Shortly after Donald Trump won the election, the market tanked by about half a thousand points. Liberal, Nobel Prize winning economist Paul Krugman took the the editorial section of the New York Times to postulate that the market would likely never recover (if you’re hit by a paywall on the link, simply Google “Paul Krugman, economy won’t recover trump”).
Two weeks later the market was back in positive territory. Two months later a bear market is being described as a bull market by some economists (i.e. doubtfully Mr. Krugman) and we’re in new record territory.
In fact, it was reported that vaunted liberal weenie, George Soros bet on that very notion laid down by Krugman, that the US wouldn’t recover, and lost a Billion Dollars when the market roared back less than a week later.
To call liberal Economists clueless or stupid would be too easy. From Paul Krugman to John Maynard Keynes, there’s quite a bit of smart in there. Somewhere. The real problem appears to be that they’re blinded by their ideological leftism. Their politics literally make them blind to reality.
This goes all the way back to “Trickle down economics” in the 1980’s. Liberals, who have been fed a steady diet of lies for decades, believe it “didn’t work”. In reality though, after a horrible stretch in the late 70’s where the American worker was absolutely hammered by bad, liberal policy, under “trickle down economics” the US workforce added 20,000,000 jobs. President Obama netted a quarter that. In every measure, Reagan’s policies smashed those of President Obama… Except one: Average Unemployment Rate. President Obama actually beats Reagan when it comes to the unemployment rate, an average of 7.44 to 7.51 – and more than likely, your average leftie will be spouting, not the actual numbers because they’re not all that impressive, but that Obama had a lower unemployment rate that Reagan did and it’s going to be framed as a good thing. Let’s go to Forbes for the “rest of the story” that libs always miss because their media outlets rely on their ideological ignorance:
It’s misleading to compare employment rates during the two presidencies. Imagine 90 out of 100 people are employed, and because the economy looks like it’s picking up more steam 10 more people enter the workforce. If nine out of ten of them find jobs, the unemployment rate doesn’t go down at all, yet ten percent more people are employed.
Reagan’s economy was so strong that, for the last three-quarters of his administration, Americans were flooding into the workforce. Under Obama, the opposite has happened, and those who have given up on working aren’t counted as unemployed. Even today, more than five years into the tepid recovery, labor-force participation remains at its lowest level since 1978. Don’t blame waves of retirement for that fact: the Census Bureau reported that, from 2005 to 2010, older Americans actually became more likely to be employed. The percentage of 65-69 year-olds remaining in the workforce jumped from 26 percent to 32 percent over a ten-year-period ending in 2012. Among those 70-74 the jump was even more startling: from 14 percent to 19.5 percent. Meanwhile workers in the prime of their lives have simply left the playing field.
How about overall growth? GDP under Reagan was turbocharged compared to the Obama years. The Reagan years brought annual real GDP growth of 3.5 percent — 4.9 percent after the recession. In inflation-adjusted 2009 dollars, GDP jumped from 6.5 trillion at the end of 1980 to 8.61 trillion at the end of 1988. That’s a 32 percent bump. As Peter Ferrara pointed out on Forbes, it was the equivalent of adding the West German economy to the U.S. one.
Under Obama, GDP up to June 30, 2014 has grown an anemic 9.6 percent, total . Reagan-era growth was far more than double the Obama rate.
And here’s the mic drop:
Ah, but did all of that Reagan bounty trickle down to ordinary Americans, though? Yes. Real (inflation-adjusted) median household income shot up some ten percent in the Reagan years. It has flatlined under Obama.
Now, how does all of this apply to the Trump Administration? You’re about to find out exactly how much our Federal government has been standing on the neck of the economy and the left-wing is scared as hell. In the near future, President Trump, with the help of Congress, is going to begin unraveling rules and regulations and he’s likely going to be able to go back more than 20 years. You will hear that this is illegal, you’ll hear that Trump isn’t respecting the rule of Law, and you’ll hear a panicked shriek from coast to coast that it’s Constitutional Armageddon. It will, all of it, be lies. Call it fake news. In reality, the entire unraveling of those rules and regulations will be possible because those bureaucracies ignored the Laws that allow them to make rules in the first place. Here’s the beautiful gist:
The accepted wisdom in Washington is that the CRA [Ed. Congressional Review Act of 1996] can be used only against new regulations, those finalized in the past 60 legislative days. That gets Republicans back to June, teeing up 180 rules or so for override. Included are biggies like the Interior Department’s “streams” rule, the Labor Department’s overtime-pay rule, and the Environmental Protection Agency’s methane rule.
