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US economy grew at 2.3% in 2019

Discussion in 'GatorNana's Too Hot for Swamp Gas' started by dangolegators, Jan 30, 2020.

  1. surfn1080

    surfn1080 GC Legend

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    To help farmers get through the very much needed new trade agreement with China... I guess we should have just kept letting the Chinese screw us over huh?
     
  2. 108

    108 Premium Member

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    lol at this keep being brought up despite there being record tax receipts almost every year...doesn't account for lost revenue, and the increased deficit shows that..
     
  3. mdgator05

    mdgator05 Premium Member

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    Yeah, how dare the Chinese trade with us and increase consumers' purchasing power.

    Regardless, we got nothing of real note in the agreement, so we just paid people to make up for an inefficient policy. You are a big fan of direct payments from the government to people, right?
     
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  4. mdgator05

    mdgator05 Premium Member

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    Spending and revenue increase almost every year almost by definition. It is a country with a growing population and with a growing economy. Both require more services and will result in more taxes paid overall. However, the question is relative balance. The tax cuts further threw off the relative balance.
     
  5. surfn1080

    surfn1080 GC Legend

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    you realize they were charging 25% tariffs on all american made cars exported to their? Mean while we only had a 5% tariff hit on them. This was before the trade war.

    The first phase of the agreement reduces the deficit by half! How in the world did we get nothing of real note from it???

    Man so bad that a president looking out for US companies...
     
  6. gatorpa

    gatorpa GC Hall of Fame

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    "lost" revenue..... as if the taxpayers wouldn't make any adjustments under different tax laws...
     
  7. gatorpa

    gatorpa GC Hall of Fame

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    The rate of growth of GOV spending is crazy... I got jacked up after 2008 and never returned to a normal increase. The Gov liked the fat.

    Same thing almost happened locally here... local cities got tons of cash when property values went nuts, then the music stopped and their cash cows got skinny.. Amazing they found a way to get by on less. (They can't) print money like the FEDS though.
     
  8. mdgator05

    mdgator05 Premium Member

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    Well that is largely not true. Last ten years of real government consumption expenditures and gross investment. Decline from 2010-2014 with increases starting again then but increasing at an increasing rate under Trump.

    https://fred.stlouisfed.org/graph/fredgraph.png?g=q3lP

    The federal government in particular flattened out on growth rates for years (1.65% annual growth rate, not adjusted for inflation or population growth, which essentially meant government services cuts due to increasing expense for the same programs and more demand for the same programs) before taking off again under Trump (4.87% annual growth rate, not adjusted for inflation or population growth).

    https://fred.stlouisfed.org/graph/fredgraph.png?g=q3lY
     
    Last edited: Jan 31, 2020
    • Informative Informative x 1
  9. mdgator05

    mdgator05 Premium Member

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    Oh no! You mean the Chinese government enacted a stupid policy that hurt their consumers, although only mildly because only a few niche cars are going to bother with shipping across the Pacific Ocean from a higher labor cost location to a lower labor cost location? Clearly, our only move would be to...hurt our own consumers.

    Wait, you think that trade deficits are determined by trade agreement and not individuals making purchasing decisions? The agreement was signed a month ago. Setting aside the ridiculousness of trying to manage trade deficits through government policy, how exactly would you even know that?

    Well, I am glad that I, as a consumer and taxpayer, get to bail out those US companies (and some foreign companies, BTW) that only needed a bailout because of dumb policy that also lowered my purchasing power. Hooray?
     
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  10. 96Gatorcise

    96Gatorcise GC Hall of Fame

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    So with the Chinese economy taking a hit with this virus, what are the odds they follow through on the phase 1 deal? They were already slim to none.
     
  11. Gatorrick22

    Gatorrick22 GC Hall of Fame

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    Yeah, 3.5% unemployment... and more jobs than there are Americans to fill them is something that should be mentioned too. If Pelosi let the House vote on the USMCA earlier, and the UAW strike never happened and we have even better numbers. But these are solid numbers no matter what anyone thinks.

    Basically the entire world is in a recession (even China) except for the United States of America thanks to Donald John Trump and his economic policies.
     
  12. mutz87

    mutz87 Leon's getting larger VIP Member

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    I think there are some fair points to make about the current economy but it seems you are confusing China's slowing GDP growth rate for a recession. China's not in a recession (and neither is the entire world, though some countries might be). China's GDP for 2019 grew by 6.10%.

    Anyway, do you remember back in January 2017 your many comments thanking Obama for handing off a solid economy to Trump? :)
     
  13. dangolegators

    dangolegators GC Hall of Fame

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    You forgot to mention the trillion dollar deficit.
     
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  14. avogator

    avogator VIP Member

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    If we were following the Bill Clinton Bob Rubin Tax model of the 1990s we would have better growth and a budget surplus
     
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  15. tampagtr

    tampagtr VIP Member

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    So this explains how he reduced the 45% unemployment rate, the real rate, that existed in 2016

     
  16. mdgator05

    mdgator05 Premium Member

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    So just checking: after years of rejecting U3 and claiming that the numbers were fake, you have fully reversed yourself on both positions?

    BTW, no the world is not in recession. Global growth rates are higher than they are in the US.
     
    • Agree Agree x 1
  17. LouisvilleGator

    LouisvilleGator GC Hall of Fame

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    If we're talking GDP growth in 1st world countries, the U.S. is the standard bearer. Any suggestion otherwise is laughable. We are outperforming the other top 1st world countries (Germany, Japan, UK, France) by a wide margin. Sure there are large emerging economies in China and India that have huge populations that still have living standards far below what you'd find in the U.S. (for the most part)
     
  18. mdgator05

    mdgator05 Premium Member

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    A lot of qualifiers there. Regardless, that is hardly a new thing. If you average the 6 years prior to the last year, you find the same thing. Nothing relatively changing.
     
  19. LouisvilleGator

    LouisvilleGator GC Hall of Fame

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    Not really. Nobody on Wall Street really measures us in terms of how we're doing versus emerging economies and 2nd world countries.
     
  20. mdgator05

    mdgator05 Premium Member

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    I mean economy comparisons aren't really a big deal on Wall Street. But an economy like Australia is neither emerging nor second world and grew at a faster annual rate in 2018 than we did (their complete 2019 numbers aren't out). They also haven't had a recession in 29 years.