Broken Promises POITOU, FRANCE – ‘We live in a slow-growth world,’ summarized a canny friend, ‘but with high-growth debt and high-growth asset prices.’ Today, we turn to a report on Zero Hedge for further precision.
But we’ll get to that in a minute. First, let’s begin with less precision. The promise of the Trump administration was, in a nutshell, that it would look ahead and improve the future before we got there. How?
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Drain the ‘swamp’, cut the regulations, slash corporate tax rates by about 20%, kill O’care, raise tariffs on imports to reduce the trade deficit – these are all measures that were supposed to increase stagnant economic growth rates. Higher growth would then fill the malls and restaurants and make it possible to pay our debts.
With the exception of the boneheaded proposal for tariff hikes from Trump’s trade czar, Peter Navarro – which would have the opposite effect – these changes might have been successful. Too bad ‘The Donald’ has been able to fulfill so few of his campaign promises.
We predicted as much. We were right. And many Dear Readers will never forgive us. They seem to think that because we saw it coming, we willed failure upon Team Trump. We deny the charge. We have no such power.
This post was published at Acting-Man on August 31, 2017.
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