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@umbarch64 wrote:

@gordyfl wrote:

Blue Skies.jpg

 

Mnuchin Sees Healthy US Economy Through 2022, Despite Bad Forecasts
July 29, 2018
Nothing but blue skies ahead for the US economy


That’s the word from a key member of President Trump’s economic team on Sunday despite some troubling forecasts.


The quickening pace of growth in the nation’s economy, as exhibited in the robust first reading of the gross domestic product in the second quarter, will keep the US from any economic downturn for the next few years, Treasury Secretary Steven Mnuchin said.

“I don’t think this is a one- or two-year phenomenon. I think we definitely are in a period of four or five years of sustained 3 percent growth at least,” Mnuchin said.


The US economy, backed by strong consumer spending, grew at its fastest pace in nearly four years in the second quarter — at a 4.1 percent annualized rate.
Also underpinning the uptick in the GDP is that farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.


Economists have cautioned against putting much weight on the surge, with the soybean boost seen likely to reverse in the coming quarters and the fiscal stimulus seen fading in 2019.
The tax cuts of last year have been credited with putting extra cash in consumers’ wallets — which they have been spending.


But the tax cuts are also expanding the federal deficit because they cut into the tax receipts collected by the Treasury.


In the fiscal year through May, the deficit is up nearly 23 percent, to $532 billion, from a year ago, according to Treasury’s Bureau of the Fiscal Service. The expanding budget deficit will create a larger national debt — which now stands at $21.28 trillion.


And with rising interest rates, Uncle Sam will have to pony up increasing wheelbarrows of cash to service the interest on that debt. In the fiscal year through May, interest paid on the debt was up 17.7 percent from a year ago, at $233 billion.

 

https://nypost.com/2018/07/29/mnuchin-sees-healthy-us-economy-through-2022-despite-bad-forecasts/

 

 

I was going to only re-post only parts of what was pertinent to what I was about to post....I couldn't really take anything out.  So...I underlined what, in particular, I wanted to emphasize: 

 

In post WWI Germany, inflation became so bad and currency so worthless that Germans were said to have to use wheel-barrows full of cash to buy bread and potatoes.  That circumstance was part of the reasons an autocrat was able to rise to absolute power. 

 

So....gordy....you think that could happen here?  Other significant historical events having a bearing on that seem a bit more than coincidental to me.  How about you?


 


The (blue) sky is going to fall, the (blue) sky is going to fall.

It will fall the day after Trump is elected. Oh, wait. Well, it's really going to fall this time.

As a liberal, I'm only wrong when I predict something. "Hillary by a landside!"

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Re: Nothing But Blue Skies

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And with rising interest rates, Uncle Sam will have to pony up increasing wheelbarrows of cash to service the interest on that debt. In the fiscal year through May, interest paid on the debt was up 17.7 percent from a year ago, at $233 billion.

 

That's what worries me, too. 

 

We get more tax cuts. More debt. ($21-plus Trillion). More interest on that debt.

 

Mnuchin says we'll be fine for 4 more years. He's supposed to be an expert - but so was Alan Greenspan.

 

There's probably other things going on in the economy that few are talking about. Probably some sort of bubble that few are paying attention to.

 

I'll tell you another thing I'm concerned about and nobody's talking about it. There seems to be nationalism growing in other countries - not just in the U.S. (Make America Great Again), or the U.K. (Brexit).

I remember reading about the Chinese "people" refusing to buy Japanese goods. It hurt Japan's economy. The people of China also refused to buy goods from South Korea which hurt the North Koreans. They can do it to the U.S. They won't even need tariffs to hurt our economy. Canada can do the same. Any number of countries can do it. Since so many American companies are overseas, or they buy from overseas, it would take a long time for us to adjust to "Buy American", again -- it would take years. The big money interests will not wait years. They'll do whatever they can to oust Trump. If the economy is tanking, it won't be difficult.

 

Think of our president as a salesman. He wants to help sell U.S. products around the world which would improve our economy.

