Recession is upon us - disastrous economic data

[Big Blitz]

52 minutes ago, 4th&long said:

33 months the economy grew till Trump came along. Now that cu nt is trying to blame Biden. He needs to grow a pair. 

 

Fake and propped up - and there was a RECESSION.  They lied to you.  Still is btw..

 

 

You need to stop living day by day with everything DC.  But I’m all for your mental anguish, pain, and suffering.  So you…go!

 

Meanwhile…

 

 

 

[4th&long]

26 minutes ago, Big Blitz said:

 

Fake and propped up - and there was a RECESSION.  They lied to you.  Still is btw..

 

 

You need to stop living day by day with everything DC.  But I’m all for your mental anguish, pain, and suffering.  So you…go!

 

Meanwhile…

 

 

 

Ha ha ha ha ha. You try to play trumps game, just say anything and it's fact. Typical dumbass Maga. No one believes your sh it. Clowns. 

 

Edited Thursday at 12:11 AM by 4th&long

[Doc Brown]

2 hours ago, Big Blitz said:

An economy whose GDP is propped up by government spending —- for 30 years - is not an economy.  
 

It’s the end of the middle class.  
 

Things Democrats said 25 years ago.  
 

But they’re full fledged CCP commies now. 

The markets weren’t phased by the GDP news today - bc they were already factoring that in during the Great Recession of April 2 to April 21.  

Yeah.  They warned me about that 40 years ago.

3 hours ago, TH3 said:

Plus it won’t work

Goes without saying.

[Big Blitz]

1 hour ago, 4th&long said:

Ha ha ha ha ha. You try to play trumps game, just say anything and it's fact. Typical dumbass Maga. No one believes your sh it. Clowns. 

 

4th and Gone.  

 

That’s pretty much your M.O.

 

 

You supported the Weekend At Bernie’s President.  Among other things, that disqualifies you from life.  

 

[Roundybout]

2 hours ago, Big Blitz said:

 

Fake and propped up - and there was a RECESSION.  They lied to you.  Still is btw..

 

 

You need to stop living day by day with everything DC.  But I’m all for your mental anguish, pain, and suffering.  So you…go!

 

Meanwhile…

 

 

 

Can you please explain how supporting free trade is “communism”

[Andy1]

7 hours ago, leh-nerd skin-erd said:

How many thousands are you thinking?  2,000?  3,000?  12,000? 
 

And are you concerned generally about mandated expenses, or just the Trump tariff version?  Because…I’m thinking a reduction on govt mandated tax would go along way to softening the blow.  Income, sales, excise, etc…

I think the reports I’ve seen say an average increase in costs for a family of 3-5k per year. I haven’t seen any concrete proposals for reduction of taxes. 

[Westside]

8 hours ago, Doc Brown said:

It's never a good sign when an administration says to Amazon that showing the prices of the goods with tariffs to your consumers is a "hostile and political act" against our country.  Basically admitting that every reputable economist is right when it comes to tariffs. 

Only when it’s politicized like it is being now. I don’t remember all this bitching and whining the past four years from the leftists when EVERYTHING went WAY up in cost. Not a peep!

[Andy1]

15 minutes ago, Westside said:

Only when it’s politicized like it is being now. I don’t remember all this bitching and whining the past four years from the leftists when EVERYTHING went WAY up in cost. Not a peep!

Yes, because that was inflation, and everyone understood it was a combination of pent up desire to spend with international supply chain disruptions due to Covid. That happened all over the world with the US being better than many nations. Prices rising now are completely due to Trumps tax when he was hired by a majority of Americans to reduce prices for the average family.

[Big Blitz]

1 hour ago, Roundybout said:

Can you please explain how supporting free trade is “communism”

 

I think you should look deeper into 

 

“U.S. protectionist policies.”

 

Specifically - the Inflation Reduction Act

[Doc Brown]

39 minutes ago, Westside said:

Only when it’s politicized like it is being now. I don’t remember all this bitching and whining the past four years from the leftists when EVERYTHING went WAY up in cost. Not a peep!

I don't care about the talking heads.  Americans needed someone to blame for post Covid inflation and they voted in kind.  Now all Trump has to do after removing the Biden era regulations and extend the tax cuts is sit back and let the free market thrive.  Instead, he's going full Bernie Sanders on us with these tariffs.  I never though it would take a Republican president to convince people on the left to keep the government out of our lives as much as possible.

Edited Thursday at 03:23 AM by Doc Brown

[Big Blitz]

Remember the great crash that followed the 1922 Fordeny-McCumber tariff?

Yea me neither…..

