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The Trump Economy


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53 minutes ago, transplantbillsfan said:

Revision down of more than half a million jobs over a year span for "the Trump Economy."

 

Trump's averaging 34,000 fewer jobs per month added over his first 3 years vs Obama's last 3 years.

 

Stop it! You can try to cherry pick all of the different economic statistics but the one that really counts is wages. Wages are up, specifically for people on the lower end. 

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....let's fairly give credit where credit is due (COUGH).............

 

Larry Elder: Trump's economy is so good that Dems' new talking point is Obama built it

 

The "expert" predictions of economic disaster should Donald Trump win the 2016 election did not occur. Under Trump, the Dow Jones Industrial Average and Nasdaq composite have reached historical highs while unemployment for blacks and Hispanics have hit historical lows. In the wake of Trump's undeniable economic success, what is the 2020 Democratic Party argument for why voters should back their candidate over Trump?

The morning after Trump's election, Paul Krugman, economics professor and columnist for The New York Times, wrote: "Now comes the mother of all adverse effects -- and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks. 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."

During the 2016 campaign, Mark Cuban, billionaire owner of the NBA Dallas Mavericks, predicted that a Trump victory could cause not just a minor stock market decline, but one as high as 20 percent or more: "When you're flip-flopping, when you're not sure what the candidate's going to say from one thing to another, that uncertainty potentially as the president of the United States -- that's the last thing Wall Street wants to hear. I can say with 100 percent certainty that there is a really good chance we could see a huge, huge correction. ... It could be 20 percent. You know, now, with high-frequency trading, accelerating, strong moves in any direction -- it could be worse than that."

 

 

https://www.foxnews.com/opinion/trumps-economy-talking-point-obama-built-it-larry-elder

 

 

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On 2/7/2020 at 2:50 PM, 3rdnlng said:

People can go around and around about different statistics to try and prove their point. The one statistic that indicates the strength of the economy is wage growth. Wage growth is based on supply and demand and supersedes every other statistic. 

Yes, and wages go up when workers become scarce.  Wages started going up a bit higher when unemployment dipped below 4%. (There is also evidence that minimum wages increases have helped.)  As the unemployment data show, there has been a continuous decline as the expansion has continued.  Fortunately for Trump, the Fed stopped raising interest rates which would have caused a slowdown. 

 

The US economy will continue to muddle along at roughly a 2% growth rate (assuming no significant event occurs, like the virus accelerating).  Trump has done some good things (taking on China), but economic growth is not much different than it was under Obama...

image.thumb.png.418b42c13fc0dc4bca32692ba43ffa4d.png

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1 hour ago, TPS said:

Yes, and wages go up when workers become scarce.  Wages started going up a bit higher when unemployment dipped below 4%. (There is also evidence that minimum wages increases have helped.)  As the unemployment data show, there has been a continuous decline as the expansion has continued.  Fortunately for Trump, the Fed stopped raising interest rates which would have caused a slowdown. 

 

The US economy will continue to muddle along at roughly a 2% growth rate (assuming no significant event occurs, like the virus accelerating).  Trump has done some good things (taking on China), but economic growth is not much different than it was under Obama...

image.thumb.png.418b42c13fc0dc4bca32692ba43ffa4d.png

Rising wages make minimum wage increases moot. I see job wanted postings 2-3 dollars above minimum wage for what have always been entry level jobs. 

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On 2/6/2020 at 11:07 PM, transplantbillsfan said:

https://amp.cnn.com/cnn/2020/02/06/economy/trump-obama-jobs-comparison/index.html

During Trump's first 35 months in office, the US economy has gained 6.69 million jobs. But during a comparable 35-month period at the end of Obama's tenure, employers added 7.96 million jobs, or 19%, more than what has been added since Trump took office.

 

The average monthly gain so far under Trump is 191,000 jobs. During the last 35 months under Obama, employers were adding an average of 227,000 jobs a month.

 

...

 

 

And Trump's job record is not unique. A gain of more than 6.7 million jobs during a 35-month period has been common during the 80 years that the Labor Department has counted jobs. There are hundreds of overlapping 35-month periods of better growth on record.

