October 3, 2019 at 1:34 am #42736Andy BrownParticipant
The trade wars he has created. Auto sales are falling, workers are being laid off in droves, and manufacturing is in reverse gear. General Motors has cut thousands of jobs across the Midwest. US Steel plans to lay off 200 workers in Michigan. The US Purchasing Managers’ Index (PMI), a broad indicator of industrial demand, fell in August for the first time in years. Temporary jobs, a normally reliable indicator of activity, have fallen by 30,000 since December.
Since that article was written less than a month ago, the economic news has gotten worse. The country’s decade-long economic expansion, extended by drumpf’s huge tax cuts for the wealthiest individuals and corporations is finally running out of steam. Growth in personal income — the money people get from wages, salaries, interest payments and other sources — was much weaker last month than economists had expected, the latest government data show. The July figures were also more tepid that previously thought.
There is no defending the slowing economy. drumpf was handed a solidly growing economy thanks to the former administration’s 8 years of correcting the last Republican disaster. It’s pretty clear at this point that it is going to be near impossible for drumpf to win re-election with a recession looming on the horizon. Consumer confidence is ebbing. Job growth is ticking down. Corporate profits are slipping because they didn’t reinvest the tax break savings, rather they gave it to the top officers and major shareholders.
Mark my words, the 2020 election is going to be the biggest Republican disaster in history if the GDP falls, and although every indicator isn’t quite down to that point, an important one is. A sudden pullback in spending among the wealthy could cascade down to the rest of the economy and create a further drag on growth.
•High-end real estate is having its worst year since the financial crisis.
•Luxury retailers are struggling while discounters like Walmart and Target thrive.
•At this month’s massive Pebble Beach car auctions, the most expensive cars faltered on the block.
•In the first half of 2019, art auction sales were down for the first time in years.
Not to mention how being impeached and a long, detailed House process that takes the impeachment to a final vote that must be followed by a Senate trial isn’t going to help the Republican spin machine much at all.
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