David Stockman on the Trump Tax Cut and Looming Fiscal Crisis

Discussion in 'Economics' started by Richard Stanley, Feb 3, 2018.

  1. Richard Stanley

    Richard Stanley Administrator

    The following video from September 2017 is an interview of David Stockman by Fox's Neil Cavuto. Stockman was President Reagan's Director of OMB who later decided that Trickle Down Economics was bogus.

    Stockman explains why the Trump Tax Cut is a sham, and that far better economic results would be garnered via cuts in the employment witholding tax.

    But even so and in any case, Stockman explains why Trump is facing a Yuuuuuge fiscal crisis, one a long time in the making. Is it an apocalyptic crisis, linked to the phenomenon discussed elsewhere here?

    Spend like there is No Tomorrow. Tomorrow is Dead, Long Live Tomorrow!!

     
  2. Jerry Russell

    Jerry Russell Administrator Staff Member

    Stockman seems to be a regular on Fox, even though he sounds like a Liberal compared to the rest of the Republicans today.

    The above excerpt was from last June. Stockman clearly predicted that there wasn't going to be a Republican tax cut bill. So he was wrong about that.

    But he's sticking to his prediction of fiscal crisis dead ahead, in this next clip from Jan. 30, 2018.

     
  3. Richard Stanley

    Richard Stanley Administrator

    I saw commentary today by a CNBC guy that said tax receipts under the new law are coming in significantly below expectations.

    Maybe Trump can peddle hyperinflation on us as a way out.

    The other thing that is interesting is the manner that such as Cavuto and Shepherd Smith take on criticism of Trump, while the Fox talking heads have garnered Fox News the reputation as Trump TV.
     

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