Even as his aides warn of a business climate at risk of faltering, the president has been portraying the economy to the public as âphenomenalâ and âincredible.â He has told aides that he thinks he can convince Americans that the economy is vibrant and unrattled through a public messaging campaign. But the internal and external warnings that the economy could slip have contributed to a muddled and often contradictory message.
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Administration officials have scrambled this week to assemble a menu of actions Trump could take to avert an economic downturn. Few aides have a firm sense of what steps he would seriously consider, in part because he keeps changing his mind.
Ideas that have been discussed include imposing a currency transaction tax that could weaken the dollar and make U.S. exports more competitive; creating a rotation among the Federal Reserve governors that would make it easier to check the power of Chair Jerome H. Powell, whom Trump has blamed for not doing all he can to increase growth; and pushing to lower the corporate tax rate to 15 percent in an effort to spur more investment. Some, if not all, of these steps would require congressional approval.
âEveryone is nervous â everyone,â said a Republican with close ties to the White House and congressional GOP leaders. âItâs not a panic, but they are nervous.â
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On Aug. 1, Trump announced new tariffs against Chinese imports. On Aug. 13, he delayed most of them, worried about the impact on the U.S. economy. On Aug. 20, he said he was considering new tax cuts. The next day, he said he had changed his mind.
Amid it all, stocks proved highly volatile and the U.S. and global bond markets rang numerous alarm bells, a far cry from the era of synchronized global growth that had marked Trumpâs first two years in office. Other economic soft spots also have emerged, particularly in U.S. manufacturing, a sector Trump had promised to revive.
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âThe irony here is that Trumpâs erratic, chaotic approach to the economy is probably the most significant economic risk factor in the world right now,â said Gene Sperling, who served in top economic roles during the Clinton and Obama administrations. âTheir response is just to show even more erratic behavior. Itâs economic narcissism. Itâs economic policy by whim, pride, ego and tantrum.â
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By Tuesday, Trump was under growing pressure to explain how he was preparing for a possible slowdown.
He said that he was considering a payroll tax cut, as well as the capital gains change for which Kudlow had long advocated. His comments stunned some aides but others shrugged them off, aware that it is nearly impossible to be up to speed on what Trump is thinking at any given moment, even on particular issues such as tax policy.
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By Wednesday, Trump had reversed himself again. He told reporters before boarding a helicopter that he had decided to rule out any new tax cuts after all.
âWe donât need it,â he said. âWe have a strong economy.â
15 of 25 members of that committee are on the record for wanting to start an official impeachment inquiry, so itâs not easy to narrow down.
Based on the statement Brad Schneider released today, I think thereâs a good shot itâs him. It could also be Lloyd Doggett, because he probably has higher committee aspirations, being third in line behind Neal and Lewis.
I mean sure primary Neal for slowness, but he probably wonât lose.
I cant decide if its a good thing or a bad thing im seeing a bunch of trump and right wing ads. They are annoying but they wont be effective here and if they help keep the lights on why not grift a little of that money?
Theyâre complicit, some of them donât even WANT to get the tax returns, for fear they might have to do something about what they discover. Thatâs my view, anyway.
Every dollar they spend here is a dollar they canât spend on people who could actually vote for Trump. Iâm in the click the ads and fuck with their metrics/spending camp.