But what Mr. Gaziano told Republicans on Wednesday was that the CRA grants them far greater powers, including the extraordinary ability to overrule regulations even back to the start of the Obama administration. The CRA also would allow the GOP to dismantle these regulations quickly, and to ensure those rules can’t come back, even under a future Democratic president. No kidding.
There’s much more, including actual real sections of the real Law cited at the Power Line link above which brings the whole story together from multiple sources and I encourage you to read the post, it’s not all that long or complex.
We’re not done yet though. The best part is that once those rules and regulations are rescinded, according to Law the regulations can’t be reinstated by another President later down the line without Congress passing a Law to allow it.
I say think big: Think the EPA’s rule making CO2 a pollutant.
As the immortal Ricky Bobby said in Talladega Nights, “Hang on baby Jesus, this is gonna get bumpy.”
Somebody pass the popcorn… and the blue raspberry slushie.
UPDATE: If you take a moment to peruse the comments section, you’ll see one comment that sticks out and proves my initial point. Um, uneloquently. I’ll be printing my post and that comment and framing them to hang on my office wall.
The market actually jumped 200 points before election night was over! It was fun watching the talking heads explode that night.
Indeed, that was hilarious too. I was referring to the drop the next day. Either way, watching the talking heads has been a blast. Rachel Maddow and Chris Matthews are among my favorites to watch as they reach critical mass.
Even the Fox people were were in a bit of shock. They were smiling though!
Krauthammer is my favorite…. He almost strikes me as a never Trumper.
How interesting that you go back nearly 40 years to make a point about the economy now. And that not a word of mention is made of either Bush presidency and the wreck made of the economy even when the GOP took possession of all three branches of government, passed Citizen’s United and ripped a page from the 1920s to put 11 million or more people out of work. It’s almost as if you feel forced to live in the past in order to make some sense of the neoconservative present. That’s quite an indictment, and the fact that you make zero mention of the recent actions of the GOP proves another thing: the current stock of ne’er do wells has nothing to do with the Reagan legacy, which you claim is so brilliant. In fact, conservatives can’t even pretend to understand their own history without it being explained back to them as neoliberalism, the ridiculous notion that eliminating financial regulations and environmental protections will automatically generate economic productivity. Fervor perhaps, and we’ve seen the results of that “go-go” mentality of which you seem so proud. And now you have a mentally disturbed man whose own wife fears his presence running the country. And you’re crowing because a pack of zealots on Wall Street, whose control your pet president promised to break, foaming at the mouth trying to make a short term buck before he breaks the damn thing completely. Your perspective is shallow as a carp feeding on the surface of a stinking pond. And your “economics” and supposed proofs of Reagan genius and the CRA ignores fifty years of proof that despoiling the environment has far, far greater costs that sensible protections and yes, efficiencies borne of greater gas mileage, less costs of toxic pollution to public health, and many, many more. Listening to your supposed logic, and these cretins such as Paul Ryan who is nothing more than an choirboy when it comes to public policy, is disgusting and disturbing. The GOP has no plan in place for healthcare now that Trump has gutted the plan of every American. They are gathered in the backrooms panicked that Trumpcare is going to trash the health care system completely and lead to a crash that could leave patients dying in their beds while Donald Trump passed laws to build a $40B wall for nothing. You should be embarrassed at the situation created by your pet politicians. They are cowering at their own destruction, except for those so arrogant they can’t see past their own dicks. And of course there are a lot of them. Are you one of the crowd? The crowed? The cowed? It appears so.
Ah, Mr. Cudsworth. As I said, blinded by ideology. Keep coming back, my friend. You’ll grow up some day. Time is getting short though. I don’t even have to respond to your comment, just let your schoolboy name calling mixed with whining do the talking. You can’t even tell the difference between Ronaldus Magnus and George W. Bush! Good God, man. Grow up a bit, yeah?
You really do have the best troll! I say that with admiration. I’m clearly not controversial enough. I get no push back comments. Am I a failure? LOL! I’ve been away and will be binge reading your posts over the next few days. You know, in between writing some stuff for my own sadly neglected blog and watching the hysterical crying of Nancy Pelosi and Cecile Richards…..it’s been hard to pass on the popcorn, but I have the size of my ass to consider….you’ve got to be pretty happy with Gorsuch.
Gail, this whole thing has been fun to watch. I had another laugh yesterday watching Stupid News at the tire center… The dopes were blathering on about the Dems filibustering whomever was picked because they used the Biden Rule to get around Merrick Garland… The yahoo actually said that Republicans would have to change the Senate rules to get by the filibuster – after Harry Reid already changed them. It’s unbelievable, and it just gets better! Gorsuch will be Harry Reid’s legacy just like Trump is Obama’s.
