Facts are impervious to partisan propaganda. Where the rubber meets the road. ....:
First Trump Admin. fiscal year began 10/01/17. In the prior fiscal year, debt increase was $671 billion. Stock buybacks by publicly traded corps., post late 2017 corporate tax cut amounted to $2 trillion by the end of 2019. Capital investment actually declined in the same period.
Pre-Trump, debt increased an average
$56 billion per month
During the 29 months between 10/01/2017 and 02/25/2020,
average monthly debt increase = $108 billion
The corporate stock buybacks stimulated only this.:
Trump touts stock market's record run, but who benefits?
FEB 5, 2020
Trump touts stock market's record run, but who benefits?
..While pensions and retirement funds were lifted by the rise in stock markets, the president has avoided talking about one key point about who really benefits when the market rallies: Most of the gains go to the small portion of Americans who are already rich.
That’s because 84% of stocks owned by U.S. households are held by the wealthiest 10% of Americans, according to an analysis of 2016 Federal Reserve data by Edward Wolff, an economics professor at New York University. So when the stock market has a blockbuster year - such as the nearly 30% rise in the S&P 500 benchmark index in 2019 - the payoff primarily goes to people who are already rich.
Why Biden's plan to scrap Trump's tax reform leaves markets unfazed |
Why Biden's plan to scrap Trump's tax reform leaves markets unfazed
OPINION —
08/13/20
...
Rather, they expanded hiring over time, viewing wages as a variable cost, while utilizing the existing capital stock more intensively.
Thereafter, capital expenditures slowed in 2015 amid plummeting oil prices but recovered in 2017 in anticipation of passage of the TCJA. But the impact proved fleeting,
as businesses scrapped spending plans in 2018-19 due to heightened uncertainty from the U.S.-China trade conflict. Instead, mainstream businesses used the savings for share buybacks and dividends. ..
The Fed - Distribution: Distribution of Household Wealth in the U.S. since 1989
Conclusions: Trump presides over a huge wealth transfer to the already wealthiest who happen to be the important Trump party donors
who direct Trump's and McConnell's priorities..
notice how little else has actually been passed by the senate and signed by Trump of any significant
economic benefit to the bottom 90 percent.
Trump ramped up the rate of debt increase because the tax cuts did not actually stimulate the economy, the extra $52 billion federal borrowing
PAID FOR the tax cuts, temporarily. EVERYBODY OWES A PIECE OF THAT DEBT INCREASE,
but only the wealthiest primarily benefited from the personal and corporate tax cuts.
So, the increased rate of debt accumulation amounts to a large campaign contribution to Trump.
Look how impressed you were, pre-covid-19 pandemic. You're reassured..."How could Trump be racist, look what he's doing for blacks"!
And, how could you possibly be supporting Trump, influenced by his alleged xenophobic, racist talk and walk (policies).
So.. win! MAGA. The truth is, the bottom 90 percent would have been much better off if Trump-Putin had not wrested victory from Hillary and the lower debt, lower wealth concentration, more stable economic policies of Obama-Biden had continued until now.
Check out Trump's duplicity and dishonesty related to his "Hot air" affordable health insurance promises since 2016.
Back to the Future: Trump’s History of Promising a Health Plan That Never Comes | Kaiser Health News