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Best Web OpEds    H4'ed 8/2/19

Why Was Trumponomics a Flop?; By Paul Krugman

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 According to Jay Powell, the Fed’s chairman, the goal was to take out some insurance against worrying hints of a future slowdown — in particular, weakness in business investment, which fell in the most recent quarter, and manufacturing, which has been declining since the beginning of the year. Powell couldn’t say in so many words that Trumponomics has been a big flop, but that was the subtext of his remarks. Trump’s frantic efforts to bully the Fed into bigger cuts are an implicit admission. To be fair, the economy remains pretty strong, given the G.O.P.’s willingness to run huge budget deficits. As I wrote three days after the 2016 election:“It’s at least possible that bigger budget deficits will, if anything, strengthen the economy briefly.” And that’swhat happened: There was a bit of a bump in 2018, but at this point we’ve basically returned to pre-Trump rates of growth.'

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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Here's where I agree: "the uncertainty created by Trump's policy by whim (nobody knows what he'll hit next) has surely deterred investment. Why build a manufacturing plant when, for all you know, next week a tweet will destroy your market, your supply chain, or both?"

"On the other hand, think of the missed opportunities. Imagine how much better shape we'd be in if the hundreds of billions squandered on tax cuts for corporations had been used to rebuild our crumbling infrastructure. Imagine what we could have done with policies promoting jobs of the future in things like renewable energy, instead of trade wars that vainly attempt to recreate the manufacturing economy of the past.

'And since everything is political these days, let me say that pundits who think that Trump will be able to win by touting a strong economy are almost surely wrong. He most likely won't face a recession (although who knows?), but he definitely hasn't made the economy great again."

Submitted on Friday, Aug 2, 2019 at 6:00:32 PM

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