Buyer's remorse

[euromike69]

Despite all the sturm und drang halfway through a wild first year for President Trump, the U.S. economy is no better off now than before he took office.

This the week the government is expected to report a nearly 3% advance in second-quarter gross domestic product, the official scorecard for the economy.

While that would mark a big improvement on 1.4% growth in the first quarter, it would leave the U.S. on the same 2% trajectory it’s been on since the end of the Great Recession. That’s less than two-thirds the nation’s historic rate of growth.

“I think expectations after the election got way ahead of themselves,” said Richard Moody, chief economist at Regions Financial. “Growth is pretty much where it’s been the past eight years.”

Read: Here’s what the Trump Scoreboard says about his performance

The former businessman-turned-president promised to change all that, of course. Trump and his advisers have repeatedly promised they could ramp the economy up to 3% growth, an outcome that could better the lives of millions of Americans now and in the future.

 

Yet as the White House’s failure to pass a health-care makeover shows, Washington is a hard place to get things done. Most of the president’s agenda such as tax cuts and higher spending on public works is languishing, even in a Congress controlled by the president’s own party.

And pessimism is growing about White House scoring any big wins before the end of 2017.

“At this point, it’s highly unlikely any substantive policy reforms — health care, tax and infrastructure— will be accomplished this year,” predicted Joe Brusuelas, chief economist at the business-consultant firm RSM.

Read: Washington taming Trump, not the other way around, Obamacare debacle shows

Even if the White House scores some big wins, however, the effects are unlikely to work their way through the economy until 2018 at the earliest.

The gridlock in Washington and unswerving path of the economy are certain to be on the minds of senior Federal Reserve officials when they convene to set the level of a key U.S. interest rate. The Fed is expected to stand pat.

What Wall Street wants to know after the Fed meeting on Wednesday is whether the central bank is turning cautious again.

The Fed still seems unified on its plan to start selling off part of its $4.5 trillion portfolio in Treasurys and mortgage-backed bonds that it acquired over the past decade to keep down U.S. interest rates. Investors are hoping this week to find out just exactly when the drawdown will begin.

Investors are less certain about whether the Fed will proceed with plans to increase the cost of borrowing one more time in 2017.

Some senior Fed officials appear to be having second thoughts, especially after a recent slowdown in inflation. Even with the unemployment rate near a 16-year low of 4.4%, wages are only rising modestly and price pressures more broadly have waned.

Nor are consumers or businesses spending and investing at levels that suggest an overheating economy — far from it.

“Even more hawkish officials seem to have altered their views due to inflation,” said Omair Sharif, senior economist at SG Global Economics.

Read: What inflation? Consumer prices go nowhere in June

As a result, investors are unsure the Fed will stick to script. The closely followed FedWatch tool puts the odds of another Fed rate hike in 2017 at 46.9% in December.

 

[Foamy T. Squirrel]

Inflation is in health care, higher education and food. That's because of government intervention. And it's big time problems for small businesses. By small, I mean mom & pops. Every time they say "raise taxes on the rich" to pay for our welfare system, Read: screw the common lower middle class because they can't cough up enough re-election money for us.

 

 

 

[eagleb1]

21 hours ago, Foamy T. Squirrel said:

He's doing better than the mainstream media.

 

What the heck does that mean?   Are you comparing a proven serial liar to the educated thoughtful press who have attained the highest level of success in a highly competitive field.  Trump categorizes any report that calls out and proves his lies as fake news.  And his gullible followers buy it.  It truly defies understanding.

[maxfactor]

Educated and thoughtful?  Boy are you ever drinking the cool aid.  You mean agenda and ratings driven with no thought for anyone but their own careers and working up the public into a frenzie for maximum benefit to the network or media outlet's bottom line.

[eagleb1]

21 hours ago, Thestarider said:

Well Eagle lets see, the economy is growing at 2.6% , ...

Haha.  Do you really think that six months of ZERO legislative accomplishment has affected the GDP?  I urge you (and Trump) to learn about macro-economics.  Our economy is on a glide path started by the previous administration.  You'll have to wait at least two years to have an idea of the long term affect  of the current administration's economic policies.

I don't have time to address the other issues you raised.

[euromike69]

4 hours ago, eagleb1 said:

Haha.  Do you really think that six months of ZERO legislative accomplishment has affected the GDP?  I urge you (and Trump) to learn about macro-economics.  Our economy is on a glide path started by the previous administration.  You'll have to wait at least two years to have an idea of the long term affect  of the current administration's economic policies.

