fbpx

Type to search

5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

Campaign 2016 Economy Featured Post Memo Pad Money National News Politics Top News

5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

Share
Republican presidential candidate Donald Trump speaks following a news conference, at his Turnberry golf course, in Turnberry, Scotland, Britain June 24, 2016. REUTERS/Clodagh Kilcoyne

It sounds like a threat.

As world markets crumbled, Donald Trump was in Scotland, inexplicably doing a commercial for his Turdberry golf course, celebrating the British vote to leave the European Union with a promise that America was “next.”

Americans would “take their country back,” he vowed.

Back where?

To 2008, apparently, when the world woke up to a completely unnecessary financial meltdown.

It shouldn’t have to be obvious that a candidate for president of the United States shouldn’t celebrate American seniors losing almost 5 percent of their retirement savings in a day because it might be good news for his golf course. But Trump is used to saying things that would destroy a normal candidate and then reaping the inexplicable benefits with his supporters, who tend to be about 90 percent white — coincidentally almost identical to the British electorate that voted to leave the EU.

Whether or not the unexpected vote for isolation in the UK portends well for Trump’s “populism” infused with strategic racism in the much more diverse American electorate is still just a Rorschach test that reveals more about the viewer than the abstract blotch we’re trying to assess. But we can reasonably project that Trump’s election would wreck similar (or far worse) havoc on the economy. We know this because Trump has made the connection himself, and we know this because this is what Trump is promising.

Here are five reasons to expect that a Trump victory would make Americans poorer:

  1. Economists see disaster in Trump’s plans.
    It’s hard to do a reasonable assessment of Trump’s ridiculous plans, but one of America’s most prominent market analytics firms tried. “The economy will be significantly weaker if Mr. Trump’s economic proposals are adopted,” Moody’s explained. “It will be a difficult four years for the typical American family.” How difficult? 3.5 million jobs lost, billions if not trillions lost in the stock market and home values. Plus over $10 trillion in new debt for tax cuts like those that didn’t work under George W. Bush, haven’t worked in Kansas and probably would do nothing except worsen income inequality. But it could be so much worse than that, if Trump gets his way.
  2. Trump is looking forward to an economic crisis, which he promises to turn into a catastrophe.
    You know who predicts that there could be a crash if he’s elected president? Donald Trump. And he’s promising to use this moment to do something the Constitution ostensibly forbids: destroying America’s full faith and credit. “‘Hey, guess what? The economy just crashed. I’m gonna give you back half,” Trump said, explaining his gameplay for the crash he sees as inevitable. And he’s eager to use this opportunity to do what he’s done again and again: cover up his failures by screwing over his creditors. Except in this case he’d be defaulting on the U.S. national debt for the first time ever, surrendering the leverage that makes the dollar the world’s reserve currency and keeps our interest rates low. “Any default within the system would have cataclysmic consequences for the economy that would far outweigh any gains in refinancing costs,” The Economist explained. “To cap it all, the Federal Reserve owns almost $2.5 trillion of Treasury bonds and the Social Security Fund some $2.8 trillion. So the government would, in part, be defaulting to itself.” Trump is saying that he’d default Social Security. People should point that out more often. Because when you say these things as a candidate, people can just laugh at you. When you’re the president and you vomit out nonsense, you can take down markets.
  3. Trump wants to uninsure 20 million and would probably end Medicare as we know it.
    Two things you never hear Republicans mention is that layoffs, both as a raw number and per capita, are lower than they’ve been since the early 1970s, and the economy has improved rapidly since Obamacare went into full effect, with health care industry jobs leading the charge. Trump is promising to undo do all this. And we now know what he’ll replace it with: Paul Ryan has released his “replacement” plan for Obamacare, which is a wishlist of conservative polices that will uninsure tens of millions while doing little to help the working poor the ACA has does the most to help. At the same time, anyone who was born after 1960 would have to work longer before receiving Medicare, with the promise of higher premiums. In other words, Republicans are promising to make the “economic anxiety” plaguing older white workers much worse. And Trump will be there to sign it into law.
  4. Trump will give foreign oil states more control of our economy.
    You know that conservatives laugh climate change off as a “hoax” invented by Barbara Streisand and the Chinese to sell Priuses, but the science is real, and we’re finding ways to benefit economically as a nation from saving the world as we know it. More Americans are now employed by the solar industry than by coal. And thanks to the stimulus, companies like Tesla and Solar City are reshaping the economy, empowering Americans to take control of how they use energy. Trump is one of the worst climate science deniers alive — or best, depending on your point of view. Abandoning alternative energy to fixate on fossil fuels bets our economy on the whims of Saudi Arabia and other oil-producing nations, who can lower the price with concerted effort. And all of this is just incidental to the long-term damage carbon pollution would do to our environment and economy, as rising temperatures threaten to cut the average American’s income by nearly 25 percent by 2100.
  5. Trump would unleash Wall Street to replay the 2008 crash over and over.
    If we have a Republican president in 2017, Wall Street reform will be gone. That means the end of the fiduciary rule that mandates financial advisors have to have your interests in mind; the end the Consumer Financial Protection Bureau, which has already saved Americans billions; and the end of the only law that helps avoid another crisis that could take down the entire economy. Dodd-Frank isn’t perfect and needs to be strengthened but Trump and the GOP have promised to erase it and put us back to where we were, as bankers bundled terrible mortgages into toxic assets that put 8 million out of work. The only thing stopping them would be Trump’s regulators. What, you don’t trust the guy behind Trump University, Trump Mortgages and Trump Steaks to look out for your retirement?

