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Archive for February, 2020

The red arrow below shows the Exact Moment When President Donald Trump Saved the United States Economy from Democratic President Barack Obama

Donald Trump claims his economy has no relationship to the economy President Obama saved from the incompetent RepubliCON President George W. Bush. That, of course, is a lie. Both presidents reigned during the longest business expansion in United States history. So who had the better economic statistics between the two presidents? Obama did.

During Trump’s first 36 months in office, the US economy has gained 6.6 million jobs. But during a comparable 36-month period at the end of Obama’s tenure, employers added 8.1 million jobs or 23% more than what has been added since Trump took office. The average monthly gain so far under Trump is 182,000 jobs. During the last 36 months under Obama, employers were adding an average of 224,000 jobs a month.

I should also like to point out that at this point in his first and only term, President Jimmy Carter had enjoyed a gain of 10.1 million jobs. Employers added 8.5 million jobs during the first 36 months of Bill Clinton’s term and 7.8 million jobs during the first 36 months of Lyndon Johnson’s tenure, even though the labor force at that time was less than half the size of what it is today.

Total yearly corporate profits were also higher under Obama. Corporate profits peaked during the third quarter of 2014. That year also witnessed the greatest amount of total corporate profits in U.S. history. Corporate profits were higher in every year of Obama’s second term than in any year since Donald Trump became president.

In the three years under President Trump, Gross Domestic Product (GNP) has grown an average of 2.54 percent per year, while under the last three years of President Obama GNP rose 2.8 percent per year. Obviously, the economy grew faster under Obama.

President Trump pushed for and succeeded in getting tax cuts passed through congress almost exclusively for the rich and their corporations. The bill was signed into law by President Trump on December 22, 2017. Most of the changes introduced by the bill went into effect on January 1, 2018.

Since the tax cuts went into effect, GNP has grown 2.4 percent per year, which is lower than during Trump’s first year, and lower than the last three years of Obama’s presidency.  As predicted in this blog, the tax cuts have had a negative impact on the growth of GNP, but they have pushed the United States economy into a far more serious stock market bubble that will have dire repercussions and likely send the United States into the deepest recession since the Great Depression. The official stats show that when Trump says the economy is better because of the tax cuts, he is lying, the numbers do not lie. He will deserve some significant blame for the severity of the coming recession due to his tax cuts.

Under Trump, stocks were up 14 percent per year as of February 14, 2020. That is to be expected given his ruinous tax cuts for the rich, which have pushed the market up higher than it otherwise would have gone. Meanwhile, under Obama, stocks flew higher by 13.8 percent on a yearly basis, and he managed this without the tax cut pushed by Trump.

Overall, it appears with Obama we had an economy on the rise, while with Trump we have an economy on the decline. That is not necessarily the fault of Trump. The business cycle must end, and it just might be on his watch.

Average median home prices have declined since the last quarter of 2017, the yield curve has inverted, U.S. vehicle sales declined last year, the number of individuals and households applying for food stamps has risen since last May, sales of vehicles in China plummeted by 8 percent last year suggesting China may be in recession already and before the coronavirus, total business sales in the United States have declined over the last year, U.S. manufacturing has been tanking since last year, durable goods employment is down, corporate debt is at an all-time high as is corporate share buybacks, and all are signs of a possible looming world recession.

Naturally, whoever is president next January will get the blame. If it is Trump, he will simply be in the wrong place at the wrong time, just like Trump’s economy is riding the tailwinds of Obama’s economic miracle and saw him in the right place at the right time.

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One of the big lies about Bernie Sanders is that he cannot win against President Trump in the general election and that the Democrats need to choose a so-called moderate candidate in order to defeat the president in the general election. The DNC and the billionaire controlled corporate news media know this is a lie. Anybody can look at the polls and discover this claim is false.

By moderate candidate, the DNC and the corporate news media mean a Wall Street/billionaire controlled Democratic Party candidate. Quite naturally, a self-made capitalist millionaire like Bernie is labeled by the corporate press as a hardline Stalinist Communist who wants to burn all churches, put every citizen on farm communes, and burn all billionaires at the stake, rather than as the person who wants to restore and reinvigorate the middle class with such policies as Medicare for all, which every advanced capitalist nation has except for the USA.

So how do the preferred Wall Street candidates stack up against Trump in the latest poll?

In the latest Quinnipiac poll, released last week, Joe Biden defeats Trump by 7 percent, Pete Buttigieg wins by 4, Amy Klobuchar is up by 6, and the heavily advertised former Republicon mayor of New York City, Michael Bloomberg, beats the president by 9 percent.

Bernie defeats the president by 8 percent. Sanders beats Trump by a greater margin than all the rest except for Bloomberg. In other words, a billionaire/Wall Street controlled candidate is less likely to defeat the president than Bernie. By the way, the candidate who has positioned herself as being between Bernie and the Wall Street Democrats on public policy, Elizabeth Warren, beats Trump by 4 percent.

I can read the polls as easily as anybody else. Don’t let the DNC and the billionaire controlled corporate propaganda machine (so-called news media) tell you what to think. You can check out most of the latest polls at realclearpolitics.com. Just click on the polls link in the upper left-hand corner.

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