I don't have time to address the other issues you raised.

Thanks Eagle

Exactly,,,,I don't know what the hell these guys are smoking but they need to stop being selfish and puff puff pass 

How the fuck can anyone credit Trump with growing the economy when he hasn't done shit legislatively, to fix or improve anything,,,if anything it's still Obama's policies that are still affecting our economy.

I just laugh anyway,,because I already know misguided flocks of Republican Sheep when I see them,, you guys can pull all the so called facts and talking points out your asses or from the far right Fake News media sources online all you want to,,,the fact is Trump doesn't know shit about how to run this country and I will be here to say I told you so at the end of his 4 year term,,if that fucker lasts that long.

I will never kiss any Politician's ass like I see some of you on here love to do,,,,just because you are republican it's like an automatic hatred for Democrats no matter what,,, Politics in this country is way worse than sports rivalry,,, the hatred for the other team is beyond despicable,,, No one person or no one party is ever always right on everything,,,that's the reason why our founding fathers gave us 2,,and now 3 if you want to be independent like I am. Hilary Clinton is no saint either by any stretch of the imagination,,,but compared to trump,,,she is still to me the lesser of two evils.

I'm not here to try and convince anyone to come over to my independent thinking side, because judging by most of the comments here,,a lot of you are too far gone,,and there is no saving any of you,,you are either a hardcore Dem or Rep,,,and nothing or nobody is ever gonna tell you different.

And thank you Eagle for pointing it out,,about trump not getting shit done so I don't see why people here are grasping at any thing they can,, and post it here to make Trump look like he's doing shit,,, the only thing Trump is more focused on is how long it takes for the weekend to get here so he can head to Florida to play golf,,, If Obama was doing that shit that Trump is doing right now,,,this entire Thread would be filled with insults as to why the fuck is Obama playing golf so much and not focusing on the Country and Jobs,,,talk about being a Hypocrite.

Ok I'm done now 

[Thestarider]

I think I am going to have think twice about your actual intellectual level Mike

Not shit that affects the economy. Are you realty that naïve ? Do you really believe the rally in the stock market would have been sustained if Hillary was elected, no it would have stayed stagnant, just like it was.

I am sure that these actions have had nothing to do with the economy. and you would give that fool Obama credit.... I think not because he and his far left administration imposed all this shit on us the American people:

Trump Admin Has Rolled Back More Than 800 Obama-era Regulations I am calling bullshit on you both you fools !

The Trump administration is following through on its vow to roll back the federal government’s regulatory footprint, announcing Thursday that it had stopped more than 800 regulations proposed under the Obama administration.

I have to say no, Obama had a small hand in this rally. Obama’s economy grew, at a slow rate. Obama holds the record for the first president to have an economy not reach 3% growth in his entire term.

There is no question: President Donald Trump has been great for U.S. markets.

Since he took office, the Nasdaq composite index has experienced an historic streak of growth, swelling from 5555.33 points on Inauguration Day to a year to date high of 6321.76. The index has dipped in the last few days, but it is still charting above 6,000 points – an all-time high – and has been since April 25.

 

The S&P 500, the Dow Jones Industrial, and others have seen similar trends. The market phenomenon has been dubbed the “Trump Rally,” and I expect it to continue.

Success on the Nasdaq is specifically important, because the Nasdaq composite is one of our best measures for investments in innovation, since it tracks nearly 3,000 mostly technology-focused firms including our nation’s five largest tech companies – Amazon (AMZN), Apple (AAPL), Facebook (FB), Alphabet (GOOG, GOOGL), and Microsoft (MSFT).

I spoke with Nasdaq’s Senior Vice President and Chief Marketing Officer Jeremy Skule during a Facebook Live stream Tuesday about how the President’s agenda is going to help innovators and businesses like the ones that list on the Nasdaq lead the United States into a new era of prosperity.

It’s not surprising that these leading companies – and the people who invest in them – are optimistic about the economy. Entrepreneurs and investors are not fazed by made-up scandals or liberal hysteria directed at the President. They recognize that, as I wrote in my new book Understanding Trump that was released Tuesday, President Trump is:

• An entrepreneur, not an academic. To him, knowledge is a tool used to accomplish a goal – it’s not valuable if it’s not useful.
• A builder, not a financier. Financiers sit in offices and theorize whether projects will be successful. When you build a building, it must actually stand up. Success is the only option.
• And a pragmatist, not an ideologue. President Trump is going to find solutions to problems based on what is successful, not what is politically popular.

