August 25, 2019; PROGRESSIVE STREET NEWS BYTES...Where Liberals Walk
Obama's deficit numbers yugely better than Trump's
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| Donald Trump and his favorite bank |
Republicans have run for cover since Donald Trump's budget deficit "is skyrocketing, projected to rise 25 percent over last year and heading to over $1 trillion next year." Here's the scenario...
"Tax revenues are $430 billion below where they were expected to be before the Trump tax cuts while spending is in drunken sailor territory adding $1.7 trillion in the next decade.”There's more from RawStory's Tom Boggioni...
“Put it another way, deficits have risen from a decade low of 2.4 percent over Obama to a projected average 4.7 percent of GDP over the next decade. Remember, all this is happening during the nation’s longest economic expansion when deficits should be shrinking.”Clearly, former President Barack Obama was doing something that T-rump can't seem to do: 'Run the country competently. How about Trump's tax cut that was eventually supposed to trickle down into the middle-class and lower; it has only made the wealthy even wealthier? And perpetual battle with China over tariffs that most recently has been judged as costing American consumers $1,000 annually in the near future? How about the fight with fed chairman Powell?
These are all issues given to us by the Oval Office lunatic who appears to be teetering on madness based on his maniacal tweets. It's not only the rich and corporations that will profit. Get this...
"Trump stands to save millions of dollars annually in interest on outstanding loans on his hotels and resorts if the Federal Reserve lowers rates as he has been demanding, according to public filings and financial experts."Pathetic Trump official defends tax budget/deficit...
That's why he is constantly on the back of fed chairman Jerome Powell, calling him every name in the book. Here's the deal on Donald Trump's potential savings on his hotel properties...
"The payments on all four properties vary with interest rate changes, according to Trump’s official financial disclosures. That means he has already benefited from falling interest rates that were spurred in part by a cut the Federal Reserve announced in July, the first in more than a decade — and his payments could drop by millions of dollars more annually if the central bank grants Trump’s wish and further lowers short-term rates."Once again we're talking about T-rump's buddies, Deutsche Bank, which was "one of Trump’s biggest lenders, sticking by the real estate mogul when other US banks refused to lend after he went through a series of bankruptcies." But are interest rates the most important threat to the economy?...
"most economists and business leaders say Trump’s trade war is the biggest threat to the economy, not interest rates, which are already at historically low levels."Yet Donald dufus plods right along with yet more tariffs, while pressuring the feds for lower interest rates that will benefit him. Go figure.