Photo: Republican presidential candidate Donald Trump speaks following a news conference, at his Turnberry golf course, in Turnberry, Scotland, Britain June 24, 2016. REUTERS/Clodagh Kilcoyne

Tags:

42 Comments

  1. Anna252654551 June 27, 2016

    I currently profit approximately $6,000-$8,000 /a month for freelancing i do from my home. If you are willing to complete basic at home work for 2-5 hours daily from your house and earn solid profit while doing it… Then this job opportunity is for you… http://ow.ly/lKR8300yJWT

    srefrdf

    Reply
    1. I of John June 27, 2016

      screw you robot git.

      Reply
      1. Dan S June 27, 2016

        I like the new feature on Disqus that now let’s you block these annoying spams left on this site & others. Kind of like swatting flies & other creepy crawlies ????

        Reply
    2. plc97477 June 27, 2016

      You know most prostitutes try to keep their business a secret, maybe you should give it a try.

      Reply
  2. Dominick Vila June 27, 2016

    Imposing high tariffs on foreign products and services would elicit retaliation, leading to lower exports, inflation, and higher interest rates.
    Letting people like Romney and Trump, with large investments in foreign lands, is the last thing we need if our goal is to bring jobs back to America. People like them are the reason for the erosion of jobs in America, not the solution.
    Dismantling NATO, and pulling our military out of strategic positions in ally countries, would compromise our security.

    Reply
    1. itsfun June 27, 2016

      Letting people like Romney and Trump with large investments in foreign lands is the last thing we need to bring jobs back to America. Trump is campaigning on keeping companies here. Have you seen that Oreo’s will not be made in America anymore. If Trump builds a golf course in Scotland or anywhere, how does that hurt Americans? Trump is saying NATO has got to start paying their fair share. The United States is paying 90% of the NATO costs. How many private health insurance companies will go out of business if Medicare is expanded to take care of every citizen? Just because some hate insurance companies, that is not a reason to destroy them and put thousands of people out of work. You may want to check the results of the $15 minimum wage in Seattle. Restaurants are closing their doors. You want to give health insurance like our competitors do, but not make the trade tariffs fair and equal. How large is our trade deficit now?

      Reply
      1. Dominick Vila June 27, 2016

        The USA contributes the most to support NATO operations than all the other 27 member countries, but it is not 90%. See the enclosed official chart:
        http://www.nato.int/cps/en/natolive/topics_67655.htm
        The reason we contribute the most is because we have been using NATO to help us in wars unrelated to its original charter. Trump’s initial proposal was to dismantle NATO because, in his opinion, it is no longer needed. When they generated an uproar he switched to the more legitimate issue of funding.
        Don’t you think that a man running on a nationalist agenda should invest at home instead of abroad? Other notable Republicans, such as Romney, closed down plants in the USA (DELCO), laid off employees, and reopened it in China under a different name. Obviously, that is not illegal, but it is inconsistent with the political narrative they articulate.
        The fact that restaurants are closing in some parts of the country has very little to do with the $15 minimum wage, since the cost is passed on to consumers.
        The benefit package of most corporations is between 40% and 50% of salary. About half of that is attributed to healthcare insurance. Lowering our operating costs would make us more competitive against countries where corporations don’t incur such expenses.

        Reply
        1. itsfun June 27, 2016

          By lowering operating costs do you mean pay employees $5 a day like some countries do? The high minimum wage is causing closures because when the cost is passed on to the customer, the customer doesn’t eat out as much. Trump has built golf courses all over the world including the U.S. He has built buildings all over this country. Romney is a jerk and would have been a terrible President. I doubt if Trump would be a great President, but Hillary would be a complete disaster. No matter who does get elected, it won’t make much difference, because of the hate the other side has for them.

