Trump has often been described as playing ‘fast and loose’ with the facts. That would be too polite a description. When it comes to statements about the economy, what we get from ‘The Trump-et’ is more often inane and absurd statements and declarations.
On my twitter account (@drjackrasmus) I’ve initiated a running commentary on the Trumpet’s continuing stupidities concerning economics.
Here’s the first five, commenting on his press conference today, Wednesday, December 5, where he bragged about the (‘very, very, great, incredible, fabulous, very great, very fabulous) US economy that doesn’t exist except in his own mind:
“Trump Economic Absurdity #5: most ridiculous of all Trump claims today is that a 6% GDP growth rate will now occur. What can one say besides, just more inane hyperbole from the ‘Trump-et’!
“Trump Economic Absurdity #4: Trump says he’ll now focus on getting jobs for 100 million not working. With US labor force at 166m and population 320m, that means all retirees, prisoners, and mentally ill will go back to work.
“Trump Economic Absurdity #3: In press conference today Trump declares his tax cut will mean middle class gets “tremendous benefit”. In fact, middle class taxes will rise $3 trillion from ending exemptions, deductions, education credit, & raising rates from 10% to 12% for poorest
“Trump Economic Absurdity #2: Trump today claimed more than $4T in cash is held by US multinational corps offshore to avoid paying taxes. Trump tax cuts will bring all that back per Trump. Actual cash hoard by MNCs is $2.8T. How they will bring back >$4T is another Trump mystery.
“Trump Economic Absurdities #1: today in his press conference Trump claims he’s created 2mil jobs so far. Then says for every 1% rise in US GDP, 10 mil. jobs are created. 1% further rise in GDP in 2017 over 2016 produced 2mil. 10m minus 2m = 8 mil. shortfall in Trump logic”
To get all my daily tweets on Trump and the US economy, sign on to my twitter account at: @drjackrasmus
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