Tuesday, June 21, 2016

"The Biggest Threat To The Economy" (UPDATED)

In a speech to be given later today in Columbus, Ohio, presumptive Democratic presidential nominee Hillary Clinton is expected to flay what passes for the economic "policies" of neo- fascist dimwit Donald "Rump" Trump.  It's a particularly well- timed speech, in that those "policies" have come under scrutiny from a respected economic analysis firm, Moody's Analytics, and what they have to say is devastating [pdf]:
... [W]hat he is asking for is fiscally unsound. His tax and spending proposals will result in very large deficits and a much higher debt load. A future Congress may be able to rein in this profligacy, but it will not be easy, as there is a gulf between what he says he wants on taxes and spending and what it will take to make the budget arithmetic work. 
He is also very suspicious of globalization. His willingness to threaten higher tariffs on U.S. trading partners and his sharp criticism of major trade deals signal a reversal on the long-running expansion of U.S. trade and foreign investment. Requiring millions of undocumented immigrants to leave the country also signals less openness to the rest of the world. 
The upshot of Mr. Trump’s economic policy positions under almost any scenario is that the U.S. economy will be more isolated and diminished.  (our emphasis)
Not that this should be surprising to anyone who follows Rump's hare- brained "policy" prescriptions on any topic.  After all, he's the epitome of post- policy Republicanism. Nor is the warning likely to penetrate the skulls of a large portion of Rump's frothing base: endlessly aggrieved white working- class Americans.  After all, contrary to corporate media myth- making, it's not "economic anxiety" that's driving these voters;  it's racial/ cultural anxiety.  So, what would be the reward for these folks in a Rump presidency?  Catherine Rampell puts it like this:
Overall, the picture painted by these forecasts is terrifying. It suggests voters here — not so unlike our friends across the Atlantic who favor Brexit — may voluntarily bring a Category 5 economic hurricane upon themselves. And for what? To “shake things up”? To give the middle finger to “the establishment?” To make Washington a little more entertaining, or a little less politically correct?

Are 9.4 million fewer jobs and the longest recession since the Great Depression really worth those meager rewards?
Moody's isn't the only voice warning of Rump's catastrophic plans.  As Rampell goes on to note:
... A Trump presidency is considered one of the top 10 risks facing the world, according to the Economist Intelligence Unit. It’s rated above an armed clash in the South China Sea, a fracturing of the European Union and even the rising threat of jihadist terrorism. 
And with Rump's proposed $10 trillion in tax cuts skewed to upper income brackets, who do you think would be the "winner" while the majority of us would be "losers" in a Rump Recession?  Why, none other than Donald "Rump" Trump!  Shocking, we know.

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