Baby Boomers Angry At President Trump

A Commentary From One Baby Boomer To Another by Mitch Santell

Baby Boomers

There is an old saying that I have pontificated for years and that saying is, “That you don’t wake up to the truth until it hits you in the face and affects you personally.”

Baby Boomers have finally awoken to the nightmare that President Trump is not going to look after their retirement accounts or best interests at the end of their life.


The problem: Trump’s entire premise that the tax cuts are trickling down to families and sparking an economic boom is baseless. His tax cuts have not trickled down to workers, they’ve inflated deficits, and by doing so they have put programs like Social Security and Medicare more at risk. Another Trump tax cut would threaten these programs even more.

In his speeches and other remarks at the gathering, Trump boasted about economic growth, that wealth is no longer concentrated at the top and that revenues increased more than expected. These wonderful things presumably all happened because of his signature policy, the 2017 tax cuts. If these things were indeed true, doing another round of trickle-down tax cuts would be a no-brainer. Alas, Trump is selling a bill of goods that is not supported by the data.

Where did the money go then? Companies instead used most of their profits to keep shareholders happy. On average, non-financial corporations have used almost all of their profits to pay out dividends and buy back their own shares, which reduces the number of shares and boosts stock prices. In the two years before the tax cuts went into effect, corporations spend 90.3% of all of their profits before taxes on dividend payouts and share repurchases. Since the tax cuts went into effect, such spending remained high and amounted to 91.2% in the third quarter of 2019 alone. Shareholders, not workers and the economy, are the real beneficiaries from corporate largess.

But the tax cuts cannot deliver on the promises of faster growth and higher wages if companies don’t invest. In fact, economic growth got only a very temporary boost in the first half of 2018 and has slowed since then (see figure below). Productivity growth continues to underwhelm by historical standards. And wage growth has slowed over the past year, even as employment levels have gone up.

Read more here: shorturl.at/adyNX

 

illuminati-belief-6

President Trump will tell you that he has “created the best economy in 50 years” and he will point to the stock market which is trading at over 29,000+ points and say: “Look at all the bank you are making in the market!”

What President Trump won’t tell you is that there is a massive crisis at the Federal Reserve. Unlike the 700 Billion Dollar TAARP fund that supposedly saved America from financial ruin in2008, the New York Federal Reserve has to print 75 Billion Dollars every 24 hours five days a week to keep the market afloat. Why is this happening? It all comes down to banks not having enough cash on hand.


nwfw

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