There is a Trump/GOP recession looming. Here are some indicators even as Trump pimps a second tax cut, because like most Trumpian policies, the 1% gains the most in the short-term from GOP extremist policies:
The Congressional Budget Office and other nonpartisan analyses project the tax law passed in December will add more than $1 trillion to the deficit over the next decade.
Since passing their tax law, Republicans have mainly talked about the importance of impressing on voters how the legislation will do more for workers, and they have not talked much about the need to provide more assistance for corporations.
[...]
No Democrats voted for the (2017) tax bill, saying they believed it does too much for the wealthy and businesses and not enough for the middle class. Many Democrats also objected to the bill’s projected additions to the deficit.
Republicans have hailed the bill’s passage and said it is leading to a sharp uptick in economic growth, hiring and wages, though results have so far been mixed. A number of companies did announce a spate of one-time bonuses or wage increases because of the legislation, but this applied to a minority of workers.
Wages have generally continued to increase at the same pace they were rising before the legislation was passed. There has also not been a noticeable uptick in capital investment, compared with other countries, though a number of firms have announced immense stock buybacks that immediately benefit shareholders.
www.washingtonpost.com/...
Trump's tariffs may erase last year's tax cut benefits
The conservative-leaning Tax Foundation calculates the tariffs already enacted by the Trump administration will lead to 48,585 lost jobs. Add in tariffs on autos and auto parts that the president threatened last week and the China tariffs slated to take effect July 6, and another 255,283 jobs may be lost as wages shrink 0.2 percent.
Manufacturers are feeling pressure to raise prices
Factories are producing goods at a rate faster than orders are being added to their books for the first time in 2018, which may mean they'll slow production in coming months,
Some companies are already taking action
Smaller companies, like this metal nail producer, say they're already in "crisis mode" because steel and aluminum tariffs are raising supplier costs.
Stock and debt markets are starting to react
Consumer confidence slipped in June
Consumer confidence declined slightly in June after improving in May
Consumer prices could start climbing
Higher prices may be in store for shoppers as farmers and manufacturers pass on cost increases for products from TVs to bourbon.
The Federal Reserve is raising interest rates
As the economy chugs along and unemployment holds near record lows, U.S. banks are charging more for loans.
More restrictive trade moves may be on the way
"An Idiot Surrounded by Clowns"
And he specifically mentions Michigan as a place that will benefit; not according to General Motors! 2/ regulations.gov/document?D=DOC…
It’s all looting after the robbery when they come for the social benefit programs.
And Trump, who thinks in terms of personal loyalty, not incentives, is not taking it well
But he's consoling himself with steel plant construction that only exists in his mind
And meanwhile preparing to ensure that there will be many, many more stories of jobs lost because of his trade actions
4/ Scoop: Trump's private threat to upend global trade Trump has repeatedly told officials he wants to withdraw
What we're hearing: “He’s [threatened to withdraw] 100 times. It would totally [screw] us as a country,” said a source who’s discussed the subject with Trump.
The source added that Trump has frequently told advisers,
"We always get fucked by them [the WTO]. I don’t know why we’re in it. The WTO is designed by the rest of the world to screw the United States."
Because moron...
According to The New York Times, Hassett's nomination by President Trump to lead the Council of Economic Advisers met with opposition by Trump supporters who are anti-illegal immigration, such as Breitbart, American Renaissance, Infowars, the Center for Immigration Studies and "leaders of the white nationalist 'alt-right' movement".[14] Hassett—"like most economists...believes that immigration spurs economic growth."
Prior to Hassett's nomination, President Trump "broke with recent tradition and removed the council’s chairman from a cabinet-level position."[14]