Experts predicted economic Armageddon under Trump — where are they now?

  
Via:  make-america-great-again  •  3 weeks ago  •  15 comments

Experts predicted economic Armageddon under Trump — where are they now?
The latest unemployment report has joblessness at 3.6%. Where is the Trump Armageddon Squad now? What’s even more egregious is that the same folks predicting the end of the world refuse to provide sane analysis of radical proposals dribbling out of the mouths of the Democrats. They report on Medicare-for-All, the Green New Deal and college debt forgiveness as if these cockamamie ideas will have no impact on the economy.

S E E D E D   C O N T E N T


The economy is strong, unemployment is low and wages are rising, according to the latest economic data released Friday, which is in stark contrast to what the vast majority of elite economic opinion predicted just a few years ago from a Trump presidency.

The latest unemployment report has joblessness at 3.6%. Where is the Trump Armageddon Squad now?

What’s even more egregious is that the same folks predicting the end of the world refuse to provide sane analysis of radical proposals dribbling out of the mouths of the Democrats. They report on Medicare-for-All, the Green New Deal and college debt forgiveness as if these cockamamie ideas will have no impact on the economy.

First some full disclosure: While I was never a naysayer in the camp of Paul Krugman, I was never fully aboard the Trump economic train. I worried about his occasional dumb, offhand remarks on finance — he once blurted out he could renegotiate debt payments without understanding it was a form of default, which would lead to massively higher interest rates and lots of bad stuff to follow.

I continue to worry about his trade policies; while it’s fine to call out China for its bad behavior, going to trade war with the world as Trump sometimes suggests will lead to higher unemployment and inflation. Sometimes it seems Trump doesn’t understand that US manufacturers need Chinese buyers.

But I have read enough economics from the likes of Milton Friedman and F.A. Hayek (and yes, those great economists who put it to practical use such as Jack Kemp and Ronald Reagan) to know there was plenty good in the Trump plan that he ran on back in 2016 and continues to propose today.

That’s why unemployment is where it is: Cutting taxes on individuals and businesses often propels economic growth because people — not inefficient governments — make the best decisions about where to allocate capital. And I said as much on these pages both before and after Trumps presidency.






Job growth surged in April, unemployment rate falls to 49-year low







Not so for many of my fellow pundits. For example, if you relied on the Washington Post just a month before Election Day 2016, you would think the economy was on the brink of disaster. “A President Trump Could Destroy the World,” screamed one headline from its editorial page, which predicted economic collapse because of Trump’s nationalist trade policies, ignoring, of course, he was proposing one of the largest fiscal stimuluses in years though his tax plan and deregulation.

Politico wrote that “Wall Street is set up for a major crash if Donald Trump shocks the world on Election Day and wins the White House,” in a piece citing various economists.

These geniuses believed a day of market volatility when it seemed like Trump might beat Hillary Clinton was evidence that stocks wouldn’t recover once the massive corporate tax cut from a Trump presidency kicked in (which is exactly what happened after futures sold off on election night).

No list of bad calls on the Trump economy would be complete without mentioning the not-so-sage words of The New York Times in-house economist and columnist Krugman.

It wasn’t too long ago that Krugman won the Noble prize in economics, which is startling given this bizarre post-Trump election prediction: “So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”

What school of economics was he following? Krugman doesn’t really say even as he continues to spew dreck predicting a severe economic collapse that never seems to come.

Again, we all make mistakes, and even a few of the Trump doubters such as entrepreneur Mark Cuban (famous for tweeting, “In the event that @realDonaldTrump wins, I have no doubt in my mind that the market tanks”) have more recently owned up to theirs.

The vast majority haven’t. Even worse they have ignored the revolutionary dumb economics of Bernie Sanders, Elizabeth Warren and other Democratic candidates, who if in the driver’s seat, would really steer the economy and the markets over the cliff.

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XXJefferson#51
1  seeder  XXJefferson#51    2 weeks ago

“But I have read enough economics from the likes of Milton Friedman and F.A. Hayek (and yes, those great economists who put it to practical use such as Jack Kemp and Ronald Reagan) to know there was plenty good in the Trump plan that he ran on back in 2016 and continues to propose today.
That’s why unemployment is where it is: Cutting taxes on individuals and businesses often propels economic growth because people — not inefficient governments — make the best decisions about where to allocate capital. And I said as much on these pages both before and after Trumps presidency.






