Posted on 04/02/2016 4:22:32 PM PDT by Hojczyk
Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts.
The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets.
Over the course of the discussion, the candidate made clear that he would govern in the same nontraditional way that he has campaigned, tossing aside decades of American policy and custom in favor of a new, Trumpian approach to the world.
In his first 100 days, Trump said he would cut taxes, “renegotiate trade deals and renegotiate military deals,” including altering the U.S. role in the North Atlantic Treaty Organization.
He insisted that he would be able to get rid of the nation’s more than $19 trillion national debt “over a period of eight years.”
Most economists would consider this impossible because it could require taking more than $2 trillion a year out of the annual $4 trillion budget to pay off holders of the debt.
“I know the Wall Street people probably better than anybody knows them,” said Trump, who has misfired on such predictions in the past. “I don’t need them.”
(Excerpt) Read more at washingtonpost.com ...
lol...impossible? I wasn't that long ago that a 4 trillion dollar "budget" would have been impossible to imagine and now they can't imagine a lower budget?
Healthcare is where the savings are, ignore healthcare and it cannot be done.
OK, privatize MediCaid.
Eliminate most departments.
Repeal SSDI, ferret-out and crack down on fraudsters.
What CAN be hoped for, and implemented, is a plan to bring the yearly deficits down to zero and then start paying down the principal
That alone is a monumental task
We have had below 2% growth for seven years and the last quarter of 2015 registered .7% basically Zero growth. That is with interest rates at unprecedented low levels for close on a decade. We are already bracing for ‘Recovery Summer VI’ a sequel that is almost certainly as unremarkable as the previous iterations.
There is no recovery, we are in a sustained depression marked by fits and starts and massive government tinkering.
The last recession ended? When?
I’d say Trump’s healthcare plan alone could eliminate the Federal DEFICIT within 1 year-—http://market-ticker.org/akcs-www?post=231191—— Federal DEBT elimination will take longer than 8 years.....much longer, if ever.
“You don’t have to take $2 trillion out every year if the economy takes off and generates far more revenues than it does now. “
You’d have to front-load cuts. Remember the squealing like stuck pigs over “sequestration” which was a miniscule reduction in the growth of government (not a cut, mind you).
Any way you slice it, it would have to be massive cuts. I agree that if this were actually done the economy would take off and generate a lot of revenue for the government - but it would take cuts to get anywhere close to where he’d like to be after 8 years.
Keep dreaming.
Yes, and it's not tobacco in his pipe, no disrespect to his supporters or sharks, which are pretty smart.
By tomorrow he'll be explaining he said he'd eliminate the DEFICIT in eight years, not the DEBT. Lying Ted Cruz must have planted that story.
As to a massive recession, if we're going to eliminate a couple trillion from the budget, heck, eliminate social security, medicare and medicaid. Medicaid participants don't deserve it and those medicare and social security people got us in this mess. Might have to cut veterans benefits too.
Recession? Honestly, this is too silly to contemplate.
You may well like him, I'm not a fan but will vote for him over Hillary/Sanders. But he seems hell bent on proving his lack of knowledge when it comes to public issues.
I’d be happy if he could get rid of the deficit in 8 years and start paying down the debt.
Not to mention the 400 billion plus per year we spend servicing the debt in a ZIRP environment. Mr. Trump is just a very poorly informed candidate.
Yep...give em rice, beans, veggies and milk for kids under 7
Medicare too. Gone, all of it. Medicaid, many won't care. Throw in Veteran's benefits, others won't care, getting close to 2 trillion a year.
Lee Wanta is getting paid. 35% to the treasury
Be careful not to assume your own limitations are the proper measure of limitations.
American history is filled with accomplishments that in the beginning most thought was impossible. And many of these naysayers were so called ‘experts’ to boot.
It’s a matter of will.
65% of US debt is held domestically. Pay them, or screw the Americans/pension plans/banks/401ks dumb enough to purchase US debt.
Hint, lawfully, I presume Trump is in favor of laws, you can't discriminate between holders. Though I suppose you could pass new laws and attempt to pack the courts.
We'll just default on that, his predicted massive recession will come true.
Am I cynical, or is it possible that Donald, who I agree is poorly informed and clearly lacking informed advisors, has determined to appeal to even lesser informed voters, based on reality tv soundbites?
The masses, democracy in action. Though I don't think he's bringing enough of the masses along.
He insisted that he would be able to get rid of the nation’s more than $19 trillion national debt “over a period of eight years.”
****************
This will actually be easy to do through a simple three step process. First, make massive cutbacks in wasteful and redundant agency spending. Second, cut personal and business taxes to incentivize spending, commerce and investment. And third, eliminate all unnecessary regulations that suffocate businesses. The ensuing economic revival will stun people.
You make a great point.
Thank you.
Paying off debt needs a change of perspective and heart. We’ve had neither for a long time.
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