Quantcast
Connect with us

Paul Krugman warns the so-called ‘Trump Boom’ is over and as we head for a ‘significant slowdown’

Published

on

The New York Times isn’t the only place where Paul Krugman offers his insights on the state of the U.S. economy. The veteran Times columnist and liberal economics professor also has a strong Twitter presence, and in 2019, his tone has been decidedly bearish.

In January 3 post on Twitter—where he has around 4.5 million followers—Krugman stressed, “Everyone’s focused on the political news, as they should be. But there’s some important economic news, too, and not just the market having another fainting spell: it’s becoming clear that the Trump boom, such as it was, is over.”

A separate Krugman tweet was equally bearish, noting, “Very recent data and leading indicators suggest a significant slowdown currently underway—not a recession, but growth probably under 2 percent.”

Krugman also asserted that Republicans who praise 2018’s so-called “Trump boom”  while giving President Barack Obama no credit for the United States’ recovery from the Great Recession are being disingenuous. The economist tweeted, “The growth spurt in the 2nd and 3rd quarters was no more durable—and less impressive!—than the growth spurt in mid-2014, which I don’t remember anyone hailing as an Obama boom.”

Krugman also took a snarky jab at the GOP’s Tax Cuts and Jobs Act of 2017, tweeting,  “Basically, my parents gave themselves a $2 trillion tax cut, and all I got was a couple of decent quarters.”

Krugman’s series of 2019 tweets on the state of the U.S. economy follow his New Year’s Day column on the Tax Cuts and Jobs Act. In the New York Times piece, Krugman declared that the GOP tax cuts aren’t as bad as you’ve been led to believe—they’re worse. While President Donald Trump claims that the GOP tax law (which lowered the corporate tax rate from 35% to 21%) has been great for America’s working class, Krugman writes that “at least 90 percent of Americans will end up poorer thanks to that cut.”

ADVERTISEMENT

Echoing paleoconservative Patrick Buchanan’s presidential campaigns of 1992 and 1996, Trump campaigned on an “America first” platform in 2016. But Krugman, in his Times column, explains that “in today’s globalized corporate system….roughly a third of U.S. corporate profits basically flow to foreign nationals—which means that a third of the tax cut flowed abroad rather than staying at home. This probably outweighs any positive effect on GDP growth. So the tax cut probably made America poorer, not richer.”

Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Trump’s 2020 campaign strategy is familiar: Troll the libs!

Published

on

Late on Tuesday, I got an email from an unusual source. A reporter for the conservative publication the Washington Examiner asked if I'd be interested in sharing thoughts on Joe Biden's history of joking "about 'locking up your daughters'" and on "Biden's view of women and gender relations." This was in light of my previous criticisms of Biden's apparent condescension towards girls and women, and his pockmarked history on gender relations in general.

Continue Reading

Breaking Banner

Cory Booker rips Biden for praising racist senators: ‘You don’t joke about calling black men boys’

Published

on

Sen. Cory Booker (D-NJ) blasted Joe Biden for praising two segregationist senators he'd served with as a lawmaker.

The former vice president and current Democratic presidential frontrunner reminisced about his relationship with Mississippi Democrat James Eastland and Georgia Democrat Herman Talmadge, two notoriously racist senators during the Civil Rights era, reported The Hill.

“At least there was some civility, we got things done," Biden said, recalling that Eastland had never called him "boy." "We didn't agree on much of anything. We got things done, we got it finished."

Continue Reading
 

Breaking Banner

Most Republican voters admit to feeling ‘embarrassed’ and ‘exhausted’ by Trump’s comments

Published

on

Some diehard supporters of President Donald Trump have asserted that they admire the fact that he is so unapologetic about his rhetoric and his actions. But according to a new Pew Research survey, most Republican or Republican-leaning voters admit that they sometimes feel “embarrassed” or “concerned” about things that Trump says.

According to Pew, 53% of Republican or Republican-leaning voters say they sometimes feel “embarrassed” by Trump’s comments — while 59% are sometimes “concerned” by them. Some of the adjectives Pew ran by GOP or GOP-leaning voters were even stronger, including “angry,” “exhausted” and “frightened.”

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

I need your help.

Investigating Trump's henchmen is a full time job, and I'm trying to bring in new team members to do more exclusive reports. We have more stories coming you'll love. Join me and help restore the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link

Investigating Trump is a full-time job, and I want to add new team members to do more exclusive reports. We have stories coming you'll love. Join me and go ad-free, while restoring the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link