![]() ![]() attorney in Manhattan, writes in a new book that the Justice Department under Trump sought to protect his political interests. ![]() A recent NBC News/Telemundo poll showed that Republicans have been chipping away at Democrats’ traditional advantage among Latino voters, for whom inflation and jobs loom as urgent issues.Īlthough Trump objected to what he called the “weaponization” of law enforcement, a former federal prosecutor has said something similar happened when Trump was in power. Trump spoke about Latinos’ pronounced financial gains during his presidency, an economic argument that seems to have gained traction with the crucial voting bloc. ![]() ![]() That was a reference to first lady Jill Biden’s remark in San Antonio over the summer that Hispanics in Texas were as “unique” as “breakfast tacos.” Through a spokesman, she later apologized for the comment, which she made to a Latino civil rights group. About 450 people attended his speech and gave Trump a warm reception.īefore Trump took the stage, Abraham Enriquez, the president of Bienvenido, a conservative Latino group, dismissed the “left” as being “obsessed with calling us breakfast tacos.” Mnuchin’s dreams of $2 trillion in extra revenue from Trumpian pump-priming.Trump delivered the keynote address after a two-day conference here hosted by the America First Policy Institute, a tax-exempt group run by former Trump administration officials. The bigger any Trump-backed increase in the federal deficit, the faster the Fed will raise interest rates, reducing the boost from fiscal stimulus and raising the government’s interest tab. So the Fed probably would respond to a big Trump tax cut by raising interest rates faster than it would otherwise to prevent the economy from overheating. What happens if President Trump and Congress decide to press down on the accelerator with a big tax cut that isn’t offset by spending cuts? Economic textbooks and Fed models provide the likely answer: At full employment, fiscal stimulus likely will have little impact on output and mostly result in more inflation. It is pulling its foot off the accelerator, and is prepared to tap on the brakes if the economy proves much stronger than anticipated.įiscal policy at all levels of government, meanwhile, is close to neutral, neither stimulating or retarding economic growth. The Fed considers that to be full employment, and is beginning to raise short-term interest rates, albeit gradually because inflation remains below its target. Unemployment is now at 4.4%, not the 10% of 2009. It is pulling its foot off the accelerator, and is prepared to tap on the brakes if the economy proves much stronger than anticipated. unemployment rate was lower at the end of 2010 than it would have been without the stimulus bill.” Most agreed that “the benefits of the stimulus will end up exceeding its costs,” even factoring in higher taxes in the future. Only one of the 44 top academic economists surveyed in 2014 by the University of Chicago’s Booth School disagreed with the assertion that the “U.S. Despite some naysaying from Republicans, that bill is widely credited with helping to end the deep recession. That understanding led to the Obama fiscal stimulus legislation in 2009. Economic textbooks teach that when there is substantial unemployment and unused industrial capacity – when private demand is inadequate – then a deficit-widening increase in government spending or a decrease in taxes is called for. ![]()
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