The Nation's Financial Condition

[a fan]

That's great.

If you believe in helping these people? You should be livid at Trump. He's making life harder, not easier, for these farmers.

And you should be voting for Bernie and AOC. Those are the policymakers that will help these farmers.

[CU88]

This is not a new problem, is my point. In 1985 Willie tried to help the cause and he soon realized one concert was not going to solve it...it is still going on today.

You think that this evaluation is because I hate Trump. Nope. Obama, Bush, Clinton, Bush, and Reagan all used the same trade policies Trump is using.

Thank you....that is all I am saying and have been saying. And as I articulated with you earlier this month, the farmers I know and have worked with each adapted, downsized, changed and added services and goods, or just closed up shop and sold off most of their land, Not blaming them one way or another.

In the real estate world, this is called the "Final Harvest"; and it is usually the most successful harvest a farmer has ever experienced. Not blaming them one way or another.

[Typical Lax Dad]

https://www.bloomberg.com/graphics/2019 ... -counties/

[a fan]

TLD, this has been an ongoing discussion, started at Laxpower nearly 20 years ago.

None of rural American's Republican Representatives are addressing this very real economic problem. So, of course, the problem has accelerated.

Oh well. At least Foxnation gets to "stick it to the libs". That'll really put food on the table, and keep hospitals from closing in their 1,000 person towns.

[Typical Lax Dad]

TLD, this has been an ongoing discussion, started at Laxpower nearly 20 years ago.

None of rural American's Republican Representatives are addressing this very real economic problem. So, of course, the problem has accelerated.

Oh well. At least Foxnation gets to "stick it to the libs". That'll really put food on the table, and keep hospitals from closing in their 1,000 person towns.

Yeah, sticking it to the libs. My ophthalmologist lives in a tony Gold Coast town. He was visiting a kid in Menlo Park.... looked at a 1,600 square ft fixer up ( but it has a pool) for $6.7MM.... Yep, libs taking it on the chin....YA will tell us how everyone is doing well under Trump and money is falling from trees.

[a fan]

In other news, do we have anyone on the forum left who is still dumb enough to stand behind the Trump tax cuts? I was made fun of when I told you all what would happen. And shocker, no promised 4%+GDP increase. They didn't pay for themselves (duh). And now payment on interest on our annual debt is 10 F-ing times what we spend on education. So instead of doubling spending on education and actually helping future generations ? We've chosen, instead, to borrow all that money, because Republican voters can't f-ing add two numbers together, and don't understand what interest is.

So congratulations, your stupidity for cheering this *hit on will make it next to impossible to educate your grandkids.

Oh well. Who cares, right? Taxes are bad.

Those of you who thought it was a brilliant idea to cut corporate taxes yet again, remember when you get a good look at your tax returns and see how much you paid in------take a good long look at this list of companies that paid no taxes at all. You're one of the geniuses who told Republicans in Congress, "no, no, no. I don't want corporations to pay their fair share. I want to personally pay their taxes for them, because I'm a f-ing idiot".

Well done, and bravo. Take a bow. And remember to vote for Trump again.....

Fortune 500 companies at a 0% effective tax rate:
Phillips-Van Heusen
Gannett
INTL FCStone
Murphy Oil
AECOM Technology
International Business Machines
CenturyLink
DowDuPont
Activision Blizzard
Avis Budget Group
Celanese
JetBlue Airways
Deere
First Data
Duke Energy
Pitney Bowes
Freeport-McMoRan Copper & Gold
WEC Energy Group
Levi Strauss
Brighthouse Financial
Aramark
Whirlpool
Prudential Financial
Trinity Industries
Ryder System
United States Steel
Eli Lilly
CMS Energy
Tapestry
EOG Resources
Beacon Roofing Supply
SPX
Realogy
Public Service Enterprise Group
Rockwell Collins
Goodyear Tire & Rubber
MDU Resources
FedEx
Williams
SpartanNash
Chevron
Delta Air Lines
Edison International
Penske Automotive Group
Principal Financial
PulteGroup
Air Products & Chemicals
Honeywell International
Netflix
General Motors
Tenet Healthcare
Xcel Energy
Halliburton
MGM Resorts International
Atmos Energy
Molson Coors
Nvidia
PPL
American Electric Power
Starbucks
Dominion Resources
Mohawk Industries
DTE Energy
Amazon
Andersons
Kinder Morgan
Owens Corning
Devon Energy
DXC Technology
FirstEnergy
Ameren
Hartford Financial Services
Alaska Air Group
Darden Restaurants
Ally Financial
Sanmina-SCI
Builders FirstSource
McKesson
Occidental Petroleum
UGI
Westrock
AK Steel Holding
ABM Industries
Cliffs Natural Resources
AMR
Chesapeake Energy
HD Supply
Navistar International
Pioneer Natural Resources
Salesforce.com
Visteon

https://www.cnbc.com/2019/12/16/these-9 ... Tfz42niBqU

[Trinity]

“NYT reports Chinese hardliners are “jubilant and even incredulous.” They have good cause to cheer because the real issues—from trade barriers to militarism in the South China Sea to human rights violations—remain unaddressed by Trump’s trade deal.”

