Economic Reports State America Is Headed For A
Recession Prompting A Response From President Trump
August 23. 2019
Wall Street in New York
This is a follow-up to the October 17, 2017
Judiciary Report article "Tax Cuts For The Rich In America Is A Bad Idea At This Time"
where I stated tax cuts for this rich was a bad idea then, due to
the state of the economy that was still damaged from the George W.
Bush years. Fast-forward almost 2-years and economists are now
stating what I was trying to warn of in 2017, America is headed for
a recession.
In the aforementioned article 2-years ago, I warned
the then-proposed $1.3 trillion in tax breaks would not fix the
economy and lead to the rich hoarding money. In 2018 when they
received the tax breaks, they began hoarding money on a personal and
corporate level just as I'd predicted. I wasn't being a pessimist or
malicious. I saw where things were going and sounded the alarm.
When they received the corporate tax breaks, most
major U.S. corporations did not use it to hire as many people as
possible. Many bought back their own stock. Executives were given
bonuses. A token amount of people were hired. The rich enriched
themselves, while lower level workers got the short end of the
stick.
To be fair, the Apple corporation has pledged to
hire 50,000 new people, which helps, but is not enough to keep a
large economy like America going. The economy showing growth should
not be incumbent upon a handful of companies shouldering most of the
responsibility for creating jobs. Corporate America is not doing
enough.
Amazon has made promises, but they don't treat their
employees very well and have destroyed more mom and pop stores in
America than any entity, via undercutting them. This has caused
millions of job losses over the past decade. Amazon is also
implementing new measures to eliminate smaller sellers from its
platform. Amazon's definition of small is not so miniscule. They
seek to focus on companies with millions of dollars in revenues.
Last year, I also warned against a trade war with
China, as they are in much more of a position to withstand it (President Donald Trump Calls Truce On Trade War With China).
However, after calling truce on the trade war last year, President
Trump resumed it a month ago. 2-weeks ago I
revisited the subject.
The trade war is costing farmers, fishermen and online merchants in
America profits to the tune of billions.
I predict there will be significant financial
problems regarding the federal government. Some bad seeds were
planted during the George W. Bush years in office, which will sprout
up, coming to full maturation. Bush really was one of the worst
things to happen to America.
Previously in 2006, I predicted the 2008 financial
crisis via my
Sound Off Column website and in 2007
via this article.
For more timely articles, please read my
site exclusives.
STORY SOURCE
Trump dismisses
recession
warnings: 'I always find a way to win'
08/23/2019 08:19 AM EDT - Updated 08/23/2019 08:32
AM EDT - President Donald Trump on Friday suggested he will
personally stave off any downturn in the U.S. economy, boasting that
he will “always find a way to win” as financial indicators point
toward a possible
recession.
“The Economy is strong and good, whereas the rest of the world is
not doing so well. Despite this the Fake News Media, together with
their Partner, the Democrat Party, are working overtime to convince
people that we are in, or will soon be going into, a Recession,”
Trump tweeted.
“They are willing to lose their wealth, or a big
part of it, just for the possibility of winning the Election,” he
continued. “But it won’t work because I always find a way to win,
especially for the people! The greatest political movement in the
history of our Country will have another big win in 2020!” The posts
from the president follow a report Thursday by The Washington Post
that White House officials briefed Trump earlier this month on
internal forecasts showing the economy decelerating over the next
year as he competes for reelection.
POLITICO reported Tuesday that acting White House
chief of staff Mick Mulvaney told Republican donors at a fundraising
luncheon in Wyoming this week that a potential recession would be
“moderate and short” if the economy were to face such a
crisis...Although Trump claimed Tuesday he has "been thinking about"
the prospect of slashing payroll taxes, he backtracked Wednesday,
telling reporters: “I'm not looking at a tax cut now.”
https://www.politico.com
Trump blasts Federal Reserve, threatens to
escalate trade war with China
Aug. 23, 2019 9:36 AM - President Trump on Friday
slammed the Federal Reserve leader as an “enemy” and unleashed a
flurry of tweets attacking China after Beijing announced retaliatory
tariffs on U.S. products. In a heady morning that sent stock markets
tumbling, Trump lit into Jerome H. Powell, whom he appointed as
chairman of the U.S. central bank, after Powell stopped short of
committing to make more interest rate cuts.
Trump also promised to respond to China’s
counter-tariffs later Friday and tweeted that he had “ordered”
American companies “to immediately start looking for an alternative
to China.” The statement has no force since it goes far beyond a
president’s authority, but it indicated the depth of Trump’s
agitation over his failure to prevail in a trade war with China that
he had once predicted would be “easy.”...
Trump and his economic team have been increasingly concerned
about the economy, which is weakening and could foil Trump’s
reelection bid if it were to fall into
recession.
The president has said he is considering tax cuts and other ways to
bolster growth, but at the same time he has become more strident
about his costly trade war with China.
https://www.latimes.com
U.S. created 500,000 LESS jobs last year than
initially reported, according to revised figures that weakens
Trump's claim his tax cuts stimulated hiring
The revision in jobs numbers was reported in new data released on
Wednesday by the Bureau of Labor Statistics
Report found that 501,000 fewer jobs were created in 2018 and in the
first three months of this year
The figures essentially weaken President Donald Trump's claim that
his tax cuts in 2017 stimulated hiring
Retail, business services and hospital sectors experienced the
biggest revisions
Published: 23:24 EDT, 21 August 2019 | Updated:
02:43 EDT, 22 August 2019 - Employers in the U.S. actually created
500,000 fewer jobs last year than was initially reported. The
revision in jobs numbers was reported in new data released on
Wednesday by the Bureau of Labor Statistics. The report found that
501,000 fewer jobs were created in 2018 and in the first three
months of this year. The figures essentially weaken President Donald
Trump's claim that his tax cuts in 2017 stimulated hiring...
Analysts have warned that a slowdown, if not
full-blown
recession,
could hit before next year's election. Trump, however, has largely
praised the economy's performance and his handling of it...
https://www.dailymail.co.uk
Stocks plummet after Trump vows to retaliate
against China's latest tariffs
Aug. 23, 2019, 12:09 PM - Stocks spiraled downward
on Friday after President Donald Trump tweeted that the US would
retaliate against China's latest round of tariffs. Markets began the
day lower after China announced before the open that it planned to
impose tariffs on $75 billion worth of US products.
Those losses were pared before Trump's comments,
after Federal Reserve Chairman Jerome Powell didn't rule out further
rate cuts this year during his speech at the central bank's annual
symposium. Stocks tumbled on Friday after President Donald Trump
unleashed a flurry of tweets threatening to amplify the trade war in
response to China's latest round of tariffs...
https://markets.businessinsider.com
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