyone. The CBO report speaks for itself. It’s really more of a tax plot.

As expected, the plan would help the wealthy at the direct expense of the middle class. It will actively hurt the poor. It is also known that foreign oligarch investors, including many from Russia, will be the beneficiaries.

The tax break improves for each income level, meaning that the people who need the most help get the least of it. The top 1 percent would get an 8.5 percent break.

“This nasty and backwards budget green lights cuts to Medicare and Medicaid in order to give a tax break to big corporations and the wealthiest Americans. It shifts the burden from the wealthy and puts it squarely on the back of the middle class, and blows a hole in the deficit to boot,” said Senate Minority Leader Chuck Schumer.

“I think it will go down in history as one of the worst budgets Congress has ever passed.

In full agreement are the more than 400 millionaires and billionaires who are reportedly asking Congress not to cut their taxes.

The group, which includes doctors, lawyers and chief executives, plans to send a letter to Congress and ask that their taxes not be cut under the GOP tax overhaul, The Washington Post reported.

Those of us with sense enough to stand against these cuts must speak out. Loudly, and now. If not, then Medicare, Medicaid and other safety net programs will be gutted and burned. All so that the GOP can pay out a tax cut to the ones who need it the least. We will fight this to the end, and we will bear witness.

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