Max Boot, Conservative

[foreverlax]

In other news, do we have anyone on the forum left who is still dumb enough to stand behind the Trump tax cuts? I was made fun of when I told you all what would happen. And shocker, no promised 4%+GDP increase. They didn't pay for themselves (duh). And now payment on interest on our annual debt is 10 F-ing times what we spend on education. So instead of doubling spending on education and actually helping future generations ? We've chosen, instead, to borrow all that money, because Republican voters can't f-ing add two numbers together, and don't understand what interest is.

So congratulations, your stupidity for cheering this *hit on will make it next to impossible to educate your grandkids.

Oh well. Who cares, right? Taxes are bad.

Those of you who thought it was a brilliant idea to cut corporate taxes yet again, remember when you get a good look at your tax returns and see how much you paid in------take a good long look at this list of companies that paid no taxes at all. You're one of the geniuses who told Republicans in Congress, "no, no, no. I don't want corporations to pay their fair share. I want to personally pay their taxes for them, because I'm a f-ing idiot".

Well done, and bravo. Take a bow. And remember to vote for Trump again.....

Fortune 500 companies at a 0% effective tax rate:
Phillips-Van Heusen
Gannett
INTL FCStone
Murphy Oil
AECOM Technology
International Business Machines
CenturyLink
DowDuPont
Activision Blizzard
Avis Budget Group
Celanese
JetBlue Airways
Deere
First Data
Duke Energy
Pitney Bowes
Freeport-McMoRan Copper & Gold
WEC Energy Group
Levi Strauss
Brighthouse Financial
Aramark
Whirlpool
Prudential Financial
Trinity Industries
Ryder System
United States Steel
Eli Lilly
CMS Energy
Tapestry
EOG Resources
Beacon Roofing Supply
SPX
Realogy
Public Service Enterprise Group
Rockwell Collins
Goodyear Tire & Rubber
MDU Resources
FedEx
Williams
SpartanNash
Chevron
Delta Air Lines
Edison International
Penske Automotive Group
Principal Financial
PulteGroup
Air Products & Chemicals
Honeywell International
Netflix
General Motors
Tenet Healthcare
Xcel Energy
Halliburton
MGM Resorts International
Atmos Energy
Molson Coors
Nvidia
PPL
American Electric Power
Starbucks
Dominion Resources
Mohawk Industries
DTE Energy
Amazon
Andersons
Kinder Morgan
Owens Corning
Devon Energy
DXC Technology
FirstEnergy
Ameren
Hartford Financial Services
Alaska Air Group
Darden Restaurants
Ally Financial
Sanmina-SCI
Builders FirstSource
McKesson
Occidental Petroleum
UGI
Westrock
AK Steel Holding
ABM Industries
Cliffs Natural Resources
AMR
Chesapeake Energy
HD Supply
Navistar International
Pioneer Natural Resources
Salesforce.com
Visteon

https://www.cnbc.com/2019/12/16/these-9 ... Tfz42niBqU

And....

ITEP examined financial filings from 379 Fortune 500 companies that reported a profit in 2018, the first year President Donald Trump's tax cuts took effect. The Republican tax law slashed the corporate tax rate from 35 percent to 21 percent.

"The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax," ITEP said.

What a shock

Matthew Gardner, a senior fellow at ITEP and lead author of the report, said the 2017 Trump tax law was "destined to fail to live up to its grand promises."

"Proponents of the law claimed it would boost federal corporate tax revenue, but that is nearly impossible since the law not only reduced the corporate tax rate, it also left some of the most egregious loopholes intact," Gardner said in a statement. "The 2017 tax law was a clear giveaway to corporations and their shareholders."

