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Old May 29th, 2018, 09:38 AM   #1
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There are no in winners Trump's economy

I came across a good contribution to Business Insider today that shows how Donald Trump has been the worse thing to happen to his core, loyal supporters/while being much better for big business than they feared two years ago:

There are no in winners Trump's economy - Business Insider
Quote:
Looking back, it seems almost quaint that this was ever even a question.

But by now, almost halfway through Donald Trump's first term in office, it's clear who lost the war for control of his economic agenda.

It's his base. They lost. Maybe they don't know it yet, but it's over for them now.

Conversely, big business — huge business — should be feeling good right about now (not great, but definitely good). The executives, lobbyists, and foreign dignitaries with the power to whisper in Trump's ear and flatter him are having a decent run at getting Trump to take their side on big decisions. Sure, some issues have slipped through the cracks, but when big business presents a united front it seems to get what it wants.

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This makes sense. In Trump's mind, these are his people, people he should be doing deals with. Everyone and everything else is just collateral.

Now who knows, maybe this strategy will work out for Republicans. It's kind of a twist on one they've been working for years — Trump is handing his base cultural victories (leaving the Iran deal, moving the US embassy in Israel to Jerusalem) while handing all the economic victories to big business and the superrich.

Then again maybe it won't work. Gas prices are going up all over the country, and that tends to sour voters on incumbents, according to research from Dartmouth University. Nothing has been done about drug pricing, another Trump promise to his base.

Either way, what Trump's preference for big business means is that our economy will see more of the same (plus a tax cut). Corporations will continue to get away with abusive behavior. The gap between rich and poor will continue to widen, putting a drag on domestic economic growth. China will continue to advance its domestic economy by flouting the rules of global trade at the expense of other nations.

That's what happens in the status quo, and that has consequences the US can't afford to ignore.

The losers
If ZTE didn't convince you that Trump's base was getting sold out, I don't know what will.

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Last week Trump tweeted that he was instructing the Commerce Department to go easier on ZTE, a massive Chinese tech company that was being punished for violating US sanctions on Iran and North Korea and for stealing intellectual property.

Trump said that he was going to try to spare the 70,000 jobs that would be lost in China if the US stopped allowing the company to buy parts from its domestic manufacturers.

This, of course, sent Trump's own supporters howling. He ran on being tough on China, and now his surrogates are out there telling everyone there will be no trade war for the moment, whatever a moment is (it seems Larry Kudlow, Trump's economic adviser isn't clear on that).

So now we know there will be no massive tariffs on Chinese goods. That's a relief, but it also looks like the US won't be getting much in return. The Chinese would not even commit to narrowing its trade deficit with the US by buying an additional $200 billion in US goods, let alone making structural changes to its economy that would end its all-too-common practice of stealing US intellectual property and forcing US corporations into subservient roles in the Chinese economy.

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None of Trump's minions really know what's going on here. This is probably because he doesn't really know either. We've walked away from doing things based on rules and are now doing things based on Trump's whim. The details of how we're going to avoid a trade war and appease both parties have been scant. Frankly, at this point it sounds like we're just going to go back to status quo antebellum.

Trade aside Trump's base keeps losing in all sorts of other ways. On Monday the Supreme Court sided with employers, deciding that they could block employees from banding together to sue them in class action legal disputes. Workers can instead be forced into arbitrations that historically favor employers.

This is what the Trump administration wanted, and it was Trump Supreme Court nominee Neil Gorsuch who cast the deciding vote.

The list goes on. There will be no infrastructure bill this year. A Trump nominee is gutting the Consumer Financial Protection Bureau, an agency that was supposed to stop everyday Americans from getting scammed by banks, payday lenders, and other financial institutions. The Department of Education is backing down from going after abusive for-profit colleges.

If you happen to make money by taking advantage of hard working people, as big business often does (see: Wells Fargo, Facebook, or any company that has an apology commercial on TV right now) it's a wonderful time to be alive....................
rest at There are no in winners Trump's economy - Business Insider
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Old May 29th, 2018, 10:03 AM   #2
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My company is doing well. The department I manage, grew. As a result I got a raise. I also got about a $200 a month bump from the Trump tax cut.

So I am a winner.
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Old May 29th, 2018, 10:04 AM   #3
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I have never figured out why any working person would think a billionaire who was born rich, has never worked a real days labor in his life, could possibly understand what it means to be an average working person in this country ??? Much less how they thought he was actually going to fight for them ???

