I thought it was the vaccine he is so proud of, but.....
"Trump’s most enduring legacy could be the historic rise in the national debt" by Allan Sloan and Cezary Podkul Washington Post, January 14, 2021
One of President Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.
The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
So says the overly-objective Wa$hington Compo$t.
Yup, the $cumbag Congre$$ and CV hoaxe had nothing to do with it, and Biden adding trillions more is a good thing.
I mean, the level of outright disingenuousness coming from the Party pre$$ these days is beyond words. I was going to say astonishing, but that's too weak.
The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards, and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
How much did each owe before then?
They never tell you because it makes Trump's take look like chump change.
Don't get me wrong, either. This is no way a defense of DJT.
I'll get to that after the hatchet job, I mean, report has concluded.
The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any US presidential administration, according to a calculation by Eugene Steuerle, cofounder of the Urban-Brookings Tax Policy Center, and unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war.
War criminal Bush infamously put his "off-budget," so.... ???
Economists agree that we needed massive deficit spending during the COVID-19 crisis to ward off an economic cataclysm, but federal finances under Trump had become dire before the pandemic. That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration’s own description, the pre-pandemic national debt level was already a ’'crisis’' and a ’'grave threat.’'
They had to destroy your life to get rid of him, and take a look at what the real electoral map looked like before the shutdown and actuarily astronomical "comeback" by Biden between 3:30-6 a.m. on November 4.
The combination of Trump’s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar. So when the once-in-a-lifetime viral disaster slammed our country and we threw more than $3 trillion into COVID-related stimulus, there was no longer any margin for error.
Didn't Congre$$ pass the tax cuts that led to the wonderful Trump economy that needed to be destroyed?
Why are they laying it all on him as they boot his ass?
Falling deeper into the red is the opposite of what Trump, the self-styled ’'King of Debt,’' said would happen if he became president. In a March 31, 2016, interview with Bob Woodward and Robert Costa of The Washington Post, Trump said he could pay down the national debt, then about $19 trillion, ’'over a period of eight years’' by renegotiating trade deals and spurring economic growth.
That is what he was doing, but....
That’s not how it played out.
There were multiple culprits. Trump’s tax cuts, especially the sharp reduction in the corporate tax rate to 21 percent from 35 percent, took a big bite out of federal revenue. The CBO estimated in 2018 that the tax cut would increase deficits by about $1.9 trillion over 11 years; meanwhile, Trump’s claim that increased revenue from the tariffs would help eliminate (or at least reduce) our national debt hasn’t panned out. In 2018, Trump’s administration began hiking tariffs on aluminum, steel, and many other products, launching what became a global trade war with China, the European Union, and other countries.
The tariffs did bring in additional revenue, but although $36 billion is a lot of money, it’s less than 1/750th of the national debt. That $36 billion could have covered a bit more than three weeks of interest on the national debt. Businesses that struggled as a result of the tariffs also paid fewer taxes, offsetting some of the increased tariff revenue.
That's where the print copy stopped digging.
As of Dec. 31, 2020, the national debt had jumped to $27.75 trillion, up 39 percent from $19.95 trillion when Trump was sworn in. The government ended its 2020 fiscal year with the portion of the national debt owed to investors, the metric favored by the CBO, around 100 percent of GDP. The CBO had predicted less than a year earlier that it would take until 2030 to reach that approximate level of debt. Including the trillions owed to various governmental trust funds, the total debt is now about 130 percent of GDP.
Which investors, because they would seem to have a vice grip on the gears of our government -- and us.
Our national debt has reached immense levels relative to our economy, nearly as high as it was at the end of World War II, but unlike 75 years ago, the massive financial overhang from Medicare and Social Security will make it dramatically more difficult to dig ourselves out of the debt ditch.....
Here come the SOCIAL SERVICE CUTS under BIDEN -- for the greater good so we can build back better!!
As for Trump's legacy, Hannity bowed low and cited all the alleged achievements last night and there are other sympathetic voices that may have more legitimacy; however, I am sitting her at a quarter to 9 and there is no EBS broadcast yet.
I'm being told to wait until April, and WTF good is that?
How can Trump effect change from outside when he didn't do a damn thing when he actually held office and had power?
Related:
"The nation’s largest retail trade group said Friday that holiday sales soared 8.3%, far exceeding its forecast even as the coronavirus kept shoppers away from physical stores. The National Retail Federation had expected growth in a range of 3.6% to 5.2% for the November and December period compared to the year-ago period. The outsized gains show how the pandemic has caused a major shift in spending away from restaurants and travel and more toward buying goods that focus on activities around the home like home furnishings, food and activewear. That trend has benefited retailers. The retail sales figures exclude sales from autos, restaurants and gas; moreover, even within the retail industry, big box stores like Walmart and Target are dominating the landscape, enjoying big sales gains at the expense of mall-based stores that were forced to temporarily close during the spring and early summer and still face restrictions. Shoppers are consolidating their trips and favoring stores that offer a wide range of goods under one roof as they look to minimize the exposure of the virus. The National Retail Federation also said that shoppers are looking for opportunities to celebrate during tough times....."
Once again, I am left absolutely speechless and wonder how in the world Trump did not win reelection.