[Kismet]

[youthathletics]

US Federal Government Tax Revenue


Shouldn't Congress only spend what it earns, just like you and me? It depends on where the economy is in the business cycle. Congress should use deficit spending to boost economic growth in a recession. It uses stimulus spending to create jobs. Once the recession is over, the government should live within its means and spend less. It should raise taxes, if needed, to reduce the deficit and the debt. That will keep the economy from overheating and forming dangerous bubbles. Congress should switch from expansionary to contractionary fiscal policy.

The revenue collected equals 16.3% of gross domestic product. That's the nation's measurement of economic output. That's like saying the average tax rate for the United States itself is 16.3%.

[MDlaxfan76]

US Federal Government Tax Revenue


Shouldn't Congress only spend what it earns, just like you and me? It depends on where the economy is in the business cycle. Congress should use deficit spending to boost economic growth in a recession. It uses stimulus spending to create jobs. Once the recession is over, the government should live within its means and spend less. It should raise taxes, if needed, to reduce the deficit and the debt. That will keep the economy from overheating and forming dangerous bubbles. Congress should switch from expansionary to contractionary fiscal policy.

The revenue collected equals 16.3% of gross domestic product. That's the nation's measurement of economic output. That's like saying the average tax rate for the United States itself is 16.3%.

So, what did Trump and the GOP Congress decide to do instead?

[youthathletics]

US Federal Government Tax Revenue


Shouldn't Congress only spend what it earns, just like you and me? It depends on where the economy is in the business cycle. Congress should use deficit spending to boost economic growth in a recession. It uses stimulus spending to create jobs. Once the recession is over, the government should live within its means and spend less. It should raise taxes, if needed, to reduce the deficit and the debt. That will keep the economy from overheating and forming dangerous bubbles. Congress should switch from expansionary to contractionary fiscal policy.

The revenue collected equals 16.3% of gross domestic product. That's the nation's measurement of economic output. That's like saying the average tax rate for the United States itself is 16.3%.

So, what did Trump and the GOP Congress decide to do instead?

I do not disagree, fundamentally. That is why I had a deep back and forth with afan about what I highlighted in red over the weekend.

[MDlaxfan76]

US Federal Government Tax Revenue


Shouldn't Congress only spend what it earns, just like you and me? It depends on where the economy is in the business cycle. Congress should use deficit spending to boost economic growth in a recession. It uses stimulus spending to create jobs. Once the recession is over, the government should live within its means and spend less. It should raise taxes, if needed, to reduce the deficit and the debt. That will keep the economy from overheating and forming dangerous bubbles. Congress should switch from expansionary to contractionary fiscal policy.

The revenue collected equals 16.3% of gross domestic product. That's the nation's measurement of economic output. That's like saying the average tax rate for the United States itself is 16.3%.

So, what did Trump and the GOP Congress decide to do instead?

I do not disagree, fundamentally. That is why I had a deep back and forth with afan about what I highlighted in red over the weekend.

Yup, it was a policy error of epic proportion.
IMO, also a political error, albeit popular with many GOP corporate and Wall Street donors.
And maybe that was indeed necessary in order to purchase their support.
Perhaps even essential if that's why the GOP holds through impeachment.

But if Trump had not wasted enormous political capital on 'repeal and replace' and instead prioritized infrastructure build-out, he would have had the economic stimulus benefits he wanted (to show he made a difference vs Obama) and actually had something tangible to show at the end of the day, with far less deficit impact. Quite likely very good for the employment metrics he wanted, indeed likely to have benefited wages rather than just unemployment.

Big difference between investment spending and a straightforward gift to corporations and foreign investors.

The craziness of the trade war debacle, and resultant need for welfare spending for farmers and other sectors, would not have been politically necessary to 'show he's doing something'.

Certainly an attention to trade issues is appropriate, but not the chaos.

[ardilla secreta]

A message from Jenny Lefcourt of Jenny & François Selections, a NYC based wine importer. The administration is now proposing 100% Tariffs on all Wine (and other various products*) from the European Union.

"I spent 20 years of my life building a successful business, and in one signature the Trump administration could make it all crumble. We will know on January 14 if yes or no, everything we have built will be destroyed. This will affect a huge portion of the wine industry, from importers to distributors, wine shops to restaurants, European wineries, to in fact American wineries who won’t have nearly as many stores to sell to. Trump will wipe out the small businesses he pretends to support. This is about a disagreement over aircrafts and tech companies. It will end up devastating many American families including mine, as well as those of my employees. Please put a comment on the government website and you can also call your senator's office to complain (202.224.3121 will get you to the government switchboard). It can’t hurt. "

-Jenny Lefcourt


·

[tech37]

“NYT reports Chinese hardliners are “jubilant and even incredulous.” They have good cause to cheer because the real issues—from trade barriers to militarism in the South China Sea to human rights violations—remain unaddressed by Trump’s trade deal.”

