Month: August 2019

Trump Pushes Democrat/Media Conspiracy on Economy

Buck Banks

“They are willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people!”

— President Trump, tweeting that “the Democrat Party” and “the Fake News Media” are saying a recession is on the way in an effort to hurt his reelection chances next year.

China Socks It to Trump with New Tariffs

Buck Banks

$75 billion

“China announced that it will impose additional tariffs on a total of $75 billion of U.S. goods in retaliation for President Trump’s latest planned levies on Chinese imports,” Bloomberg reports. “Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.”

Trump’s Stupid, Destructive Ideas Have Staying Power

Buck Banks

“There are lots of reasons to worry about how President Trump would handle a recession, should we tip into one. There’s his incompetent economic team. Or the limited fiscal policy tools at his disposal, given that Republicans already spent nearly $2 trillion on tax cuts. Or his efforts to discredit the Federal Reserve just when we’ll need it most. … One underrated concern: Trump’s tendency to double down on stupid and destructive ideas, despite — perhaps because of? — overwhelming evidence of their stupidity and destructiveness.”

— Catherine Rampell

Harris Bags $1 Million at Vacation Fuundraisers

Buck Banks

$1 million

“Sen. Kamala Harris raised over $1 million through several campaign fundraisers in the wealthy enclaves of the Hamptons on Long Island and Martha’s Vineyard, Massachusetts,” CNBC reports. “Harris attended multiple events last weekend in the affluent vacation spots, including five in the Hamptons. The massive haul comes after she suffered a quick decline in national polls.”

CBO Predicts Higher Deficits than Expected

Buck Banks

$12.2 trillion

The CBO says federal deficits are projected to grow much more than expected over the next decade thanks to the two-year budget agreement lawmakers and the White House struck last month, the Wall Street Journal reports. “The agency increased its forecasts for deficits over the next decade by $809 billion, to $12.2 trillion… The increase primarily reflects higher federal spending under the new budget deal, partly offset by lower projected interest rates.”