Trump predicts a ‘massive recession’ but intends to eliminate the national debt in 8 years

[TomCADem]

Source: Washington Post

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.

* * *
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.”



Read more: http://www.msn.com/en-us/news/politics/in-a-revealing-interview-trump-predicts-a-%e2%80%98massive-recession%e2%80%99-but-intends-to-eliminate-the-national-debt-in-8-years/ar-BBrgMgZ?ocid=spartandhp

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Given that Trump's proposed tax cuts would reduce revenues by $9 trillion over a decade, which in fairness is only a tad more than Ted Cruz's proposal to cut taxes by $8 trillion over a decade, I am not sure how he also plans to get rid of the national debt over a period of eight years.

http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan

The funny thing is that Donald Trump is simply taking standard GOP rhetoric about cutting taxes, yet somehow cutting the deficit, to the next level. The irony is that I am sure that Ted Cruz will once again attack this as irresponsible, then turn around and propose the exact same thing. Oh wait, he already did.

[PatrickforO]

1. It is appalling to me.

Trump talks of throwing nukes around in Europe and Asia, forcing other countries to build walls, punishing women for abortions but not men, and...well, a whole litany of other screwball stuff.

But now we see he has no clue about either fiscal or monetary policy. Wow.

[TomCADem]

2. To be fair, his economic plan is pretty standard GOP rhetoric...

Last edited Sun Apr 3, 2016, 01:48 AM - Edit history (1)

...Heck, Jeb Bush complained that Donald Trump was stealing his proposals:

http://www.nationalreview.com/article/427909/bush-team-accuses-trump-plagiarizing-policy-proposals-brendan-bordelon

So, how does the Republicans make the math work? Well, due to the magic of tax cuts, the GDP is expected to grow so fast that we end up making more in revenue. Of course, this did not work under Reagan, and it is not going to work now.

[NickB79]

27. Tax cuts destroyed the economy of Kansas and Wisconsin, as expected by all economists

Yet the GOP just won't let it go.

[no_hypocrisy]

3. Where does Trump come off like an economist?

Yeah, he went to Wharton, but it was for only two years as an undergraduate. He doesn't have an MBA or a graduate degree in anything. And he didn't graduate with honors.
http://www.americanthinker.com/blog/2016/01/what_does_donald_trump_mean_when_he_says_i_went_to_wharton.html

Shrub had an MBA and how'd that work out?

Trump is not someone you'd trust with predicting the financial future of this country.

[Igel]

34. Meh.

In fall 2000 Gore objected to Bush's "talking down the economy" by saying we were heading for a recession. The leading indicators said that's where we were heading, and the month after the inauguration is when NBER finally decided the recession started.

In early spring 2008 Obama ran on disposing of the deficit in his first term. The level of the deficit was closing in on $200 billion and the economic stimulus plan in response to the slowdown was finally around $200 billion. The Congress wouldn't pass more and the effects were judged to be short-term, perhaps ending late that summer or early fall.

The rest of the year Obama said how bad the economy was and how he'd fix it. And it was obvious how bad the economy was, but the rhetoric was clear that it was entirely (R) policies responsible for it. Including stuff from Clinton's watch or that had passed a (D) Congress. What was needed was a stimulus, and most (D) forgot the wrangling over the botched and puny stimulus from early 2008. Or that the effects were predicted to be small, temporary, and end in 8/2008 or 9/2008. (With late 9/2008 and 10/2008 being when all hell broke lose in the economy.)

We'll overlook Bill Clinton's "are you better off?" question and "it's the economy, stupid" rhetoric. With a passle of things he'd do to right the economy.

But, by all means, we must remember that this is the first presidential front-runner to ever diss the current economy. Even Sanders has only glowing things to say about Obama's economic policies and how wonderful they've been for the economy. (Yes. After you cross the Rubicon, it's only a matter of degree.)

[Tab]

4. Gee thanks, for predicting more of the same

It took 8 years to dig ourselves out of Bush's fiasco (and we're not done yet). Why would anyone vote for someone promising to create another one?

[americannightmare]

5. If business leaders had all the answers...

we'd be in great shape, since they are the ones in charge of this funny farm of a country. They are cutting taxes in Kansas, and the whole state is in free-fall. They raised taxes on the rich and corporations in Minnesota, and they are going in the opposite direction...

[Monk06]

6. We're gonna make America great again You will have so much winning that it will make you puke

We'll get rid of the national debt and make China pay for it because I know how to negotiate and I have shit coming out of my mouth .... and thoughts

[Wolf Frankula]

7. He'll Eliminate The National Debt Like He Eliminated His Business Debt.

He'll declare bankruptcy and depart the presidency with a golden parachute. tRump couldn't manage a kid's lemonade stand.

Wolf

[Lodestar]

8. He's probably holding some short position which would be expedited

by his recession news...or some other profit-based reason.

[TexasBushwhacker]

36. That makes perfect sense! n/t

[olddad56]

9. Like he has eliminated his debt in the past when one of his business ventures got upside down..

he will just bankrupt the government and leave the bond holders and tax payers holding the bag.

