President Donald Trump has done wonderful things for the economy.
He has pumped billions into our country thanks to major corporations reinvesting in the good ol’ US of A. And he’s been doing since the day he was elected.
Everyone is supremely optimistic about the future and hey, they have every right to be. Numbers don’t lie, right?
When the stock market soars to new heights and breaks records, and just about every business executive says it’s almost entirely due to Trump’s presidential victory, optimism makes perfect sense.
But then there’s David Stockman.
David Stockman apparently was a Reagan toady…I mean White House Budget Director. He came into the administration like a bull in a China shop and…well, he really didn’t do much.
The kind of debt he was dealing with was piddle compared to what Trump is having to wrangle. While Reagan did have to deal with a Jimmy Carter mess, the Barack Obama mess makes Jimmy Carter’s screw-ups look like Breakfast at Tiffany’s.
Stockman, in an obvious Paid-For-By-the-Republican-Establishment infomercial, decided to fire with both barrels in his interview with USA Watchdog.
Not only did he warn of an impending doomsday for Trump, but he also forecasted the arrival of Elvis from the Mother Ship…or he should have.
Because this whole business of a “fiscal bloodbath” sounds REALLY similar to that whole 2012 prediction that the world was coming to an end based on some old Mayan calendar!
“I think we are likely to have more of a fiscal bloodbath rather than fiscal stimulus. Unfortunately for Donald Trump, not only did the public vote the establishment out, they left on his doorstep the inheritance of 30 years of debt build-up and a fiscal policy that’s been really reckless in the extreme.
People would like to think he’s the second coming of Ronald Reagan and we are going to have morning in America. Unfortunately, I don’t think it looks that promising because Trump is inheriting a mess that pales into insignificance what we had to deal with in January of 1981 when I joined the Reagan White House as Budget Director.
So, can the Trump bump in the stock market keep going? Stockman, who wrote a book titled “Trumped” predicting a Trump victory in 2016, says, ‘
I don’t think there is a snowball’s chance in the hot place that’s going to happen. This is delusional. This is the greatest suckers’ rally of all time. It is based on pure hopium and not any analysis at all as what it will take to push through a big tax cut.
I think what people are missing is this date, March 15th 2017. That’s the day that this debt ceiling holiday that Obama and Boehner put together right before the last election in October of 2015. That holiday expires.
The debt ceiling will freeze in at $20 trillion. It will then be law. It will be a hard stop. The Treasury will have roughly $200 billion in cash. We are burning cash at a $75 billion a month rate. By summer, they will be out of cash. Then we will be in the mother of all debt ceiling crises.
Everything will grind to a halt. I think we will have a government shutdown. ”
Beside the fact that Reagan was dealing with a VERY unfriendly and partisan Democrat Congress, he still managed to cut taxes. Why? Because that’s what happens when the Democrats lose 48 of 50 States! Majority rules.
Secondly, this predictor of the End Times also neglects to factor in that tax reductions ALWAYS RESULT IN MORE TAX REVENUE FOR THE GOVERNMENT! Simple economics, Mr. Stockman…or should I call you, Mr. Nostradamus?
Anyway, long story short, this guy obviously has some money invested in the gold and silver industries, because, MAN, does he do a LOT of those commercials.
And, P.S., just like any good soothsayer, if Trump’s presidency somehow doesn’t magically end in a great cataclysm after March 15th, Stockman will just explain that the stars weren’t right, or the tides were too low, or Mars wasn’t in the House of Venus, or something.
Then, he’ll move the date out to September 15th and cross his fingers.