Salesmen usually smile. They charm you. They don't scold you or intimidate you (unless they're with The Mob). So, I'm thinking, if we (our president) insults enough countries, they can turn on us by not buying our products, which would hurt our economy. No tariffs needed. Just refusing to buy American brands. - Just a thought -

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Re: Nothing But Blue Skies

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@gordyfl wrote:

Blue Skies.jpg

 

Mnuchin Sees Healthy US Economy Through 2022, Despite Bad Forecasts
July 29, 2018
Nothing but blue skies ahead for the US economy


That’s the word from a key member of President Trump’s economic team on Sunday despite some troubling forecasts.


The quickening pace of growth in the nation’s economy, as exhibited in the robust first reading of the gross domestic product in the second quarter, will keep the US from any economic downturn for the next few years, Treasury Secretary Steven Mnuchin said.

“I don’t think this is a one- or two-year phenomenon. I think we definitely are in a period of four or five years of sustained 3 percent growth at least,” Mnuchin said.


The US economy, backed by strong consumer spending, grew at its fastest pace in nearly four years in the second quarter — at a 4.1 percent annualized rate.
Also underpinning the uptick in the GDP is that farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.


Economists have cautioned against putting much weight on the surge, with the soybean boost seen likely to reverse in the coming quarters and the fiscal stimulus seen fading in 2019.
The tax cuts of last year have been credited with putting extra cash in consumers’ wallets — which they have been spending.


But the tax cuts are also expanding the federal deficit because they cut into the tax receipts collected by the Treasury.


In the fiscal year through May, the deficit is up nearly 23 percent, to $532 billion, from a year ago, according to Treasury’s Bureau of the Fiscal Service. The expanding budget deficit will create a larger national debt — which now stands at $21.28 trillion.


And with rising interest rates, Uncle Sam will have to pony up increasing wheelbarrows of cash to service the interest on that debt. In the fiscal year through May, interest paid on the debt was up 17.7 percent from a year ago, at $233 billion.

 

https://nypost.com/2018/07/29/mnuchin-sees-healthy-us-economy-through-2022-despite-bad-forecasts/

 

 

I was going to only re-post only parts of what was pertinent to what I was about to post....I couldn't really take anything out.  So...I underlined what, in particular, I wanted to emphasize: 

 

In post WWI Germany, inflation became so bad and currency so worthless that Germans were said to have to use wheel-barrows full of cash to buy bread and potatoes.  That circumstance was part of the reasons an autocrat was able to rise to absolute power. 

 

So....gordy....you think that could happen here?  Other significant historical events having a bearing on that seem a bit more than coincidental to me.  How about you?


 

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Nothing But Blue Skies

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Blue Skies.jpg

 

Mnuchin Sees Healthy US Economy Through 2022, Despite Bad Forecasts
July 29, 2018
Nothing but blue skies ahead for the US economy


That’s the word from a key member of President Trump’s economic team on Sunday despite some troubling forecasts.


The quickening pace of growth in the nation’s economy, as exhibited in the robust first reading of the gross domestic product in the second quarter, will keep the US from any economic downturn for the next few years, Treasury Secretary Steven Mnuchin said.

“I don’t think this is a one- or two-year phenomenon. I think we definitely are in a period of four or five years of sustained 3 percent growth at least,” Mnuchin said.


The US economy, backed by strong consumer spending, grew at its fastest pace in nearly four years in the second quarter — at a 4.1 percent annualized rate.
Also underpinning the uptick in the GDP is that farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.


Economists have cautioned against putting much weight on the surge, with the soybean boost seen likely to reverse in the coming quarters and the fiscal stimulus seen fading in 2019.
The tax cuts of last year have been credited with putting extra cash in consumers’ wallets — which they have been spending.


But the tax cuts are also expanding the federal deficit because they cut into the tax receipts collected by the Treasury.


In the fiscal year through May, the deficit is up nearly 23 percent, to $532 billion, from a year ago, according to Treasury’s Bureau of the Fiscal Service. The expanding budget deficit will create a larger national debt — which now stands at $21.28 trillion.


And with rising interest rates, Uncle Sam will have to pony up increasing wheelbarrows of cash to service the interest on that debt. In the fiscal year through May, interest paid on the debt was up 17.7 percent from a year ago, at $233 billion.

 

https://nypost.com/2018/07/29/mnuchin-sees-healthy-us-economy-through-2022-despite-bad-forecasts/

 

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