          Reply
          1. Dominick Vila June 27, 2016

            Several West European countries, Australia, Canada, and Japan pay high salaries to their work force. We don’t have to lower salaries in the USA to match those in Third World countries. All we have to do is find ways to lower our operating costs. One way to achieve that is to transfer the burden of healthcare insurance from corporations to the government, so that we can compete on a plain level field with countries like Germany and Japan.
            Romney is a jerk, and would have been a horrible President.
            An interesting point, considering Trump’s anti-Muslim rhetoric, is the fact that he bought and is renovating a large hotel complex in Indonesia, the country with the largest Muslim population in the world.
            Again, what he is doing is not illegal, it is just inconsistent with his nationalist theme.

            Reply
          2. itsfun June 27, 2016

            Where does the government get its money to pay for healthcare? Maybe our taxes. Trump wants a temp ban on Muslims not a permanent one. He simply wants the immigrants to be properly vetted before being allowed in the U.S. What is wrong with taking that step to protect Americans? People want to take my gun away, but let possible terrorists in. Please don’t give me the freedom of religion argument. The Muslims don’t believe in freedom of religion, they want to kill all Christians.

            Reply
          3. Dominick Vila June 28, 2016

            The money to pay for a MEDICARE expansion to cover all Americans would come from the premiums paid by individuals and corporations. There are no freebies.
            Vetting has been in place for many decades in the USA. Applicants often have to wait 6 or 7 years to get a visa. The loopholes involve tourist and student visas, which we have been granting for many years.
            I have not heard of any refugees trying to get a visa to go to Disney or enroll in one of our universities. Many of them have college degrees, and are neither radicals nor a hindrance on the countries that have granted them asylum.
            Generalizing terrorism only contributes to the radicalization of people in countries that we depend on to fight terrorism.

            Reply
          4. itsfun June 28, 2016

            The question is how many are terrorists? What is wrong with waiting for proper vetting? I don’t care how many have college degrees. How many ISIS members have a college degree? How many of them were educated in the U.S.

            Reply
          5. Dominick Vila June 28, 2016

            Considering that there are as many American born terrorists, as there are terrorists from other countries, and the religions we love to hate, there is no answer to your question.
            There is nothing wrong with vetting those who want to come to the USA, that’s why we have been doing it since the visa system was instituted. Like I said before, sometimes it takes 6 or 7 years to complete the vetting process, and immigration law requirements, to grant a visa to someone, regardless of ethnicity, religion, or nationality. The insistence of doing something that is already being done is just an excuse to justify a position that is inconsistent with our purported values, traditions, and history.

            Reply
          6. itsfun June 28, 2016

            Its my understanding Obama wants to bring in the Muslims without proper vetting in a very short timeframe. That is why Trump wants to have a temp ban. He is demanding a proper background check be made.

            Reply
          7. Dominick Vila June 28, 2016

            To the best of my knowledge, President Obama has not proposed any changed in our current immigration laws to that effect. He has proposed changes to solve the Latino illegal immigration problem, but no changes in our laws regarding Muslim immigration.

            Reply
  3. I of John June 27, 2016

    Trumpian train-wreck.

    Reply
  4. adler56 June 27, 2016

    Nice “typo” on his golf course. Unless you follow golf you might not know it’s really Turnberry not Turdberry but Trump brings out that in people.

    Reply
    1. Box June 27, 2016

      I think playing with names shows weakness and immaturity.

      Reply
  5. Grannysmovin June 27, 2016

    Seems that he is following the Republican playbook.

    Reply
  6. FT66 June 27, 2016

    How stupid it will be for voters when polled are saying he is not qualified and still hire him for job! Thats beyond me.

    Reply
  7. Dan S June 27, 2016

    If Pixar were to redo Inside Out of Trumps brain it would be a horror film. Who knows what craziness swirls around in his mind but I wouldn’t want him to be President to find out. While not a fan of George Will I give kudos to him for leaving the Republican Party & encouraging others to do likewise. It’s simply inconceivable that Trump can win with angry white mans vote alone. If you know anyone thinking of voting for Trump please stage an intervention & give them the facts about how dangerous a Trump presidency would mean for America

    Reply
  8. itsfun June 27, 2016

    Trump was talking about how the people voted for their independence. The people in England are tired of a faceless group in Brussels telling them what kind of containers they can use, how they could lead their lives, etc. People in America are tired of the elite telling what we can and can’t do. We the people want to be free from elitist. We don’t want the government in our bedrooms, and bathrooms. We have already fought for independence and small government, how many more times does that need to happen?

