A new Quinnipiac poll finds that since the first time since the 2016 election, more voters say the economy is getting worse than say it’s getting better. Voters still think the economy is good, but of those polled, 37% say the economy is getting worse, compared with 31% who say it’s getting better and 30% who say it’s staying the same.
“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.
“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.”
A new CNN poll finds 65% of Americans say current economic conditions are good, but that’s down since May, representing the first significant decline in public perception of the economy during Donald Trump’s presidency.
Wall Street Journal: “Shipments of recreational vehicles to dealers have fallen about 20% so far this year, after a 4.1% drop last year, according to data from the RV Industry Association. Multiyear drops in shipments have preceded the last three recessions.”
Nearly 70% of economists responding to Reuters poll said the latest developments had brought the next U.S. recession closer.The chances of a U.S. recession in the coming 12 months rose to 30% from 25% in the July poll. The median probability of a recession in the next two years jumped to 45% from July’s 35%.
Chance of a U.S. recession occurring in the next 12 months, according to Deutsche Bank. “The calculations attach the highest probability to a contraction since the financial crisis,“ reports the Wall Street Journal.
In addition to being the day that the word “weiner” stopped being naughty and started being tiresome, June 7 was another milestone. According to self-proclaimed “Corporate Person American” William Rice, it deserves commemoration as the 10th anniversary of the Bush tax cuts.
It was on June 7, 2001, that President Bush signed into law the high-end tax cuts that added $2.6 trillion to the national debt. It was these tax cuts, along with two wars and a recession, that created the deficit now being cited as a reason to pretty much scrap Medicare and once again make a college education a pleasant, impossible dream among the lower classes.
Rice’s modest proposal says that government is for pansies, unless you’re a corporation and in that case, government is here for you.
We expect the government to continue providing certain vital services, of course, such as huge, no-bid defense contracts; and 24-hour, drive-through patent courts for us to fight over the profits of questionably-useful and semi-dangerous but very well-promoted new drugs. But all the peripheral activities of government — such as ensuring adequate childhood nutrition and repairing drawbridges — merely create a strain on the natural ecosystem of corporations and Corporate-Person Americans.
If Republicans continue to run the economy into the ground by refusing to look at the revenue side of the budget equation, Obama will have to borrow Pres. Reagan’s line when he ran for re-election in 1984, but with a slight adjustment: Are you better off now than you were ten years ago?