Once again, you are a complete failure at answering any challenges to your immature worldview. Not once in any of your comments on my blog or challenges to the stupidity on yours have you logically answered any questions. Ever. I find it surprising that a person that has come through a challenging mental health addiction such as yourself cannot see the obvious, blatant mental health issues at work in the likes of Donald Trump. But perhaps I should not be surprised. The addictive mentality of Trump voters is clear and real. Worshipping his narcissistic tendencies and enabling his abuse toward everyone he encounters. You are enablers of a man addicted to his own shallow temperament and need for attention. You may have cured yourself of one addiction, but another has taken its place. Authoritarianism. au·thor·i·tar·i·an
favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedom.
You pride yourselves on this supposed breed of “freedom” from government, but what you’re actually getting, and are too blind to see, is a much more centralized version of power. Trump is Dictatorial. Dismissive even of his own backers. You are the problem.
He believes the press is the enemy because they document his lies. This offends his self-worship and enrages him because it exposes his weakness to all his worshippers. He’s the abusive priest afraid the altar boys will talk.
That’s because you can’t fix your kind of stupid, Chris. Everything just ends in “the government should control everything”. It gets old reading through your immense ignorance. Cheers, man.
Oh, thanks for the laugh, I did enjoy that. Me without my manners.
Oh, by the way, if you’re this tied up about Trump now, just wait…. He hasn’t even warmed up yet. He’s just cleaning house and tidying up a bit. The real fun starts when bureaucrats start getting reassigned to Nome.
Everyone’s politics blinds them to reality. It’s a well established fact with many psychological studies to back it up. We tend to hear only what supports out pre-existing view.
For example, you blame America’s manufacturing decline on liberal governments, but I would say the cause (as it was in Britain) was that the traditional manufacturing economies were complacent about quality while the Japanese introduced a quality system that was massively more efficient that we are only now just about catching up with.
(Search “if Japan can why can’t we” on YouTube for a more thorough explanation)
Oh, that makes sense for cars, and our legacy costs tied to our manufacturers skyrocketed just as Japan started cranking out good cars that didn’t rust in the lot as the local boys decided to get lazy. There’s no doubt that was a mess, but the simple fact is we get hammered all over the world by tariffs that we don’t impose in the same way on imports. Politicians on both sides have been bitching about this for decades. This time we actually got somebody who is more action than talk. Worked for Ronnie Raygun, I’m interested to see how it works this time around.
Oh, and it doesn’t work that way for everyone. I was paying attention to both sides long before, wait, I almost wrote “it was fashionable”. It’s still not that.
That notwithstanding, it still remains that Donald Trump is Obama’s legacy. And George W. Bush’s for that matter, along with decades of weak kneed Republican establishment leadership.
It certainly wasn’t just cars. There’s an example I saw of a US factory making TVs (in the late 1970s this is) where they had upwards of 120 defects per 100 TVs produced. The factory was going to be closed, but instead the Japanese took it over and in a couple of years had it down to 4 (four) defects per 100 TVs.
When your “president” is defended by the likes of Bill O’Reilly, who bragged the other day on his own show that “50% of America now distrusts the media even when it is telling the truth,” who is it that is blinded by ideology? And he went further still, and said: “Trump made that happen!” Which means, for you people on the short bus, that conservatives now celebrate the fact that 50% of America doesn’t accept the truth under and circumstance. Which logically can be applied to the commentary on this thread. If you support Trump, you support ideology in place of fact. And as such, the things you believe are based on lies. And the facts that contradict your ideology must be denied, or the House of Cards you’ve erected (and Trump would certainly like that word) for yourselves is a massive deception. And what do we find already happening with Trump nominees such as Mr. Flynn? He can’t tell the truth from fiction either. And Betsy DeVos doesn’t know the first thing about the basics of education. It is incompetence and lies all around. And the only thing you can manage to do in this situation is celebrate your own brand of stubborn ignorance, and deny the crash of the economy caused during Republican reign. It’s ugly. It’s pathetic. And it’s treasonous to support this President who has lied to the American people about his Russian ties and the actions of his minions.
I’m not even paying attention anymore. You should go all in and just move to Venezuela or Cuba or something. Check out your ideology in action.
Would it be OK if I cross-posted this article to WriterBeat.com? I’ll be sure to give you complete credit as the author. There is no fee, I’m simply trying to add more content diversity for our community and I liked what you wrote. If “OK” please let me know via email.
Sure thing. Thank You! I’ll email you the particulars.
Actually, Autumn, I didn’t realize that you were interested in a “political” post. My blog is not political in nature. Every once in a while I grow weak and feel compelled to write about politics.
To tell you the truth, I would really rather you not use that particular post, even if it is right. Thanks