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Politics : The Trump Presidency
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To: FJB who wrote (76891)6/12/2018 12:33:48 AM
From: Sam1 Recommendation

Recommended By
John Koligman

   of 359258
 
I have always said that the tax cut would goose the economy in the first year or two. The problem is that after that there will be a bust. Trump will take us back to a boom and bust economy after we've had a slow but steady growth economy under No Drama Obama. The economies will mirror the presidents that presided over them.

Essentially, we will be borrowing growth from the future. But it will come at a great cost: the deficit and debt will mushroom. The full extent of it won't even be seen in the first year (this year, 2018) because all of those companies that are bringing back dollars from overseas have to do it this year and will pay taxes on it, so that will blunt the full effect of the cut on the deficit. It will be bad this year in that the Treasury will be borrowing a trillion or more dollars more than was projected a year ago, but it will even be worse next year and in the out years.

That has always my prediction and so far nothing that has happened has falsified it. You guys crowing about a strong economy is like the first 2 or 3 years of the Iraq fiasco and the "Mission accomplished" sign on the aircraft carrier. It is short term nonsense. For some reason, you don't seem to be able to see the longer term consequences of policies even when it is obvious.

I'll mark this post with ten asterisks. Hopefully, I'll remember it in about 2 or 3 years and remind you of it.
**********

Or you can remember it and remind me of it if I prove to be wrong.
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