 

 

 

…Consider tariff rates. Although the late Gottfried Haberler claimed in the 1970s that Smoot-Hawley had pushed tariffs to “skyscraper” heights, that is an exaggeration. It is hard to generalize about a bill that raised tariff rates on literally hundreds of separate items, but Irwin estimates that Smoot-Hawley raised the average tariff on imports subject to the tariff by 15–18 percent, an increase of about 6 percentage points. Irwin contrasts this increase with that caused by the Fordney-McCumber tariff bill of 1922, which raised the average tariff rate by a whopping 64 percent, or 13 percentage points. Of course, we had a boom in the 1920s, which is further evidence against the idea that tariff increases per se had much to do with economic decline.

 

 

https://www.cato.org/regulation/fall-2011/book-review-peddling-protectionism-smoot-hawley-great-depression

[Doc Brown]

12 hours ago, leh-nerd skin-erd said:

How many thousands are you thinking?  2,000?  3,000?  12,000? 
 

And are you concerned generally about mandated expenses, or just the Trump tariff version?  Because…I’m thinking a reduction on govt mandated tax would go along way to softening the blow.  Income, sales, excise, etc…

That's actual legislation that would have to passed through Congress.  There's already lawsuits in states and businesses across the country challenging whether Trump isn't abusing the International Emergency Economic Powers Act with his tariffs.  The stock market could see a lot of volatility based on the results of these lawsuits.  

[Roundybout]

8 hours ago, Big Blitz said:

 

I think you should look deeper into 

 

“U.S. protectionist policies.”

 

Specifically - the Inflation Reduction Act

This did not answer my question 

[LDD]

8 hours ago, Doc Brown said:

\  I never though it would take a Republican president to convince people on the left to keep the government out of our lives as much as possible.

 

Right!?  It's the EXACT opposite of what the right has preached forever.  

[Trump_is_Mentally_fit]

 

 

[Roundybout]

 

Good stuff!

[Big Blitz]

4 hours ago, LDD said:

 

Right!?  It's the EXACT opposite of what the right has preached forever.  

 

I want the IRS abolished.  The tax code reformed.  Under 200K pay no taxes.  Deregulate everything imaginable.  Cut corporate taxes.  
 

Tax imports.  Because we should be able to make what we need here.  Not outsourced to the CCP.  Which ultimately, should be the goal.  Not be at the mercy of Communist China.   

[Roundybout]

7 minutes ago, Big Blitz said:

 

I want the IRS abolished.  The tax code reformed.  Under 200K pay no taxes.  Deregulate everything imaginable.  Cut corporate taxes.  
 

Tax imports.  Because we should be able to make what we need here.  Not outsourced to the CCP.  Which ultimately, should be the goal.  Not be at the mercy of Communist China.   

Congrats on adopting the policy of the USSR. Sure, stuff costs more and it’s shite quality, but at least some meth head in West Virginia got to pull a lever on an assembly line all day. 

[Big Blitz]

1 minute ago, Roundybout said:

Congrats on adopting the policy of the USSR. Sure, stuff costs more and it’s shite quality, but at least some meth head in West Virginia got to pull a lever on an assembly line all day. 

 

How’s business in Western New York?  
 

Anything on the horizon?   
 

 

 

Manufacturing doesn’t mean 1940 assembly lines.  

[The Frankish Reich]

12 hours ago, Big Blitz said:

Remember the great crash that followed the 1922 Fordeny-McCumber tariff?

Yea me neither…..

 

 

 

…Consider tariff rates. Although the late Gottfried Haberler claimed in the 1970s that Smoot-Hawley had pushed tariffs to “skyscraper” heights, that is an exaggeration. It is hard to generalize about a bill that raised tariff rates on literally hundreds of separate items, but Irwin estimates that Smoot-Hawley raised the average tariff on imports subject to the tariff by 15–18 percent, an increase of about 6 percentage points. Irwin contrasts this increase with that caused by the Fordney-McCumber tariff bill of 1922, which raised the average tariff rate by a whopping 64 percent, or 13 percentage points. Of course, we had a boom in the 1920s, which is further evidence against the idea that tariff increases per se had much to do with economic decline.

 

 

https://www.cato.org/regulation/fall-2011/book-review-peddling-protectionism-smoot-hawley-great-depression

I don't know who is feeding you these links (I suspect it's one of your Twitter feeds), but it would do you good to actually read the cited article before reposting an unrepresentative clip from it. I spotted this right away because CATO - a libertarian think tank - would never suggest tariffs are benign.

Do you know by what percentage Trump's tariffs increased the average tariff rate?

I'll give you some time to look it up.

EDIT: Time's up.

 

https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/