    Reply
    1. DennisRL June 27, 2016

      itsfun. You know, it’s beyond me how anyone could spend as much time as you do defending a blow hard buffoonish demagogue like trump. It must take all of your waking hours to go around trying to put out the brush fires that this clown starts. Of course after reading some of your comments here and below, I can see why you have such a hard time trying to sift reality from illogical nonsense. It’s sort of like arguing with an insane person, they don’t listen to any rational pragmatic arguments so why try. It’s the same with the right wingers. If you’re nothing but an ideologue and not too bright, then it’s not going to do much good to explain how totally goofy your thinking is.

      Reply
      1. itsfun June 27, 2016

        Another name caller. Is that all you got? You call names and say nothing. Its just a sign of a weak mind trying to express itself. Just go on believing you will be getting free stuff and never have to earn anything. How many people have died for the freedoms you enjoy while doing nothing yourself.

        Reply
        1. DennisRL June 27, 2016

          You presume a lot. That I was never in Nam or the Gulf for that matter. You also presume that I’m some kind of mooch off of the government. You presume that I’ve never done anything for my country. You fall into the same old trap that all right wingers do. They paint everyone with a broad stroke of being alike if they don’t think like they do. You couldn’t be more wrong about me but you know what, I’ve got you pegged for just what you are.

          Reply
          1. itsfun June 28, 2016

            You start by calling me names, then when I come back, you start bitching about it, and call more names. If you were in Nam, then we may have eaten some of the same dirt. I really don’t care what you do or don’t do.

            Reply
    2. Insinnergy June 27, 2016

      He lies. Compulsively.
      He flip flops. Sometimes in the same paragraph or even sentence.
      He makes strong statements about what his policies are… then makes the exact opposite statement about his policies… then says they’re really “just a suggestion”.
      He treats women like property/second class citizens/objects.
      He considers most minorities to be to blame for America’s problems.
      He race-baits deliberately.
      He openly incites violence against minorities/hecklers at his rallies. and approves of it publicly when it occurs.
      He expresses himself in the language of explicit racism (Even Paul Ryan acknowledges this publicly).
      He expresses himself in the language of bigotry. (To be fair so does most of the GOP)
      He has a history of fraud, suing to avoid paying agreed money for services, and direct connection to the actual real Mafia.
      He has a pathetically limited understanding of foreign relations, trade, deficits, the economy, the military… (and the bible… not that I care about that).
      He has no experience in government.
      He is spurned by a large group within his own party at the political level.

      The man is a moral and ethical sewer, rife with corruption, and ready to leverage the presidency for his personal gain. Because the only real person in Trump’s life is Trump.

      Its a sad comment on the USA that he is in the position of GOP Nominee.

      Reply
    3. Jim Samaras June 28, 2016

      The article above denotes the lefts pertinacity to predict gloom and doom under a Trump presidency. Just like their prediction for an economic meltdown after the Brexit. In reality nobody knows for certain what will happen under either scenario but I’ll take my chances for an opportunity to “take my country back” from the elitists who believe they know what’s better for me than I do.

      Reply
      1. itsfun June 28, 2016

        Me too

        Reply
      2. JPHALL June 28, 2016

        What exactly do you mean by “Take my country back?” The elites have always owned this country from Washington to Bush. If not for the frontier and the Civil War we would have had class warfare. Without FDR we would be Socialist.

        Reply
        1. Jim Samaras June 29, 2016

          What do I mean? I mean freedom of speech for one. These special snowflakes that need “safe zones” so that not to hear another point of view that disagrees with their own. I mean getting back to an immigration policy that includes true assimilation to OUR ways and OUR customs instead of trying to change OUR way of life to satisfy their religious ways and customs. If they want that, stay in your own country and stop trying to jam YOUR ways down our throat. How about electing officials that will PROTECT our way of life instead of the foreigners? Is that enough for you? If not, how about backing our police instead of the thugs that control our inner cities? How about giving education back to the states and get the federal government out of our personal affairs? I could go on and on!
          This administration has done more for the elitists agenda, which is a One World Order, than any administration in history and if you’re blind to that fact then there is no helping you.

          Reply
          1. JPHALL June 29, 2016

            In true speak you mean back to the good ole days of White privilege. When men were men and sheep were afraid! Those days are gone forever. Get over it! Subject: Re: Comment on 5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

            Reply
          2. Jim Samaras June 30, 2016

            Where did I mention, or even intimate White privilege? You leftists always pull the race card when losing an argument.

