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These are the 7 biggest failures of Trumponomics

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Donald Trump and Republicans in Congress keep crowing about the economy, when in reality Trumponomics has been a disaster. Here are its 7 biggest failures:

1. Trump promised to bring down America’s trade deficit “as fast as possible.” Instead, the trade deficit has hit an all-time high. The United States is now purchasing more goods and services from the rest of the world than we sell abroad than at any time in history.

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2. As a presidential candidate in 2016, he said he could completely eliminate the federal debt in 8 years. Instead, the federal debt has exploded thanksto Trump and the GOP’s $1.9 trillion tax cuts for the wealthy and corporationsThey’re already using the growing debt to threaten cuts to Social Security, Medicare, and Medicaid.

3. He promised to boost the wages of American workers, including a $4,000 pay raise for the average American family. Instead, wages for most Americans have been flat, adjusted for inflation. Meanwhile, over the same period, corporate profits have soared and the rich have become far richer, but the gains haven’t trickled down.

4. His administration said that corporations would invest their savings from tax cuts. Instead, corporations spent more money buying back shares of their own stock in 2018 than they invested in new equipment or facilities. These stock buybacks provide no real benefit for the economy, but boost executive bonuses and payouts for wealthy investors.

5. He promised a tax cut for middle-class families. Instead most Americans will end up paying more by 2027.

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6. He promised to keep jobs in America and crack down on companies that ship jobs overseas. Instead, his tax law has created financial incentives for corporations to expand their operations abroadTrump’s trade wars have also encouraged companies like Harley Davidson to move production overseas.

7. He promised to “drain the swamp” of Washington lobbyistsInstead, he’s put them in charge of health, safety, and environmental protections–which has endangered most Americans while increasing corporate profits even further.

The real recipe for economic growth is to invest in Americans–in their health, education, job training, and infrastructure.

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But Trumponomics has exploded the deficit, hurt ordinary Americans, and lined the pockets of the wealthy and corporations.

Don’t let Trump and Republicans claim otherwise.

This article was originally published at RobertReich.org

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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If Trump were the raving mad King of Liechtenstein all of this would be comical

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Welcome to another edition of What Fresh Hell?, Raw Story’s roundup of news items that might have become controversies under another regime, but got buried – or were at least under-appreciated – due to the daily firehose of political pratfalls, unhinged tweet storms and other sundry embarrassments coming out of the current White House.

This week, a former White House official told Politico that “Trump’s been asking his government for some matter of months what can we do to make sure that China doesn’t get Greenland.”

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Donald Trump and the Jews: He’s exactly why most of us vote for Democrats

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If President Trump doesn't understand why a large majority of American Jews are Democrats, maybe he should take a look in the mirror.

In case you need a quick refresher, Trump sparked an enormous furor on Tuesday when he said, "I think any Jewish people that vote for a Democrat, I think it shows either a total lack of knowledge or great disloyalty." He added that "five years ago, the concept of even talking about this . . . of cutting off aid to Israel because of two people that hate Israel and hate Jewish people — I can't believe we're even having this conversation. Where has the Democratic Party gone? Where have they gone where they're defending these two people over the State of Israel?"

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A likely recession could doom Trump

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President Donald Trump is worried that there will be a recession before the 2020 election. For once, he is right about something.

This article first appeared in Salon.

"The Economy is strong and good, whereas the rest of the world is not doing so well. Despite this the Fake News Media, together with their Partner, the Democrat Party, are working overtime to convince people that we are in, or will soon be going into, a Recession," Trump tweeted on Friday in a clear attempt to assuage concerns. "They are willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people!"

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