Those benefiting immediately from "the growth in wages over the past three years" lost more than they gained. A wealth transfer from "everybody" to the wealthiest 75,000 households was sold as an unprecedented economic "boom". The "repatriated profits sitting offshore" were devoted, post corporate tax cuts, to a $2 trillion stock buyback in 2018 and 2019. Capital investment declined.
The top ten percent of households own 84 percent of the stock shares.
Donald Trump loves to trumpet the hot U.S. stock market as a key achievement of his presidency, and he was in full self-congratulatory mode on that front during Tuesday night's State of the Union address.
www.reuters.com
There were no spending offsets associated with the 2017 Trump party personal and corporate tax cut legislation. Spending increased, Trump bragged of "his" big, beautiful, rebuilt military.
The Union-Leader is a famously conservative newspaper due to the outsized attention it received in the last half of the 20th century owing to New Hampshire's early presidential primary.
This year’s general election ballot presents the voter with a dilemma. We have wrestled with this year’s choices, as we imagine many voters have. Up and down the ticket we
www.unionleader.com
Our choice is Joe Biden*
Oct 25, 2020
"....Since Trump took over, the national debt has exploded by more than 7 TRILLION dollars. While the last several trillion was in response to the COVID-19 economic crisis,
at least the first three trillion was on the books well before the pandemic, while Trump was presiding over “...the best economy we’ve ever had in the history of our country.” (Trump’s words.)
The layman
would expect that the best economy in history would be a time to get the fiscal house in order, pay down debt and prepare for a rainy day (or perhaps a worldwide pandemic). The real tragedy of this scenario is that the runaway spending under the Trump administration has flashed dollar signs in the eyes of Capitol Hill Democrats. Trillions in unchecked spending has them clamoring to birth the social programs of their dreams.
Federal spending is on an unsustainable path. The fact that it has continued under an allegedly conservative president is unbelievable.
Mr. Trump rightly points out that the COVID-19 crisis isn’t his fault, but a true leader must own any situation that happens on their watch. We may be turning a corner with this virus, but the corner we turned is down a dark alley of record infections and deaths. Mr. Trump is a self-proclaimed expert on a wide variety of topics, but when pushed on basic topics he doesn’t want to discuss, he very quickly feigns ignorance..."
Trump inherited a
national debt growing at an average $56 billion per month. Between 10/1/2017 and 02/26/2020, a span of 29 months that included the passage of the Trump-McConnell tax cuts for the rich and the immediate eve of pandemic economic effect,
the national debt increased an average $109 billion per month.
Debt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public.
www.treasurydirect.gov