God bless he,r my own step daughter is a Trumpanzee. Struggling single mom trying to raise her daughter. I can't for the life of me imagine why she thinks Trump will ever do anything for her.
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Old May 29th, 2018, 10:34 AM   #4
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Originally Posted by BubbaJones View Post
I have never figured out why any working person would think a billionaire who was born rich, has never worked a real days labor in his life, could possibly understand what it means to be an average working person in this country ??? Much less how they thought he was actually going to fight for them ???

God bless he,r my own step daughter is a Trumpanzee. Struggling single mom trying to raise her daughter. I can't for the life of me imagine why she thinks Trump will ever do anything for her.
Right now, we might be doing it all over again here in Ontario, as voters have become disenchanted with a long, almost unbroken line of Liberal leaders of our province. Continued government by the same party invites corruption and influence peddling, as everyone looking to buy time and influence government for their benefit only has one party to deal with.

But the expected alternative- Doug Ford...yes the brother of coke-addicted former Toronto mayor - Rob Ford matches that same profile as Donald: dimwitted, born millionaire..never had to work a day in his life and live a life a privilege ever after, may become the first Conservative leader of our province in more than 15 years..and that was a brief, one term 'moderate conservative'.

Ford, like past Conservative federal leader- Stephen Harper, is following the American example of rightwing Republicanism: low taxes, dogwhistling racism and nativism, appeals to our smaller religious right...mostly through the attacks on abortion rights. And, even though a past conservative government in the 90's set up the problems we have today with our hydro generating system, memories are short and Ontario voters seem more likely to vote out what they don't like than notice that they're putting the people back in power who brought us this mess in the first place.
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Old May 29th, 2018, 01:12 PM   #5
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Originally Posted by justoneman View Post
My company is doing well. The department I manage, grew. As a result I got a raise. I also got about a $200 a month bump from the Trump tax cut.

So I am a winner.

I've seen a bump in my pay too. My fear is, it's not a tax cut, but merely an adjustment to the withholding scales issued by the IRS, and that I'l be in for a fugly little surprise when I do my taxes next year.
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Old May 29th, 2018, 01:44 PM   #6
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Originally Posted by BubbaJones View Post
I've seen a bump in my pay too. My fear is, it's not a tax cut, but merely an adjustment to the withholding scales issued by the IRS, and that I'l be in for a fugly little surprise when I do my taxes next year.
All businesses got an almost 20 point cut. Where do you fear that this unforseen bump to come from.
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Old May 29th, 2018, 02:26 PM   #7
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All businesses got an almost 20 point cut. Where do you fear that this unforseen bump to come from.

Yes the corporation I work for got a huge tax cut. I HAVE NOT HAD A PAY RAISE !! I've checked my pay stubs and my pay has not changed. But there's about $100 more in each check despite slightly higher medical and retirement deductions. It's ALL in the withholding.
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Old May 29th, 2018, 02:54 PM   #8
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Yes the corporation I work for got a huge tax cut. I HAVE NOT HAD A PAY RAISE !! I've checked my pay stubs and my pay has not changed. But there's about $100 more in each check despite slightly higher medical and retirement deductions. It's ALL in the withholding.
Well, that's about $5k. Not to shabby.
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Old May 29th, 2018, 03:06 PM   #9
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Originally Posted by BubbaJones View Post
Yes the corporation I work for got a huge tax cut. I HAVE NOT HAD A PAY RAISE !! I've checked my pay stubs and my pay has not changed. But there's about $100 more in each check despite slightly higher medical and retirement deductions. It's ALL in the withholding.
Its in the withholdings and in the total taxes you will owe next year. You are fine. Enjoy it.
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Old May 29th, 2018, 03:32 PM   #10
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Originally Posted by right to left View Post
I came across a good contribution to Business Insider today that shows how Donald Trump has been the worse thing to happen to his core, loyal supporters/while being much better for big business than they feared two years ago:

There are no in winners Trump's economy - Business Insider
Yep. Any raise or bonus anyone may have received is now gone with higher gas prices, and rising healthcare premiums and drug costs. Then comes the shock of giving anything they got back plus some, when the tax cuts for workers reverses and their taxes start going up.
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