[olddad56]

10. take it for California when we were stupid enough to elect a has been ...

celebrity. Trump is at least as inept as Arnold was. Arnold made big promises, got elected, failed on every promise, ran the state much further in debt, and was the worst Governor the state has ever had.

[Turbineguy]

11. Magic beans.

Works every time.

[Spitfire of ATJ]

12. These idiots don't even know the bulk of the "National Debt" is in the Bond Market.

[JustAnotherGen]

19. Plus 1000 n/t

[Skwmom]

13. The more he talks the more I think he is not really running for President. n/t

[greymattermom]

23. He seems to be mocking the standard GOP proposals

by telling folks what they really mean. I really think it's a made for tv movie. He's enjoying this, getting all the attention, but he wants Hillary to be the next president to help his businesses.

[bemildred]

30. Yeah, their ideas, in a context where they have to attack him.

It's priceless.

[jmowreader]

14. O shit...

Let's see here...

Plans to eliminate the country's debt in eight years.
Plans to cut taxes.
Plans to become an isolationist.
Plans to ban abortion.
Plans to build a huge wall around the country.

I didn't know "the next Nicolae Ceaucescu" was a job we had here in the USA, but Trump seems to be trying to get it.

[safeinOhio]

16. Also is

going to kick ass around the world. Pick fights with yuge new military and pay for it by stealing the victims oil and wealth. Might be the biggest neocon ever.

[Bernardo de La Paz]

15. He's selling fear, but no doubt he'd cause a huge depression from his economic "policies"

What a stupid man, an empty suit.

Trump is a failed businessman with four bankruptcies and a golf course luxury home development in Scotland heading to a fifth. His supposed growth of wealth is about the same pace as an index fund. He hasn't created lots of jobs but he has imported foreign workers to fill them.

Austerity is proven a failed policy in tough economic times. Government spending on infrastructure is a proven way out of tough times.

[Vinca]

18. Trump just says whatever happens to dribble out of his mouth.

He's a walking word salad. The only thing more frightening are his rabid followers. How do they happen to be so totally brainless?

[hobbit709]

20. How's he gonna do that? File bankruptcy like he does?

[Festivito]

21. Reagan-Bush upped the deficit, Bill Clinton lowered it, Bush2 UP, Obama down, Rs UP IT, Ds Lower it.

While Bill Clinton lowered the deficit, Republicans said they would lower it faster. Republicans next stole the election and RAISED the deficit.

Now a Republican says he's going to lower the deficit into surplus territory.

Why would anyone believe it?

And, will do that during a recession.

Why would anyone let that happen?

[sendero]

22. Laughable..

.... it would be mathematically impossible to eliminate the debt (not the deficit!) in 8 years. Trump is full of crap.

[greymattermom]

24. this debt is more like a mortgage than a credit card debt, right?

so why don't Dems explain it that way?

[houston16revival]

25. Intent on Bankrupting the Country via

Intent on Bankrupting the Country via inflation, currency devaluation

in effect stealing the public's savings

he's probably loaded up with gold with Schiff and Beck

[droidamus2]

26. Typical

Okay I see how this goes. Trump predicts a massive recession. He gets elected (really, really hope not). He institutes his ridiculous tax cutting plan which, surprise, causes a massive recession which he then blames on Obama with the excuse that he already predicted the recession when Obama was still POTUS. He proceeds to tell us if we just let his great, incredible, YUGE plan work it will all be unicorns and rainbows. As an aside if his plan does not start working, it won't, in his first four years it will obviously be because of something the Democrats did.

[rjsquirrel]

28. Just like Thom Hartmann

Annually predict a stock market crash or a recession and once or twice a decade you'll be "right." Yet if you bought and held through the last few crashes you've made a ton of money. Hartmann has a commercial now for Buy Moar Gold Superbeets where he says "just look at the stock market right now!" as a warning. Must've cut it a month or more back since the major indices are all positive for the year now, oil has stabilized and risen, jobs keep being added, wages are actually moving up, unemployment is stable, etc.

Anyway my point is that predicting impending disaster is a basic move in the business of pitching bullshit to poorly informed people on left and right.

Buy moar gold!!!!

[WhiteTara]

29. He wants to sell off all American "ASSETS" like

the Grand Canyon, national parks, the Lincoln monument, and of course all natural resources such as off shore oil and trees in national forests

[Tempest]

31. From the guy who didn't see the housing bubble

In 2006: Trump telling CNBC that it was “a great time to start a mortgage company. I’ve been hearing about this bubble for so any years from you and everybody else in your world, but I haven’t seen it. I will let you know when I see it.”

His mortgage company, Trump Mortgage, when out of business a year later.

[roamer65]

32. The dipshit will just print money to pay it and cause hyperinflation. N/t

[TomCADem]

37. The preach for a return to the gold standard...

...perhaps Glenn Beck should start rooting for Trump.

[kimbutgar]

33. And you know the first thing he will do is eliminate the estate tax to benefit his family

Losing that revenue will greatly increase our debt. Trump just pulls This stuff out of his rear and flings it like the Orangutang he is.

[Recursion]

35. Eliminating the national debt is an idea so stupid I can't even decide how to talk about it

Bonds are good things.