Menzo
4784
You forgot the (*that you have to pay back later) in there.
Skipper
4785
The White House Clown Car Administration is now denying it.
Knowing the Trump administration, the payroll-tax cut will be an advance against your Social Security earnings that will reduce what you get in the future.
Has anyone suggested to Trump he could get “illegal immigrants” to pay Federal taxes and not be able to draw SSN benefits from them in the future?
(Edit because Poe’s Law, yes I know.)
Reducing payroll taxes does not benefit the rich or corporations at all, it’s not like they get to keep the money you’re suddenly not paying into Social Security and Medicare/Medicaid. On the other hand, strangling the flow of funds to those services will hasten their demise.
I can see how the Trump Administration would be conflicted.
Skipper
4789
And in a sign of an extremely clear message, the WH reverses statements:
What a shit show.
Lifelong blowhard incompetent proves incompetence. Over and over.
Skipper
4791
It should be noted that when this was done before, it had a mediocre effect, with Obama claiming it had a bigger one than most people saw. Since it was initially part of the simulus package, it also had to be approved by congress, with a termination timeline. That was extended, but not overly so. Republicans pushed back, but it was pushed through anyway.
Just a reminder of how much they pushed back is important, because you KNOW they will jump behind Trump’s plan, though we aren’t even in a recession yet.
Oghier
4793
Recessions are easy to win!
Say what you want about Mooch (and I have), but he’s putting his money where his mouth is.
Maybe. Or maybe it is just extortion.
It’s just a parasitical relationship. Mooch got a lift by being for Trump, now he wants a lift by being against Trump.
This of course is correct. Although the notion that the Mooch can take five points off Trump is pretty hilarious, so I’d be surprised if Trump pays up.
Oghier
4798
I don’t know if this is insight or just anecdotes, but most of my clients expect a downturn or full-on recession within a year.
For context, I’m 20+ years into a management consulting career focused on manufacturing clients. My role is mostly talking to the c-suite. In the past month+, I’m seeing the same internal memos at different clients, from automotive to household goods. Trade wars, Brexit and “political risks” are all highlighted, and people generally believe the near term future looks grim.
The types of things they are talking to us about have moved from expansion and revenue growth to plant consolidations and cost-cutting.
That sounds an awful lot like self-fulfilling prophecy to me.
CraigM
4800
I mean that is kind of always been how the stock market works.
Assuming there is any deep rational or sane reasoning for its fluctuations is mostly wistful thinking.
They did a bit about this on yesterday’s Marketplace. If you talk about a recession enough, does it happen? My take on that concept is that yes, it’s a contributing factor that people scared of recession are more likely to take actions that lead to a recession. But it’s not a casual factor…shouting about a recession isn’t going to cause one unless there’s a whole lot of other recession-causing factors already in play. As we have now.
