Let’s find out, say Senators Warren and Van Hollen
Taxing The Rich
Read this. You’re smarter than I am: The authors here estimated (very roughly) that a 2% wealth tax limited to top 0.1% (net worth over ~$43 million) would raise $2.6 trillion over ten years, assuming a 15% avoidance rate and no other behavioral responses…. or… … a 2% wealth tax limited to top 1% (net worth over ~$10 million) would … Read More
Hello, Recession, My Old Friend
U.S. stocks fell sharply at the start of trade today, following a series of worrying data on global economic growth, and after the yield on the 10-year U.S. Treasury note fell below that of the 2-year note, marking an inversion of the main measure of the yield curve and flashing a recession warning signal. The yield on the 10-year U.S. … Read More
Dow Plunges 800+ Points
As Trump tries to deflect his role as the unspoken leader of the violent right extremism, his attacks on China and threats of more tariffs are hurting the economy. Today, the stock market is plunging. Trade bellwethers Caterpillar and Boeing dropped 3.6% and 3%, respectively. Semiconductor stocks like Micron Technology, Skyworks Solutions and Advanced Micro Devices fell at least 4.7%. … Read More
Trump Opens Another Trade War Front
Defenders of President Trump’s trade wars have tried to argue that his reckless moves are actually part of a cunning strategy to lower tariffs, knock down trade barriers, and usher in true free trade. But Trump just threw that defense out the window by announcing a plan to impose a 5% (and escalating to 25%) tariff on Mexican imports “until the … Read More
Then And Now
Then (March 2019) Great news from @Ford! They are investing nearly $1 BILLION in Flat Rock, Michigan for auto production on top of a $1 BILLION investment last month in a facility outside of Chicago. Companies are pouring back into the United States – they want to be where the action is! — Donald J. Trump (@realDonaldTrump) March 20, 2019 … Read More
Dow Plummets On US-China Trade War
President Trump’s efforts to calm investors while he launches a full-scale trade war with China showed signs of cracking this morning, as one of his top advisers admitted the approach could damage the U.S. economy, a Goldman Sachs report predicted it might lead to higher interest rates, and China vowed to impose tariffs on $60 billion in U.S. goods on … Read More
Trump’s New Deficit-Exploding Budget
WaPo: President Trump is releasing a $4.7 trillion budget plan Monday that stands as a sharp challenge to Congress and the Democrats trying to unseat him, the first act in a multi-front struggle that could consume Washington for the next 18 months. The budget proposal dramatically raises the possibility of another government shutdown in October, and Trump used to the … Read More
Amazon Not Going To NYC
BREAKING: Amazon says it has canceled plans to build a headquarters in NYC. pic.twitter.com/6BPPEE1MDF — MSNBC (@MSNBC) February 14, 2019 The online retailer faced opposition from some politicians, who were unhappy with the tax incentives Amazon was promised. No matter what you think of the decision, what’s fascinating about the Amazon news is what it says about 1. The surging … Read More
Cost Of The Government Shutdown: $3 Billion
The U.S. economy will likely never recover $3 billion lost during the five-week partial government shutdown, according to a report released by the Congressional Budget Office on Monday. The 35-day shutdown ― the longest such closure in U.S. history ― reportedly reduced GDP in the fourth quarter of 2018 by $3 billion and an additional estimated $8 billion in the … Read More
Government Shutdown Watch
Last night, the House passed a continuing resolution bill that included the $5 billion for a border wall, which Trump wanted. but the bill is DOA in the Senate and, we’re told, has no chance of passing. Trump is unchained. Mattis resigned yesterday after Trump’s decision, contra his advisers and, well, everyone, to pull out of Syria leaving a huge … Read More
Worst Dow December Since The Great Depression
This is the year to date chart: We’re down 663 points on the day right now (2:13 pm). By the way, the tax break for the rich was signed one year ago today. Not doing very well, is it. Since Trump signed the GOP tax cuts into law 363 days ago, the Dow is down 1,800+ points — more than … Read More
Can You Tell When The Fed Rate Hike Was Announced?
UPDATE 3:30 pm — Wheeeeeee!
More Plunging
The Dow closed down 799 points on Tuesday after it appeared that there really was no China trade deal like Trump said. Yesterday, the market was closed due to Bush 41’s funeral (in which it became all about Trump, because as everyone eulogized Bush 41, it was obvious that these were things nobody would say at Trump’s funeral.) And do … Read More
Stock Market Volatility Is Insane
Down, up down, up wayy down, wayyy up. If this was a roller coaster, everyone would be sick. Yesterday the stock market surged, supposedly on news that a trade deal with China was in the works. Today, the stock market has plummeted 650 points (right now), supposedly on news that Trump lied about how likely a deal really is. If … Read More