            Reply
          3. JPHALL June 30, 2016

            White privilege is a reality. Your complaints were all about the way things used to be when White was right and all others must step back. Guess what? Few people now days care including most young Whites. Like I said get over it. You speech is only limited because those you want to insult now have the right to respond without fear. As to the police, too many people are being shot in the back because the cop was afraid for his life? If you are that scared, get a different job. Subject: Re: Comment on 5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

            Reply
          4. Jim Samaras July 4, 2016

            As long as you mention it JP, yes, white privilege is a reality but in no way applicable to what I said.
            My complaints I believe mirror that of any American regardless of color!
            Young people today may not care right now because they’ve never experienced responsibility yet not to mention having to pay many bills. They’ve been taught by liberal professors and the media that inclusiveness trumps ability and have yet to learn that only concentrated EFFORT on the part of an individual breeds success.
            Responding to insults is a right to all but the suppression of those insults are what I speak of JP. A crack in the mouth used to be the answer to insults now it’s against PC to even HEAR it? Stop it!
            Too many people being shot in the back for ya? How about turning around and FACING your accuser instead of running from the police? If you’ve done nothing wrong there is nothing to fear, right? That would certainly solve that problem, do you not agree?

            Reply
          5. JPHALL July 4, 2016

            You sure love to generalize. Your complaints only mirror those who either inherited their wealth or got it by means not available to most. Most college grads have always felt entitled. But many worked hard to get there and succeed. Those have little problems adjusting to the real world no matter their degree.
            As someone who has often been accused of looking like the guy they are looking for, I know that sometimes running from police has saved many lives. You may completely trust the police but I have learned differently after working and socializing with them for 37 years. Would you prefer people facing and shooting at the police. That is when bystanders and innocents get hurt. Subject: Re: Comment on 5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

            Reply
          6. Jim Samaras July 5, 2016

            I don’t believe I’m generalizing anything JP. My complaints mirror everyone’s who have worked hard to get where they are and have disdain for it given to ANYBODY without making correct life decisions!
            You know that running from the police has saved lives? OMG! If you have nothing to hide then running is dangerous and useless and only puts you in jeopardy. But of course then blame the police, unbelievable!

            Reply
          7. JPHALL July 5, 2016

            Still generalizing. All those who disagree with you are not standing around waiting for a handout. They are just not selfish and self serving. Like most right wingers you discredit the life experiences of others. You think that you know the only truth. You are greatly mistaken.
            Loke I said before, I worked 37 years with law enforcement and unlike you my eyes are wide open. Like any group there are good and bad. When you run into the bad, you do what you must. Subject: Re: Comment on 5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

            Reply
          8. Jim Samaras July 5, 2016

            If you run you have no idea what you’re running from! Again, spoken like a person with experience in running from the law and I’d bet you’re running for a reason

            Reply
          9. JPHALL July 5, 2016

            Nice try but no, just a big Black man in America who jogs in the early morning. I have learned over the years that an ID showing that I live in a neighborhood or that I work for the criminal justice system means little to some police.

            I always run to a main street with White people with cell phones. That way there are witnesses and I then stop with hands on my head, following all instructions. My father taught me that. It makes a big difference.

            Reply
          10. Jim Samaras July 5, 2016

            So you’re a black man with a chip on his shoulder, being stopped for no apparent reason other than jogging while black. I do understand the frustration but do not see how a Hillary presidency will help that injustice. The only things the democratic party has done since the sixties have oppressed the black community. I’ve often wondered why any intelligent black would vote for a party consistently that suppresses an entire population under the guise of “helping” when in reality all they want is the vote with no real answers to the problems facing black America

            Reply
          11. JPHALL July 5, 2016

            I see that not only have you drunk deeply of the right winger nut job Kool – aid, but now you mix it for yourself. I have no chip on my shoulder, just being a realist. I understand that to you it is no big deal, but having police pull a gun on you because you look like somebody else can change your viewpoint.
            As to the Democrats, what are you talking about? All the Democratic racists became Republicans in the late sixties. What has held Black people back are Republican policies that take money from us to give to the 1%. Also there are still many Whites who are in positions to discriminate especially in financial matters. Unfair loan interest rates, extra fees, etc. Not a chip but the reality of Black life. I bet you would not change places. Subject: Re: Comment on 5 Ways A Trump Win Could Be Worse For The Economy Than Brexit

            Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.