I mean, I'm told that business starts had best year ever even as pandemic raged, and to be sure, many of the people filing the IRS documents will never get off the ground, and those that do probably will take several months to begin operating, but still, there is reason to think the boom is legitimate even if you only make 10 percent of what you used to while the market again nears record highs.
That comes in the wake of Amazon temporarily closing a New Jersey warehouse after a spike in asymptomatic COVID-19 cases, just as they geared up for a final push in what’s widely expected to be a record holiday shopping season(?).
I know Amazon’s Bezos tops list of richest charitable gifts in 2020, and that the world’s richest person made the single-largest charitable contribution in 2020, a $10 billion gift that is intended to help fight climate change:
"The world’s richest person made the single-largest charitable contribution in 2020, according to The Chronicle of Philanthropy’s annual list of top donations, a $10 billion gift that is intended to help fight climate change. Amazon’s founder and CEO, Jeff Bezos, whose “real-time” worth Forbes magazine estimates at roughly $188 billion, used the contribution to launch his Bezos Earth Fund. Setting aside Bezos’s whopping gift, though, the sum total of the top 10 donations last year — $2.6 billion — was the lowest since 2011, even as many billionaires vastly increased their wealth in the stock market rally that catapulted technology shares in particular last year. Two billionaires who donated heavily to charity last year — MacKenzie Scott, Bezos’s former wife, and Jack Dorsey, cofounder of Twitter — did not make the Chronicle’s list....."
It's $elf-$erving charity that advances the Great Re$et agenda, as the world’s richest men added billions to their fortunes while raising billions in capital with repeated bites at the Apple and General Motors putting its foot on the gas before it pumps the brakes and the air bag deploys because of the robot driver and stinky exhaust.
Better catch the first train outta here:
"MacKenzie Scott is giving away her fortune at an unprecedented pace, donating more than $4 billion in four months after announcing an additional $1.7 billion in gifts in July. The world’s 18th-richest person with a $60.7 billion net worth announced the latest gifts in a blog post, saying she asked her team to figure out how to give away her fortune faster. Scott’s wealth has climbed $23.6 billion this year alone, according to the Bloomberg Billionaires Index, as Amazon.com Inc, the primary source of her fortune, has surged. Scott, 50, who was formerly married to Amazon chief executive Jeff Bezos, signed the Giving Pledge in 2019, promising to give away the majority of her fortune. After considering almost 6,500 organizations for possible contributions, her advisers ultimately zeroed-in on 384 groups to receive gifts, Scott said in a post on Medium. “This pandemic has been a wrecking ball in the lives of Americans already struggling,” she wrote. “Economic losses and health outcomes alike have been worse for women, for people of color and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires.”
That's as Harry and Meghan to do podcasts on Spotify and the historic crush of e-commerce packages threatened to overwhelm US Postal Service operations just weeks before Christmas and runoff elections in Georgia that will decide control of the US Senate, according to agency employees and postal industry tracking firms, who say they’re sitting on so much mail right now that it’s almost one day at a time in these facilities.”
I wonder how many trucks are filled with shredded Trump votes.
It's been a banner year for some as bitcoin ended 2020 at record heights even as more Americans are pessimistic about economy because parents needed to ask for assistance as COVID-19 brought loneliness and financial troubles to many families seeking help with holiday gifts for their children.
Of course, that's history now and what to my wondering eyes should appear, but a Christmas in the City that survived COVID-19 even as the retail industry was in the midst of a transformation before 2020, but the onset of the pandemic accelerated that change, fundamentally reordering how and where people shop, and this year’s civil unrest and its thorny issues for American society also hit retailers as online sales are soaring, the latest evidence that shoppers during the pandemic have focused their spending on home-related activities while staying away from physical stores that are now trying out an "augmented reality advertising campaign" so you will never have to leave your box, 'er, home (it includes a dishwasher, microwave, four-burner stove, refrigerator, washer/dryer, and NO TOILET)!
It's make or break time as sales tick up and mass market retailers weren’t the only ones betting on a banner online holiday sales season after US productivity increased at a solid 4.6 percent pace in the July-September quarter (how in the hell did Trump lose?).
Yup, it's been one heck of a year as the stock market ended 2020 in record territory, even as virus surged, millions went hungry, and unemployment claims dipped (they stopped counting you in a $leight of hand).
Also see:
"Wall Street closed out its first losing week in three with another drop on Friday after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline. Friday offered the first chance for traders to act after President-elect Joe Biden unveiled details of a $1.9 trillion plan to prop up the economy. He called for $1,400 cash payments for most Americans, the extension of temporary benefits for laid-off workers and a push to get COVID-19 vaccines to more Americans. It certainly fit with investors’ expectation for a big and bold plan, but markets had already rallied powerfully in anticipation of it. “To some extent, most of this optimism had been priced in, but the huge figures had also invited some contemplation as to whether the necessary bipartisan support will materialize for this huge sum,” Jingyi Pan of IG said in a commentary. “The market appears to be playing it safe,” she said. Biden’s Democratic allies will have control of the House and Senate, but only by the slimmest of margins in the Senate. That could hinder the chances of the plan’s passage....."
It's Biden and the Democrats to the re$cue!
Now WHAT CHANGED between THEN and NOW, huh?
9:35 and still no EBS broadcast.
