Republican presidential nominee Donald Trump holds a rally with supporters at the Suburban Collection Showplace in Novi, Michigan, U.S. September 30, 2016. REUTERS/Jonathan Ernst
Reuters: German government believes Trump would ravage U.S. economy: Spiegel
Germany's economy ministry believes a Donald Trump presidency would severely damage the U.S. economy, according to an internal memorandum reported by Der Spiegel magazine on Saturday.
The ministry expects "shrinking gross domestic product, fewer jobs and higher unemployment," in the United States if the Republican candidate were to implement his campaign pledges, the magazine cited the memo as saying.
Trump, a billionaire businessman seeking his first public office, has proposed tax cuts worth $4.4 trillion and wants to curb government regulation and take a tougher stance on negotiating trade deals.
He says his economic plan would produce annual economic growth of 3.5 percent and create 25 million jobs over a decade. But some economists have questioned the assumptions underpinning the plan.
Read more ....
WNU Editor: Let's see now .... $20 trillion in debt, trillions of dollars through quantitative easing that will need to be accommodated, unfunded liabilities in the tens of trillions and that are not sustainable in the medium term, a stagnant economy, 100 million Americans not in the labour force .... and Donald Trump will ravage the U.S. economy and is the problem?!?!?!
13 comments:
Brexit II...
Oh come on WNU, don't an old pessimistic fuddy duddy! We had change now we just need to hope...............alot.
German are not stupid: Trupnomics will make US economy more dynamic and American products much more competitive...against German's one. They don't want that.
Trump is ready to give the U.S. economy his coup de grace.
Like Hillary in foreign relations.
Witch death is your favorite?
WNU Editor,
I don't think I could have put this any better than you did in your comment at the end.
Jac,
I think you nailed it. I might also add that the discussion of the possibility of renegotiating NATO has made the Germans a bit uneasy as Germany may now need to pick up the tab for its own military needs instead of relying on US largess. I would further add that the United States has been Western Europe and Germany's b!tch boy for a very, very long time and they fear this could be ending. this combined with what I suspect are internal polls telling them that things are bleaker for Mrs. Clinton than is generally being reported has them in hysterical panic mode.
Statements such as this are only going to help Mr. Trump. Why make them? Wouldn't have been better for team Clinton if they kept their mouths shut? The opposition to Mr. Trump has become increasingly hysterical and off the rails. Again, while I don't know for certain, I suspect they are panicked as their internal polls are painting an extremely bleak picture.
YC: "like Hillary in foreign relations." Hillary has essentially been the glove to Barack Obama's hand. As such, under her we could likely pretty much expect the same thing as under the current POTUS. There seems little question that this has ben a horrific failure.
I'm not sure how this would apply to Mr. Trump's economic policies. The current tax structure in the US is too high and is stifling economic growth. The same can be said about the over burdensome regulatory burden. It is stifling economic growth, employment, and innovation. Any small to mid size business person in America can and will attest to this. Furthermore the current one-sided trade agreements are costing numerous jobs and need to be renegotiated.
Additionally, as pointed out, America has been the b!tch boy to countries like Germany and others for a very, very long time. Such things are never healthy for good mid to long range relations. Mr. Trump seems to want to change this. If America is on a more equal position to these countries, this should help our relations and would be good for American foreign relations.
While the proposed policies are sound, can they be implemented? If implemented, can those who would try and undermine the policies be prevented? These are unknown.
http://www.americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-corporate-tax-rates/
These supply side policies, "Trumped up" with the same rhetoric have been tried. The top percentile have become richer still while the bottom became poorer with ever more precarious livelihoods. "Trumponomics", Reaganomics, Common Sense Revolution etc and so on got the U.S./"West" where it is and will compound the disaster. And if you don't like $20 trillion in national debt, how about $40 or $60 trillion?
The rich who drive these policies live to milk the cow. Feeding the cow? Not so much.
Not that Hillary will do any better.
And neither want to discuss how much this bulls### is costing America:
https://consortiumnews.com/2016/09/29/us-foreign-policy-elite-vs-the-evil-one/
http://www.strategic-culture.org/news/2016/09/29/afghanistan-it-heroin-stupid.html
http://usuncut.com/class-war/10-corporate-welfare-programs-that-will-make-your-blood-boil/
Trumponomics = more of the same; on acid and will make even Maduro blush.
Like Jay says,
Bring on the cray cray.
I love how Idiocracy has become a Documentary.
Best Election ever.
It is clear to anyone involved in small to mid-size business that taxes need to be cut. The current rates are stifling to growth, investment, and innovation. With that ssid bigger problems are overburdensome regulations coipled with bad trade agreements. As far as how to cut taxes, which taxes to cut, how to streamline regulations, and how to change the trade agreements are matters that can hopefully be agreed upon by reasoned debate.
There is nothing crazy about suggesting changes need to be made especially to the regulatory environment and the trade agreements. While the taxes are to high at all levels, even if kept the same and positive changes to the regulatory environment and the trade agreements, this should result in positive economic growth and more tax revenue which if waste and fraud can be curtailed should help the debt situation.
According to the Donald, only losers and morons pay taxes.
Just stop paying taxes, like he did in '95.
Problem solved.
http://mobile.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?_r=0&referer=https://www.google.ca/
Quit being a loser, stop paying taxes.
Jay,
Thanks for the link. As a Certified Public Accountant and an a US Income Tax Accountant, I have some expertise in this area.
While income tax laws have changed considerably since 1995, under current tax laws one option available to taxpayers is to 1.) carry the loss forward to offset future taxable income until it is completely used or 2.) 20 years, whichever comes first. Generslly speaking, at least for individuals, the loss carry forward is fully used before the 20 year period.
Mr. Trump could have carried his 1995 loss to future years lowering or eliminating his tax liability in future years. Since businesses sometimes lose money, to not allow this could cause extreme hardship, endanger employee jobs, and endanger future tax revenues. While a business person who is entitled to this might not be a moron if they didn't take it, their business acumen could be called into question.
It seems highly likely that any losses from 1995 have already been fully used. If he were not paying taxes currently based upon this, there would be no reason to conduct an audit of the returns as the validity of the loss would have long been established.
To be certain, we would need to see the actual tax returns. I would actually like to see them but can understand the position in not releasing them as legal counsel will generally advise against releasing tax returns that are under audit. Even then it would probably be problematic to understand the tax returns in question without a workkng knowledge of relevant tax law and the underlying documents.
While I can certainly try and answer any questions, very respectfully these issues can be difficult to explain to those without the relevant extensive experience. Furthermore there are those who are more articulate than I am.
If the situation is what I think it is, this should be fairly easy for Mr. Trump's team to explain, it explains why team Clinton is only just now bringing light to this, and it demonstrates the increasingly unhinged nature of the Clinton campaign. The operative word is "if."
As I've stated before Mr. Trump was not my first choice nor am I convinced he would make a good POTUS. Nothing I'm stating here should be construed as a defense of him.
I am not able to even think about Trump economics since his views on all things change with such frequency. Last week Politico tracked 30 lies he told in one week!
Nobody knows what will happen I've lived long enough and heard the slimy professional politicians say anything to get elected; they all use the Bait and Switch. For me I see the Her Beastliness as the professional politician status quo Wall Street candidate, I see Trump as a wild card that hopefully will shake things up, also he is not a slimy professional politician, but I'm am under no illusions, the turkey is basically cooked, Major War is not far off and no one, not the Donald nor the Hillabeast slimy professional politician, can stop whats coming.
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