Tag Archives: Trumponomics

Enumerati

Trump Seeking to Cut Cabinet Department Budgets to Fight Deficit he Caused

5%

President Trump “said he will ask all cabinet departments to cut their budgets by 5 percent next year, after the federal budget deficit swelled to its highest level since 2012 during the first full fiscal year of his presidency,” Bloomberg reports.

Enumerati

Trump Considering a Legally Questionable Tax Cut for the Very Wealthy

$100,000,000,000

“The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives,” the New York Times reports.

Verbatim

Trump Flashback Quote

“Believe me: We’re in a bubble right now. And the only thing that looks good is the stock market — but if you raise interest rates even a little bit, that’s going to come crashing down. We are in a big, fat, ugly bubble. And we better be awfully careful.”

— President Trump, quoted by the Washington Post, during the first presidential debate in September 2016.

Enumerati

Only One in Six Americans Owns Stock

14%

Bloomberg: “Trump mentions the stock market almost daily in tweets or public remarks, taking direct credit for record highs by the Dow Jones Industrial Average and other indices. But only about 14 percent of U.S. families directly own stocks, an asset class dominated by the country’s top earners, according to the Federal Reserve. Meanwhile, the president has also rolled back efforts to expand retirement savings options to more middle-class and low-income workers.”

Enumerati

Trump’s Fortune Fell $600 Million in 2016

#248

The Forbes list of 400 richest Americans shows that the billionaire-in-chief’s fortune fell by $600 million to $3.1 billion. As a result he dropped to #248 on the list, after coming in at #156 last year, CNN Money reports.

Enumerati

Ross: We Won’t Reach 3 Percent Growth Until ALL of Trump’s Initiatives Are Inacted

3%

Commerce Secretary Wilbur Ross told Reuters the U.S. economy won’t achieve the Trump administration’s 3 percent growth goal this year and not until all of its tax, regulatory, trade and energy policies are fully in place. Said Ross: “The Congress has been slow-walking everything. We don’t even have half the people in place.”

Enumerati

Economy Stagnated in Q1

0.7%

The Commerce Department said the U.S. economy barely grew in the first quarter of 2017, expanding at an annual rate of only 0.7 percent. Associated Press: “The slowdown primarily reflected slower consumer spending, which grew by just 0.3 percent. That was the poorest showing in more than seven years.”

Poetic Justice

RIP Tax Reform

Trump’s tax reform package ain’t based on pay to play,
As it assumes the deficits will magically melt away.
Lawmakers are leery
Of trickle-down theory,
And most say Trump’s tax proposals are DOA.

Enumerati

Tourism to U.S. Dropping Quickly

4.3 million

Washington Post: “Demand for flights to the United States has fallen in nearly every country since January, ­according to Hopper, a travel-booking app that analyzes more than 10 billion daily airfare price quotes to derive its data. Searches for U.S. flights from China and Iraq have dropped 40 percent since Trump’s inauguration, while demand in Ireland and New Zealand is down about 35 percent. (One exception: Russia, where searches for flights to the United States have surged 60 percent since January.) … The result could be an estimated 4.3 million fewer people coming to the United States this year, resulting in $7.4 billion in lost revenue… Next year, the fallout is expected to be even larger, with 6.3 million fewer tourists and $10.8 billion in losses. Miami is expected to be hit hardest, followed by San Francisco and New York.”

Poetic Justice

The Tax Plan Cometh

The hit on the rich will be nominal,
The effects on the lower brackets, abominable.
With a guy from Goldman Sachs
Rejiggering the income tax,
It’s no wonder Trump says it’ll be “phenomenal.”