Job growth surged in April, unemployment rate falls to 49-year low





Not so for many of my fellow pundits. For example, if you relied on the Washington Post just a month before Election Day 2016, you would think the economy was on the brink of disaster. “A President Trump Could Destroy the World,” screamed one headline from its editorial page, which predicted economic collapse because of Trump’s nationalist trade policies, ignoring, of course, he was proposing one of the largest fiscal stimuluses in years though his tax plan and deregulation.
Politico wrote that “Wall Street is set up for a major crash if Donald Trump shocks the world on Election Day and wins the White House,” in a piece citing various economists.


These geniuses believed a day of market volatility when it seemed like Trump might beat Hillary Clinton was evidence that stocks wouldn’t recover once the massive corporate tax cut from a Trump presidency kicked in (which is exactly what happened after futures sold off on election night).
No list of bad calls on the Trump economy would be complete without mentioning the not-so-sage words of The New York Times in-house economist and columnist Krugman.
It wasn’t too long ago that Krugman won the Noble prize in economics, which is startling given this bizarre post-Trump election prediction: “So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”



What school of economics was he following? Krugman doesn’t really say even as he continues to spew dreck predicting a severe economic collapse that never seems to come.”

 
 
 
XDm9mm
2  XDm9mm    2 weeks ago

The economic 'theorists' have used the last of their pseudo-intellectual capital and are floundering around in oceans of economic success trying to discover exactly how they could have been so wrong, so often for so long.

Theory vs reality.  Reality "TRUMPS" theory every day. (I simply couldn't resist the pun.)

 
 
 
XXJefferson#51
2.1  seeder  XXJefferson#51  replied to  XDm9mm @2    2 weeks ago

Krugman has left objective economics behind, and is nothing more than a political hack using his old background for so called credibility.  Democrats are left with simply rooting against America and Americans economic success for their own political survival. 

 
 
 
βΔĐ₣ƗŞĦ ĦΔŇĐ Ø₣ ĐØØΜ
3  βΔĐ₣ƗŞĦ ĦΔŇĐ Ø₣ ĐØØΜ    2 weeks ago

The new conspiracy is that corporations purposely tanked the Obama economy and now Trump looks good.

How retarded is that conspiracy?

Read Bob's new article, it's right in that zone. Keynesian economists have been so wrong they are now blabbering insane conspiracies with zero evidence.

Obama's economic policy was awful. It's not complicated 

 
 
 
XXJefferson#51
3.1  seeder  XXJefferson#51  replied to  βΔĐ₣ƗŞĦ ĦΔŇĐ Ø₣ ĐØØΜ @3    2 weeks ago

They are mad that American corporations kept the proceeds from their money earned overseas from their business done overseas overseas and reinvested it over after paying taxes there rather than pay a global tax at 35% to bring it home.  They had a fiduciary responsibility to us shareholders not to bring any more back under those terms than they absolutely had to do.  It was cheaper to borrow money and finance/deduct the debt to grow or re invest here than to bring it back.  With the Lower rate and no more global tax cost to bring money back home, repatriation has increased 20 fold.  Obama had every opportunity with a GOP Congress to have lowered corporate and small business tax rates at any time and he did not.  It doesn’t take a genius to figure out that corporations would repatriate more money at 21% than at 35%.  Democrats should have figured that the revenues to the federal government for 21% of a lot is more than 35% of next to nothing but for them it was never about revenue but always about tax “fairness “ and social justice. 

 
 
 
The Magic Eight Ball
3.2  The Magic Eight Ball  replied to  βΔĐ₣ƗŞĦ ĦΔŇĐ Ø₣ ĐØØΜ @3    2 weeks ago
The new conspiracy is that corporations purposely tanked the Obama economy and now Trump looks good.

if trump had not deleted thousands of obamas regulations?  they might could have a point.

all they have now is hot air.

cheers :)

 
 
 
XXJefferson#51
3.2.1  seeder  XXJefferson#51  replied to  The Magic Eight Ball @3.2    2 weeks ago

Trump provided the real stimulus that was needed for a real economic recovery/ expansion.  

