05 November 2016

Thought For The Day - 5 November 2016

"Business Insider" is, as one might expect, a capitalist's organ. So you should read up its paranoid ravings on the result of anointing King Donald of Orange.
Trump's proposed tax cuts for the rich will not stimulate growth, just as the Bush tax cuts did not stimulate growth (because taxes on the wealthy are not actually stifling growth -- what is stifling growth is the lack of middle-class spending power). The tax cut will, however, increase the deficit and accelerate the growth of federal debt. President Trump will blame this on Congress and the Obama administration.

Personally, I hope most of this doesn't happen. I hope that President Trump would be the president that some of his smarter supporters expect him to be -- not the mean, petty, reckless, and uninformed proto-tyrant he sounds like, but a reasonable, effective pragmatist who just enjoys entertaining crowds by saying outrageous and offensive things and otherwise acting like a boor.

But given how consistent Trump has been in his actions and pronouncements over the past 18 months, I think it's more likely that what we've seen is what we would get.

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