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Was the 'Trump Economy' a Couple of Con Men's Mirage?

Did the Donald, with the Help of Rupert Murdoch's Wall St Journal, Fox Business & NY Post, Successfully Convince Americans into Thinking that the Donald was Responsible for an Economy that has Since Disappeared?

the illusion of the trump economy fox fake news ny post fake news wsj fake news trump's role in making us economySeptember 8, 2020 / NYC Neighborhoods / NYC Economic News / News Analysis & Opinion / Gotham Buzz NYC.

 

Donald Trump is nothing, if not one of the greatest con men in the world. He allegedly - duped donors with the Trump Charity, duped enrollees of Trump University into thinking he would teach them the magic of his 'money making miracles', duped investors and bankers alike about the magic of the Trump Taj Mahal casino, duped contractors into thinking he would pay his bills, duped law enforcement vis a vis his money laundering scheme [they eventually caught him], duped Trump SoHo buyers about some of the facts related to the real estate they were buying.

But the greatest con the Donald may have ever done, wasn't getting voters to choose him in lieu of Hillary Clinton in 2016 - as Hillary need be given some of the credit for that - but was the convincing of nearly half the nation to believe that the Donald has some kind of magic touch vis a vis the 'Trump economy'. An economy which Trump then proceeded to crash by his stupefying mismanagement of the CoVid pandemic and subsequent public-pay-a-lot-and-get-nothing-back stimulus bills. What the Donald and Murdoch's Fox & Fake News seem to omit from the narrative of the magic of the 'Trump Economy' is the trillions in debt that they have dumped upon America's children. And they seem to give scant credit to the free wheeling multi-trillion dollar machinations of the Federal Reserve, which have kept interest rates low and liquidity available in an economy presided over by a seemingly corrupt man with a history of six bankruptcies.

Republican Deceit & Phony Fiscal Conservatism

I’m going to start with recent history to show how the Donald has robbed America’s children by piling on public debt in order to give the super wealthy tax breaks, and subsequently doled out generous taxpayer funded stimulus checks, in order to gin up the economy to prop up his ailing reelection odds. And then I am going to work my way back to the early 1980’s, so we can debunk the myth that Republicans are fiscal conservatives - because the last fifty years shows that they are not.

Republicans are talking point fiscal conservatives who scream about it as it suits their campaign convenience, and this includes their mid semester Washington, D.C. play-acting theatrics which are sometimes used to showcase their phony fiscal conservatism. Neither party seems fiscally conservative, and only one president in the past fifty years has run a federal government budget surplus [Democrat Bill Clinton in tandem with a Republican Congress]. So I’m asking you to not let them fool you, because fooling the public is the one skill at which the politicians in the Senate, House and Executive Branches of government seem most adept.


Was the 'Trump Economy' a Couple of Con Men's Mirage?

Did the Donald, with the Help of Rupert Murdoch's Wall St Journal, Fox Business & NY Post, Successfully Convince Americans into Thinking that the Donald was Responsible for an Economy that has Since Disappeared?

the illusion of the trump economy fox fake news ny post fake news wsj fake news trump's role in making us economySeptember 8, 2020 / NYC Neighborhoods / NYC Economic News / News Analysis & Opinion / Gotham Buzz NYC. Continued.

 

Financial Failure by the Numbers - The Real Donald Trump Economy

In spite of all of his denials, Donald Trump inherited a fine economy from Obama / Biden. When Trump came to office there was low unemployment [4.7% in January 2017 which is better than 5% unemployment which is considered a full employment economy], growing GDP [following the Bush financial meltdown in 2008 - 2009 there was growth of 1.6% - 2.9% in gross national product which is the measure of our nation’s economic output], fairly low interest rates [prime rate of 3.75%] and a narrowing government budget deficit [$587 billion in 2016 vs $1.4 trillion in 2009]. Perfect it was not, and perfect it will likely never be, but the U.S. economy was chugging along.

So where are we today? Unemployment is at 8.4% [and declining], GDP is estimated to fall about 7% this year, the prime interest rate is 3.25% and the Donald can honestly lay claim to presiding over the largest federal government deficit ever in American history at $3.7 trillion. If that looks like a Trump train wreck - you’re not wrong.

A Poor Student, Who Doesn't Listen & Doesn't do his Homework

I can see why the Donald has fought so vehemently to keep his academic record sealed as I suspect the economic performance we see here, is probably what we'd see on his academic report card. But the statistics shown above are only the tip of the iceberg of Donald Trump’s colossal federal / economic / financial failure. Let’s crack open the hood and take a look underneath at the working parts of the engine.

I'll have more on this later, as we delve into the world of the Federal Reserve and tax policy and the long term debilitating effects of Trump's mismanagement of our nation's finances ... kind of like his own?








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