 
 
 
lib50
3.2.2  lib50  replied to  XXJefferson#51 @3.2.1    2 weeks ago

Please show us.  Show us a graph of the timeline of his policies and how it changed the already rising trajectory Obama put us on. 

 
 
 
Split Personality
3.2.3  Split Personality  replied to  The Magic Eight Ball @3.2    2 weeks ago

The only word we have for killing "thousands" of regulations comes from Trump himself.

Regulations are hard to kill but easy to stall, submit for review, etc.

It's actually pretty complicated math. Bloomberg did a great article on this, and let me break it down a little bit. So, only a handful of regulations have actually been taken off the books under the Trump administration. A lot of the things that are included in that 1,500 number involve stopping proposed rules that hadn't actually made their way onto the books yet. The White House says it has killed or stalled 860 pending regulations. It's withdrawn 469 and it's listing another 109 as "inactive" and relegated 282 of them to "long term." So it's not as simple as just killing regulations. The Bloomberg News review found hundreds of the regulations that the White House is talking about in this deregulatory tally were pending regulations that had actually been effectively shelved before Trump took office. Part of why there's not as many that have just been straight up killed is that it actually takes a lot to undo a regulation you have to go through a long process. There's a notice-and-comment period and discussions, and you need to justify that you have the technical grounds for repealing a rule. So, it can't just be that you don't like a rule, and it's not as easy as just taking out an eraser. https://www.marketplace.org/2018/01/19/economy/how-many-regulations-has-trump-actually-killed
 
 
 
 
The Magic Eight Ball
3.2.5  The Magic Eight Ball  replied to  Split Personality @3.2.3    2 weeks ago
The only word we have

move along... im not playing your games.

cheers :)

 
 
 
Split Personality
3.2.6  Split Personality  replied to  The Magic Eight Ball @3.2.5    2 weeks ago

Facts versus opinions?

Facts versus emotions?

Cheers jrSmiley_4_smiley_image.png

 
 
 
XXJefferson#51
3.2.7  seeder  XXJefferson#51  replied to  Split Personality @3.2.6    2 weeks ago

With their claims of economic Armageddon and a coming recession buried in a mass of positive data released by the government Friday, Democrats are desperately attempting to explain away economic reality by falsely claiming the Trump economy is benefiting only the rich...

Of course, American are feeling the impact of meaningful economic growth. When President Trump took office, there were nearly 2 million more people unemployed than job openings. In February, the most recent month for which the data are available, there were nearly 900,000 more job openings than people unemployed.

We’ve gone from an economy where the biggest problem was too many people unemployed and not enough good quality jobs to one where the biggest problem is that businesses can’t find enough employees to fill the open high-quality jobs.

This isn’t rocket science. When employees compete with each other for jobs, wages stagnate or decline. When employers compete for employees, wages increase.

That competition for employees is what’s driving wages up under President Trump. The lack of competition for employees in the Obama-Biden years is precisely what caused wages to stagnate. https://www.foxnews.com/opinion/andy-puzder-trump-economy

 
 
 
Snuffy
4  Snuffy    2 weeks ago

Well of course it's been a complete economic armageddon with Trump leading the charge.  Just look at my personal evidence.  I'm still employed in that nasty heartless industry where I have worked for the past 20 years. I own my house, I only own one car. My personal bank accounts are still slightly less than six digits. My 401k has only exceeded seven digits and other retirement accounts are only half of what that value is. And to top it all off I got to keep more of my own money due to the recent tax cuts.

I mean,  just think how well off I could have been if only our saviour, HRC had gained the white house as she was promised...                        /s

 
 
 
XXJefferson#51
4.1  seeder  XXJefferson#51  replied to  Snuffy @4    2 weeks ago

I’m on a much smaller scale but much the same story.  Only half equity in my home and smaller balances all around.  I’ve benefitted from the Trump tax cuts and economy and kept more of my own money too.  If Trump wins re election, I may well retire comfortably when he leaves office.  If not, I see myself working to the day I die with no satisfactory retirement or laid off too soon and end up retired in poverty.  I’m putting all I can in Roth 401k and IRA’s as I’d rather pay 12% now until I get near retirement than pay 15% or whatever a democrat raises it to after I retire and have to pay on older traditional 401k and IRA money as I have to withdraw it.  

 
 
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