Max Boot, Conservative

Love him, hate him, or simply willing to tolerate him at times, because after all he is POTUS, Trump has exposed the Chicom's business practices for what they are like no one has before. That alone is very important.

The fact that they are "jubilant" is a good thing since the ongoing deal is allowing them to save face. That's how a good deal works with both parties feeling as though they are benefitting.

Time will tell but if a mechanism to protect IP is an integral part of a deal as the admin claims, and it works, the short term pain caused some by tariffs the past two years may not have been in vain.

All the initial numbers associated with Phase 1 of the deal that people are squabbling about, completely misses the point.

Let's update a famous quote just for this occasion... It's the IP Stupid!

[seacoaster]

I listened to a former US trade representative yesterday, who was optimistic that this phase one, so-called, deal would be helpful in getting the rest of the way. But she conceded that significant issues remained to be detailed in writing, and the intellectual property issue was one of them. Here is an article from PRI that describes the stuff that still needs resolution:

https://www.pri.org/stories/2019-12-17/ ... unresolved

The problem for many people is that the Administration's messaging track record is, umm, unclear, and it is hard to believe in any meaningful progress until we can read it plainly in the trade agreements.

[MDlaxfan76]

“NYT reports Chinese hardliners are “jubilant and even incredulous.” They have good cause to cheer because the real issues—from trade barriers to militarism in the South China Sea to human rights violations—remain unaddressed by Trump’s trade deal.”

Max Boot, Conservative

Love him, hate him, or simply willing to tolerate him at times, because after all he is POTUS, Trump has exposed the Chicom's business practices for what they are like no one has before. That alone is very important.

The fact that they are "jubilant" is a good thing since the ongoing deal is allowing them to save face. That's how a good deal works with both parties feeling as though they are benefitting.

Time will tell but if a mechanism to protect IP is an integral part of a deal as the admin claims, and it works, the short term pain caused some by tariffs the past two years may not have been in vain.

All the initial numbers associated with Phase 1 of the deal that people are squabbling about, completely misses the point.

Let's update a famous quote just for this occasion... It's the IP Stupid!

All the above is fine sentiment, but there's zero aspect of IP protection involved.
There will undoubtedly be some happy talk about it, but nothing concrete or sustainable simply because there's a nod to it.
Any notion otherwise is incredibly naive, but then again that's what the Trump crew is counting on.

IP is a serious issue and worth addressing.
However, this has been the dumbest of strategies to do so.

China is simply not going to protect US IP as long as they understand US as a foe rather than an ally in a system in which they benefit.
Period, end of story.

[old salt]

“NYT reports Chinese hardliners are “jubilant and even incredulous.” They have good cause to cheer because the real issues—from trade barriers to militarism in the South China Sea to human rights violations—remain unaddressed by Trump’s trade deal.”

Max Boot, Conservative

Max Boot is a military moron to insert militarism in the South China Sea into trade negotiations.

[a fan]

Love him, hate him, or simply willing to tolerate him at times, because after all he is POTUS, Trump has exposed the Chicom's business practices for what they are like no one has before. That alone is very important.

You keep saying that. What is gained from what you think is exposure of practice that anyone remotely involved in business has know about China's MO for 20 plus years. Everyone knows. So what?

The part you and others are ignoring is: we're the only one negotiating with China about IP protection. I'm curious: let's say Trump hits his magic home run, and China agrees on IP. What do you think is going to happen? They'll steal IP from the French and Germans, but not the Americans?

Picture what that means. Think about it..

Time will tell but if a mechanism to protect IP is an integral part of a deal as the admin claims, and it works, the short term pain caused some by tariffs the past two years may not have been in vain.

You and I both know the odds that any deal will undo all the financial damage are next to zero. Sure, it'll make some Fortune 500 corporations richer, but overall? Net loss.

But as we found months ago, you don't care about the damage. That's why Trump did it when other Presidents didn't. Trump doesn't care about the damage either. Pretty easy to wage a trade war if you don't care about the people and businesses that lose money, lay off workers, go bankrupt, or commit suicide.

IP protection helps a fraction of US businesses trading with China.

[MDlaxfan76]

And IP protection is simply not going to happen as long as China sees the US as a foe rather than ally in a system of rule of law from which they benefit from consistent standards of such protection.

That’s the reality.