 

At this point in his first and only term, Jimmy Carter had enjoyed a gain of about 10 million jobs. Employers added 8.5 million jobs during the first 35 months of Bill Clinton's term and 7.6 million jobs during the first 35 months of Lyndon Johnson's tenure, even though the labor force at that time was less than half the size of what it is today.

  Old labor "heavy" economy under Carter.  Obama had nowhere to go but up after the hard downturn during 2008.  If Mayor Pete can add 7M new jobs during his first 35 months I will have to give him credit, too.  Trump will not be the first nor the last to ignore the deficits.

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Rep. Clyburn just told Neal Cavuto that we do not have the best black unemployment numbers in history. Something about them being better during slavery times. We need to get this information to Joe Biden so he can explain to us the benefits of slavery. 

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On 2/15/2020 at 9:40 AM, OldTimeAFLGuy said:

....let's fairly give credit where credit is due (COUGH).............

 

Larry Elder: Trump's economy is so good that Dems' new talking point is Obama built it

 

Obama didn't build that.....someone else made it happen.

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The Economic Report of the President is out today (link is to PDF).

 

Two really important findings: the booming economy isn’t simply a straight-line continuation of the Obama economy

 

and the boom is also benefiting groups that have historically been excluded from economic benefit.

 

 

Another personally-gratifying finding is that deregulation will save American households $3,100 per household per annum over 5-10 years.

 

As many of these deregulatory reforms are ones we’ve been campaigning for over the past decade or so at CEI, it’s wonderful to see the benefits being realized.

 

by Iain Murray 

 

 

 

 

.

 

 
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https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

 

Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax rate.

 

Key Findings:

  • The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
  • 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
  • Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.
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50 minutes ago, section122 said:

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

 

Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax rate.

 

Key Findings:

  • The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
  • 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
  • Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.

Who cares what corporations pay in tax? Their profits eventually get to their stockholders and they pay the tax. 

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2 hours ago, section122 said:

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

 

Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax rate.

 

Key Findings:

  • The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
  • 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
  • Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.

 

In other news, a bunch of tax attorneys and accountants did their job. Film at 11.

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14 hours ago, section122 said:

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

 

Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax rate.

 

Key Findings:

  • The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
  • 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
  • Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.

 

It is always that way. Corporations only pay a fraction of the statutory tax rate. It was like that before Trump and will be like that after Trump. On average, it is usually about half of the statutory tax rate. 

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1 hour ago, KRC said:

 

It is always that way. Corporations only pay a fraction of the statutory tax rate. It was like that before Trump and will be like that after Trump. On average, it is usually about half of the statutory tax rate. 

 

Of course ignored in the article are the $$ billions of foreign profits that were parked overseas and were brought back to the US, thanks to the new tax code.  

 

It annoys the daylights out of me that people who failed basic math are spouting off on the tax code.

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On 2/20/2020 at 1:51 PM, section122 said:

https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/

 

Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax rate.

 

Key Findings:

  • The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
  • 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
  • Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.


What's your effective tax rate?

Edited by Chef Jim
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1 minute ago, GG said:

 

Of course ignored in the article are the $$ billions of foreign profits that were parked overseas and were brought back to the US, thanks to the new tax code.  

 

It annoys the daylights out of me that people who failed basic math are spouting off on the tax code.

 

Repatriation was big. Why would people bring money back to the US when it is more economically feasible to keep it in places like Ireland that have lower tax rates?

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7 minutes ago, GG said:

 

Of course ignored in the article are the $$ billions of foreign profits that were parked overseas and were brought back to the US, thanks to the new tax code.  

 

It annoys the daylights out of me that people who failed basic math are spouting off on the tax code.


People with a masters degree in math spouting off about the tax code annoys me. 

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Looks like virus fears will force the Fed to act on the downside again.  The 10-year treasury is once again lower than the 3-month, creating an inversion of the yield curve.  Despite recent comments by Fed officials that they are content with their current target rate, they won't have a choice.  Their next meeting is mid-March.

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