President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)
Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.
“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading →
As President Donald Trump and corporate media outlets on Friday enthusiastically touted new GDP figures showing that the U.S. economy grew by 4.1 percent in the second quarter of 2018, many economists and progressive commentators were quick to counter the glowing headlines by pointing out that corporations and the rich are feasting on most of the growth while workers see their wages fall.
“What the president won’t talk about is that there is slow—and even negative—growth in real wages adjusted for inflation. So if GDP is rising, but wages [are] falling, the money is going to the top,” Timothy McBride, a health economist at Washington University in St. Louis, noted in response to Trump’s celebratory speech on the White House lawn on Friday. Continue reading →
“Not to put too fine a point on it, this is false” writes Jared Bernstein in response to claims by Trump’s Treasury Secretary claims that $2.4 trillion corporate tax cut will magically pay for itself. (Photo: Timothy Krause/cc/flickr)
With reports that President Donald Trump wants to slash the corporate tax rate by 60 percent and Treasury Secretary Steven Mnuchin claiming widespread cuts for the nation’s wealthy and powerful will magically pay for themselves, progressive economists and tax experts are issuing early warnings that this is simply the latest attempt by Republicans to pull the wool over the eyes of average American taxpayers.
With more details expected during an offical White House announcement on Wednesday, numerous outlets have already reported that Trump will tout cutting the corporate tax rate from its current 35 percent down to an even more paltry 15 percent. As is well known and repeatedly documented, even the 35 percent official rate is largely a mythical number that few U.S. corporations actually pay. Continue reading →