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 ...
Trump will negotiate from a position of strength...instead of weakness like Obama
if the establishment was against Trump before this, they certainly will be against him now. $2T out of the Federal Budget only comes with massive cuts to existing ricebowls.
Terminate the USDA food stamp progarm... SNAP... and crop insurance.... boondoggles to support “white” fly-over country....
gloomy view of the economy that counters mainstream economic forecasts...
that’s why they are thisclose to using negative interest rates
distinctly gloomy view of the economy that counters mainstream economic forecasts.
I remember what alot of mainstream economists were saying in late 2007 early 2008
We may not be heading for a recession in the short term(or maybe so), but we are definitely in a period of below average growth.
What will the next recession look like after a period of sluggish growth since the last one ended
I believe it’s actually possible, if politicians had the courage to do the right thing (cut government spending by more than 50%).
Trump would try. He might succeed — if he got enough help.
But neither the Republicans nor the Democrats would help him, so although this is (IMO) theoretically possible, it seems ... unlikely.
” $2T out of the Federal Budget only comes with massive cuts to existing ricebowls.”
Good. Takes us back to where the budget was when Reagan was prez.
Poor gov workers will have to NOT get raises every year.
Woodward and company are old school. The financial game will not be played in the usual way with Trump.
The only way the national debt could be paid back in just 8 years is President Trump were to tell those, who hold the debt, to stuff it and default.
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.”
One has to wonder if he honestly believes the things he says.
Get Europe to pony up for defense.
Shhhhhhhhhhhh!!!!! Don't give him any ideas.
1. Enter recession
2. Cancel our debts to Saudi Arabia for services rendered.
3. The world moves on.
Just in case nobody knew, that’s how Trump is going to reduce the national debt. Not by demanding remittance from foreign interests but by negating debt with them under terms.
Viola
I like Trump but he’s starting to jump the shark here.
It’s a pipe dream to pay off $19 trillion of debt in such a short time period. 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.
Barring the implementation of a scorched Earth policy between now and Jan 2017, with the right policies, the right people to carry them out, and the support of tens upon tens of millions of red blooded Americans supporting these policies, this may be doable.
Free up the producers, curb the ambulance chasing lawyers, get rid of destructive and nonsensical regulations, make the tax code conducive to growth (and bringing offshore $$ back in here), and reinvigorate the American spirit, and we have the makings of a real comeback.
Interest rates will normalize, the dollar will remain an ultra strong reserve currency, stocks will hit new all time highs, tons of good paying jobs will be available to Americans who are willing and able.
The bonus may well be that political correctness will have gone the way of the vinyl record.
Trump is wanting to cut the debt by 2 trillion a year. Yeah right. Trump is supportive of ethanol subsidies for crying out loud and wants to give out all sorts of other goodies. This is just such crap as he would have to cut social security etc. and there is no way people would vote for that. I can’t believe people by into this.
We could easily start paying down the national debt if we stopped sending 100s of billions of dollars all over the world for foreign aid that falls into the hands of warlords and dictators.
“There will be strikes!” Captain Obvious
“2. Cancel our debts to Saudi Arabia for services rendered.”
Works for me!
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