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X-republican lawmaker wrecks his party for letting Trump drive America into ‘FINANCIAL RUIN'


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Former Rep. Mark Sanford (R-SC), who also ran an ill-fated primary challenge against President Donald Trump, has written an op-ed for the New York Times in which he scolds his party for completely abandoning the mantra of fiscal responsibility that it repeated throughout former President Barack Obama’s two terms in office.

 

Even though the GOP angrily attacked Obama and Democrats for passing a $700 billion economic stimulus program in the middle of the Great Recession, the party now seems to have no issue with Trump running up $1 trillion deficits during a period of economic growth.

 

“President Trump’s abandonment of fiscal responsibility will prove disastrous — whether we think about it or not,” he writes. “His State of the Union address underscored his own thinking; it was long on pander and did not address our country’s bleak financial state. Yet amazingly, conservatives whom I have long respected somehow look the other way.”

 

Sanford also warns that running a $1 trillion deficit at a time when the American economy is strong will leave the U.S. highly vulnerable when another recession strikes.

 

“We have never run deficits this big in peacetime,” he writes. “What happens to them when the economy cools?”

In his conclusion, Sanford chides his fellow conservatives who “have chosen to ignore this mounting crisis out of fealty to President Trump.”

 

 
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but..but..but........but..but..but....Hey, what about the TRILLIONS IN TAX CUTS FOR THE CORP'S and the stock market?

 

 

 

  1. Companies used Trump's tax cut for record stock ... - NBC News

    www.nbcnews.com/business/economy/what-did...

    Jun 26, 2018 · President Donald Trump signed the bill in December last year, saying the corporate tax cut would make it favorable for companies to bring back into the U.S. cash stashed in foreign operations. "More than 70 percent of this [tax cut] will be returned...

  2. Trump’s Tax Cuts in Hand, Companies Spend More on Themselves ...

    www.nytimes.com/2018/02/26/business/tax-cuts...

    Feb 26, 2018 · Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages Warren E. Buffett said that his company, Berkshire Hathaway, might consider buying back shares. Credit...

  3. Trump’s Tax Cut Was Supposed to Change Corporate Behavior ...

    www.nytimes.com/2018/11/12/business/economy/...

    Nov 12, 2018 · Nearly a year after the tax cut, economic growth has accelerated. Wage growth has not. Companies are buying back stock and business investment is a mixed bag.

  4. 7 Stocks to Buy That Trump’s Tax Cut Truly Rewarded ...

    investorplace.com/2020/01/7-stocks-to-buy-that...

    Jan 08, 2020 · 7 Stocks to Buy That Trump’s Tax Cut Truly Rewarded ... Donald Trump signed into law the Tax Cuts and Jobs Act. The major beneficiary was large corporations that saw the corporate tax rate fall ...

    • Author: Will Ashworth
  5. Trump’s Tax Cuts Are Driving Stock Buybacks by Corporations ...

    observer.com/2018/08/trump-tax-cuts-drive-stock...

    But increased buy back rates means investment rates may not be an accurate show of employment or job growth. The Trump tax cuts may have stimulated the market, but the middle class isn’t reaping ...

    • Author: Cybele Mayes-Osterman
  6. Companies buying back stock at record pace since Trump tax ...

    www.cnbc.com/2018/02/15/companies-buying-back...

    Feb 15, 2018 · Since President Donald Trump signed the tax bill, companies have announced about $170.8 billion in stock buybacks, the most ever for this early in the year. "There's a whole stock pile of cash that just came back. Take Cisco.

  7. In wake of Trump tax bill, companies have raced to buy back ...

    www.cnbc.com/2018/02/07/companies-have-doubled...

    Feb 07, 2018 · In wake of Trump tax bill, companies have raced to buy back their own stock Published Wed, Feb 7 2018 12:00 PM EST Updated Wed, Feb 7 2018 5:08 PM EST Patti Domm @in/patti-domm-9224884/ @pattidomm

  8. Why Trump's Tax Cut Plan Will Fuel Stock Buybacks, Not Jobs ...

    money.usnews.com/investing/articles/2017-05-08/...

    May 08, 2017 · President Donald Trump's recently proposed tax cut plan cuts corporate taxes from 35 percent to 15 percent, and also calls for a one-time tax break for corporations repatriating overseas from ...

    • Author: John Divine
  9. Trump's Tax Plan and How It Affects You - The Balance

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    Jan 18, 2020 · Business tax cuts are permanent, while the individual cuts expire in 2025. But the nation's largest private employer, Walmart, said it will raise wages. It will also use the money saved by the tax cuts to give $1,000 bonuses and increase benefits. As of March 2018, the tax cut spurred a record number of mergers.

  10. A year after their tax cuts, how have corporations spent the ...

    www.washingtonpost.com/business/economy/a-year...

    Dec 14, 2018 · Warren Buffett repurchased nearly $1 billion of Berkshire Hathaway shares, although the billionaire Omaha investor has been reluctant to buy back shares in the past. Since the first quarter of 2008, U.S. companies have repurchased $5.7 trillion of their stock, according to Birinyi Associates.

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A new book written by New York Times reporter David Enrich reveals that Deutsche Bank’s own general counsel was appalled that the bank kept Trump as a client, as he kept defaulting on debts even after all other banks had cut him off from funding.

 

A review of the book published in the Times reveals that Deutsche Bank was so desperate to have Trump as a high-profile American client that its private banking division kept lending him money even after its real estate division cut him off for failing to repay his loans.

 

“Deutsche’s brass was so in thrall to Trump’s celebrity, and so eager to expand in America, one division lent $48 million to cancel the debt on a Chicago skyscraper — a debt Trump had defaulted on with another wing of the same bank,” the review explains. “They bought his pitch as voters would. In what could serve as a requiem for the country’s lost innocence, the general counsel said, ‘What the hell are we doing lending money to a guy like this?'”

 

 

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Ex-Trump adviser flails wildly after CNN guest dismantles his ‘best economy ever’ talking points

 

 

Stephen Moore, a former economic adviser for President Donald Trump, flailed wildly on CNN when Washington Post business columnist Catherine Rampell schooled him about the real facts behind the economy.

 

During the debate, Rampell argued that the economy right now isn’t all that different from the economy under former President Barack Obama, as GDP growth remains stuck under 3 percent, wage growth has remained sluggish, and job growth has actually slowed down in the first three years of Trump’s presidency compared to the last three years of Obama’s presidency.

 

Even more damning, Rampell said, was that Trump achieved this so-so growth despite passing a massive tax cut that has the government once again running $1 trillion deficits.

 

Moore, however, objected to this argument and complained that the federal government also ran $1 trillion deficits under Obama.

 

“During the great recession!” Rampell shot back. “Deficits always go up when the economy is doing badly, both because of stimulus and because, you know, people are out of work, tax revenues fall. They are more likely to claim unemployment insurance and things like that. Deficits are supposed to expand when the economy is doing badly. They are not supposed to expand when the economy is doing well!”

Watch the video below.

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