He has practical, not theoretical, knowledge about business. He spent his entire career producing tangible products and services that people want to buy – from large, luxurious buildings and resorts to ties to bestselling books. He understands how the economy works, and now he is working to get the government out of its way. The CEOs and shareholders at our major companies see this and have begun to bet on America again.

COMMON SENSE: Surprisingly, so far in his Presidency, Donald Trump, the successful businessman, has been more successful in foreign policy than he has with his domestic agenda. There is a reason for this.

 

Other nations worldwide, having been adversely impacted by the absence of American leadership under Obama, are anxious for our new President to restore order throughout the world, which he is doing. In the Middle East, President Trump has gained the cooperation of fifty Muslim nations to fight terror at the grassroots. In Asia, he has confronted North Korea head on, and has also eased tensions with China—no small task.

 

Now, he is in Belgium, addressing the problems of NATO, our primary alliance in the world. At this point, 24 of our 29 partners are not keeping their commitments to spend 2% of GDP on defense, while we are increasing our indebtedness by spending nearly 4% to defend them. Instead of begging our allies to pay their fair share, like George W. Bush and Barack Obama did, Trump should demand that they pay up or leave the alliance. That will get their attention. Why should we pay for defending them, when we are in debt and they are thriving?

 

Trump’s domestic agenda isn’t doing as well, primarily because the Progressive Democrats have forced him to remain on the defense. Led by the media, who have viciously opposed Trump and everything he wants, Trump hasn’t gained the traction he needs to move us forward. Despite this, so far this quarter, our growth rate is above 4%, something Obama never came close to achieving.

 

You guys should take off your fucking blinders and see things for what they are. not your so called self imposing leftist views I DARE SAY NOT Independent views. that is for god damn sure........

Once again the leftist democrats have lost over 1000 seats and 14 governorships nationwide in just 6 years and you wonder why Trump is where he is and where he will stay for the next 7.5 years !!!! That is because OBAMA sucked ass and the American people said so in the election and will again in the next election. Mike you are out there with those leftist DemS in Cali you should travel to the rest of the country and you would much better understand the sentiment of the people. I suppose you believe in Sanctuary cities too ?

[Thestarider]

4 hours ago, eagleb1 said:

Haha.  Do you really think that six months of ZERO legislative accomplishment has affected the GDP?  I urge you (and Trump) to learn about macro-economics.  Our economy is on a glide path started by the previous administration.  You'll have to wait at least two years to have an idea of the long term affect  of the current administration's economic policies.

I don't have time to address the other issues you raised.

Eagle don't make me laugh, I guess he could steel from the American people a couple trillion like Obama did to bail out the banks and auto industry, those were his only accomplishments in the his six months with a democratic congress, 

He would not address the failure that is the ACA, nor would address the TAX reform except to tax the fuck out of the middle class, nor would he even try to get infrastructure addressed... 

[euromike69]

5 minutes ago, Thestarider said:

Eagle don't make me laugh, I guess he could steel from the American people a couple trillion like Obama did to bail out the banks and auto industry, those were his only accomplishments in the his six months with a democratic congress, 

He would not address the failure that is the ACA, nor would address the TAX reform except to tax the fuck out of the middle class, nor would he even try to get infrastructure addressed... 

I need to see your proof of this please,Although I'm not middle class,,nobody that I know of got a tax increase that was in the middle class 

[euromike69]

PAY ATTENTION GENTLEMEN 

AND REMEMBER WHO CONTROLS THE HOUSE,THE SENATE AND THE WHITE HOUSE RIGHT NOW

 

[Thestarider]

Once again I am shocked as I invest in real estate and individual stocks in the market for my retirement, notice that all who invest in any way now pay 10 percent more on there investments when they sell them. most middle class invest for retirement. so that in itself has raised taxes by 10 percent. not lets talk about sin taxes and other taxes raised that directly affect the middle class and, how much have they been raised under Obama, here are just few more examples Mikey:

 

1. A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.

2. Obamacare Individual Mandate Excise Tax (takes effect in Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance – as defined by Obama-appointed HHS bureaucrats -- must pay an income surtax according to the higher of the following:

 

	1 Adult	2 Adults	3+ Adults
2014	1% AGI/$95	1% AGI/$190	1% AGI/$285
2015	2% AGI/$325	2% AGI/$650	2% AGI/$975
2016 +	2.5% AGI/$695	2.5% AGI/$1390	2.5% AGI/$2085

