What a great idea! Then we can all cut Medicare and Social Security to pay for it. Win/win!
This is in the wake of the #GOPTaxScam & Trump Tariffs
— Abs🌊🌴✌Biden/Harris Country! (@abbeludwig) August 19, 2019
Senior White House officials have begun discussing whether to push for a temporary payroll tax cut as way to reverse the weakening economy and avoid an economic shutdown. Payroll Tax finance's Medicarehttps://t.co/mrywv0MVwU
Talked about and then tamped down almost instantly, the payroll tax discussion within the White House, matching @damianpaletta scoop https://t.co/PMEBI7BbIh
— Maggie Haberman (@maggieNYT) August 19, 2019
Europe is already in recession. We know that because European banks are paying people to borrow their money. They call that negative interest rate borrowing. If you borrow a dollar from a European bank they will give you a dollar and a nickel and you’re only obligated to pay back a dollar.
Banks don’t lend money at a loss unless they’re trying to flood the economy with cash.
Trump has already fired all of his economic bullets with his massive tax cut to the rich, who used that money to buy stocks driving up the market, and on quantitative easing.
The only things left for Trump to do to get cash into the system are known in the trade as gimmicks.
Cutting payroll taxes and slashing interest rates to below 0% for example.
Which is why Trump is constantly slamming the FED Chairman Powell.
Impeach Trump.
So much of our economy is consumer driven, if they wanted true economic stimulus – they would repeal the Tax Cuts for Billionaires and Jobs Axe. This huge give-away to the already wealthy resulted in record stock buybacks, but zero spending on means of production [including labor]. The economy was already strong, we should have paid down the debt rather than running it up for the benefit of the few.
Now add the giant tax increase on the middle class in the form of tariffs, and 99% of us have to tighten our belts even further. This will put a crimp in retail sales, leading to layoffs and further reducing demand. Reduced demand causes slowing in manufacturing and more layoffs, and the Trump Recession is born.
Republicans are bad with money and bad for America.