Quantcast
Connect with us

Promises on the economy made George HW Bush a one-term president – Trump’s lies on the economy may do the same for him

Published

on

President Donald Trump may end up a one-term president, given he seems to be walking in President George H.W. Bush’s footsteps says a former economics assistant professor in his column at Bloomberg Opinion.

Trump’s tariffs, if they all go into effect, “will amount to a $200 billion annual tax increase,” writes Karl Smith. “That’s larger than the $165 billion average annual reduction in 2017’s Tax Cut and Jobs Act.”

ADVERTISEMENT

As it is, most Americans say they didn’t feel the Trump tax cuts, and that’s likely because they were designed to greatly benefit the wealthy – despite Trump’s lies to the contrary.

“If fully implemented, this next phase of Trump’s tariffs will cost the average household up to $1,795 per year — $495 more than the bank’s estimate of the average increase in disposable income from tax reform,” Smith reveals.

“In his 1988 campaign, Bush famously asked the public to read his lips when he promised ‘no new taxes,'” Smith writes.

It was August 18, 1988. Take a look:

ADVERTISEMENT

“The final package included increases in both income and payroll taxes and went into effect in 1991. In the next year’s campaign, Bush had to deal with rising unemployment and withering criticism in both the primary and the general election over his decision to go back on his pledge.”

“Bush’s brazen break with Republican orthodoxy, along with a sluggish economy and broken promises, made him a one-term president. If Trump’s not careful, he may join him,” he observes.

Indeed, recession fears are spiking, it’s clear – and economists tell us – the economy is already slowing down. And just last week Trump’s own Dept. of Labor revealed the economy in 2018 produced 500,000 fewer jobs than originally thought.

ADVERTISEMENT

Trump of course will never, ever acknowledge that he’s effectively raising taxes, because he lies habitually, cannot ever admit mistakes, and repeatedly – and falsely – continues to claim that China is paying the tariffs, which most Americans now know is a load of malarkey.

“This combination of weak growth, a rising tax burden and broken promises echoes the 1992 election. In addition, Trump is already accumulating primary challengers who will no doubt criticize him for his failure to deliver. When the Democrats pile on, it will be that much harder for the president to make his case for re-election,” Smith says.

ADVERTISEMENT

He’s right, and it will be expensive for most Americans. And perhaps, finally, something will cost President Trump the White House.


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

Breaking Banner

Chuck Todd burns down GOP’s Ron Johnson’s Ukraine excuses: ‘You seem to blame this on everybody but the president’

Published

on

A clearly exasperated Chuck Todd was forced to talk over a loud and filibustering Sen Ron Johnson (R-WI) on Sunday morning for once again pushing Ukraine conspiracies and arguing over whether Donald Trump wanted the president of Ukraine to attack former Vice President Joe Biden on his behalf.

Having let Johnson throw out several scenarios and try and spread the blame around, Todd, finally cut in to say, "You seem to blame this on everybody but the president. It was the president’s actions."

"You’re blaming everybody else for the reason we’re in this situation, other than the president," Todd continued. "Isn’t the president’s own behavior, which raised all of these yellow and red flags, isn’t is that why we’re here?”

Continue Reading

Breaking Banner

I can ‘do anything I want, I’m a police officer’: Indiana cop fired after racially profiling black men in mall parking lot

Published

on

A white police officer working for Lawrence Township in Indiana has been fired after he was filmed accosting two black men sitting in their car outside of a Nordstrom Rack and accusing them of being "suspicious."

According to WTHR, Lawrence Township Deputy Constable Daryl Jones approached cousins Aaron Blackwell and Durell Cunningham on the north side of Indianapolis but was filmed on a cellphone that eventually led to him losing his job.

The cousins stated that Jones racially profiled them and tried to run their car plates.

Continue Reading
 

Breaking Banner

GOP lawmaker goes on extended rant about Schiff to duck Tapper questions about Trump intimidating witnesses

Published

on

On Sunday morning House Intelligence Committee member Rep. Mike Turner (R-OH) attempted to blow off questions by CNN's Jake Tapper over whether President Donald Trump was trying to intimidate former Ukraine Ambassador Marie Yovanovitch with a tweet during her testimony, choosing instead to attack committee chairman Rep. Adam Schiff (D-CA) for wanting to impeach the president.

Following a long interview where the State of the Union host had to correct the Ohio Republican's assertions multiple times -- with Tapper once flatly stating "That's not true" -- the CNN host asked about Trump's tweets that were immediately characterized as witness intimidation.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image