 

The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as Americans for Tax Reform has pointed out, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they had “qualifying” health insurance for every month of the tax year. Bill: PPACA; Page: 317-337)

3. Obamacare Employer Mandate Tax (takes effect Jan. 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

Combined score of individual and employer mandate tax penalty: $65 billion/10 years

4. Obamacare Surtax on Investment Income (Tax hike of $123 billion/takes effect Jan. 2013): Creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income: Bill: Reconciliation Act; Page: 87-93

 

	Capital Gains	Dividends	Other*
2011-2012	15%	15%	35%
2013+ (current law)	23.8%	43.4%	43.4%
2013+ (Obama budget)	23.8%	23.8%	43.4%

 

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans (Tax hike of $32 bil/takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

6. Obamacare Hike in Medicare Payroll Tax (Tax hike of $86.8 bil/takes effect Jan. 2013): Current law and changes:

 

	First $200,000 ($250,000 Married) Employer/Employee	All Remaining Wages Employer/Employee
Current Law	1.45%/1.45% 2.9% self-employed	1.45%/1.45% 2.9% self-employed
Obamacare Tax Hike	1.45%/1.45% 2.9% self-employed	1.45%/2.35% 3.8% self-employed

 

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93

7. Obamacare Medicine Cabinet Tax (Tax hike of $5 bil/took effect Jan. 2011): Americans are no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

8. Obamacare HSA Withdrawal Tax Hike (Tax hike of $1.4 bil/took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Tax hike of $13 bil/takes effect Jan. 2013): Imposes cap on FSAs of $2500 (currently unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389

10. Obamacare Tax on Medical Device Manufacturers (Tax hike of $20 bil/takes effect Jan. 2013): Medical device manufacturers 409,000 people in 12,000 plants across the country. This law imposes a new 2.3 percent excise tax on total sales, even if the respective company does not earn a profit. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

11. Obamacare "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Tax hike of $15.2 bil/takes effect Jan. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

12. Obamacare Tax on Indoor Tanning Services (Tax hike of $2.7 billion/took effect July 2010): New 10 percent excise tax on Americans using indoor tanning salons. Making matters worse: According to a Treasury Inspector General for Tax Administration report, the Obama IRS didn’t bother to issue compliance guidelines until three quarterly filing deadlines had passed: “By the time [IRS] notices were issued, tanning excise tax returns had been due for three quarters." Bill: PPACA; Page: 2,397-2,399

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Tax hike of $4.5 bil/takes effect Jan. 2013) Bill: PPACA; Page: 1,994

14. Obamacare Blue Cross/Blue Shield Tax Hike (Tax hike of $0.4 bil/took effect Jan. 1 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

15. Obamacare Excise Tax on Charitable Hospitals (Min$/took effect immediately): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by Obama-appointed HHS bureaucrats. Bill: PPACA; Page: 1,961-1,971

16. Obamacare Tax on Innovator Drug Companies (Tax hike of $22.2 bil/took effect Jan. 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

17. Obamacare Tax on Health Insurers (Tax hike of $60.1 bil/takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Tax hike of $0.6 bil/takes effect Jan 2013). Bill: PPACA; Page: 1,995-2,000

19. Obamacare Employer Reporting of Insurance on W-2 ($min/takes effect Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

20. Obamacare “Black liquor” tax hike (Tax hike of $23.6 billion/took effect immediately). This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

21. Obamacare Codification of the “economic substance doctrine” (Tax hike of $4.5 billion/took effect immediately). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

President Obama’s many tax hikes will send taxes as a percentage of GDP as high as 19.3 percent in 2015, before falling to 18.9 percent in 2017.

From 2009 to 2017, taxes as a percentage of GDP will have risen 3.8 points, a larger tax hike than any other American president since WWII.

 Oh and one of my favorites LAMO

Tax on Indoor Tanning Services ($2.7 billion/July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399.

Read more: http://www.atr.org/full-list-ACA-tax-hikes-a6996#ixzz4oSB4uMmT
Follow us: @taxreformer on Twitter

[euromike69]

You need to Highlight where the Middle class was taxed please,,,And by the way you only posted a lot of stuff from a website that leans far right as I expected you would before you even posted your link.

https://www.atr.org/obamacare’s-top-five-middle-class-tax-hikes