federal debt

Fact Checking GQP Propaganda On Federal Debt: Republicans Are More Than Equally To Blame

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“Budgets are moral documents.” – Often attributed to Dr. Martin Luther King Jr. “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” – President Joseph R. Biden. The Associated Press reports, Biden rolls out budget plan, challenges GOP to follow suit: President Joe Biden on Thursday made an … Read more

Democrats are the Party that will Put the American People First

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In remarks to the White House Press Corp before meeting 600 United States Olympic athletes, President Joe Biden again reminded the American People that it is the Democratic Party that is the political organ that promotes policies reduce the deficit, hold government accountable helping/lifting individuals up, and putting the American People first. On Reducing the … Read more

Republican economic policies are building to fiscal calamity in September

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Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis published last Friday found that the top one percent of Americans gained $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion. Jake Johnson writes at Common Dreams, ‘Eye-Popping’: Analysis Shows Top 1% Gained $21 Trillion … Read more

All that glitters is not gold: storm clouds on the economic horizon

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“There is perhaps no single person or entity that has done more to sell the economy under President Trump than Fox News.” When Trump faces a negative story, Fox News pivots to the economy:

Fox routinely finds ways to spin bad, unrelated news about the economy into good, related news about the economy, often blaming the media for its focus on Trump’s scandals and ethics probes.

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Indeed, Fox has been so anxious to praise Trump for the economy, it has even admitted to deliberately giving the president positive economic coverage.

The economy is not as good as the three dolts on the divan (Fox and Friends) who provide Trump his presidential daily briefing (PDB) of Fox propaganda each morning would have you believe.

Earlier this month, the New York Times editorialized Clouds Darken Trump’s Sunny Economic View:

[T]he American economy has a lot more power than it can handle right now, and it’s making a lot of noise. So is President Trump, who takes singular credit for a robust second-quarter rise in the gross domestic product of 4.1 percent, something that hasn’t happened under any other president since … Barack Obama. While Mr. Trump praised himself effusively — he’s good at that, isn’t he? — the stock market seemed unimpressed. Friday’sannouncement that 157,000 new jobs were added in July, a modest gain or perhaps a seasonal glitch, elicited an even more subdued reaction. That’s because if you look down the line, there are few clear reasons to be so enthusiastic.

“Over all, we see this report as supportive of our views that the economy is currently firing on all cylinders,” wrote Bricklin Dwyer, a senior economist with BNP Paribas, after the new G.D.P. numbers were announced. But there was a caveat: Mr. Dwyer said that “growth is likely peaking. Indeed, in our forecasts, [the second quarter] marks a high-water mark for growth.”

For one thing, the initial jolt of the Republicans’ $1.5 trillion tax cuts, mostly for corporations and the wealthy, is wearing off. Corporations have bought back $437 billion of their own shares, which leaves them that much less to invest in new production, or wages. In fact, spending on business equipment slowed.

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