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Thu Jun 14, 2018, 12:28 PM

Trade war could wipe out gains of GOP tax law, former top Trump economic adviser says

Source: The Washington Post




By Jeff Stein
June 14 at 10:16 AM

An escalating trade war could wipe out the benefits of the Republican tax law passed last fall, President Trump's former top economic adviser said Thursday.

Gary Cohn, who served as Trump's director of the National Economic Council, said that retaliatory tariffs between countries could drive up inflation and prompt American consumers to take on more debt, possibly pushing the country into another economic downturn.

“If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt,” Cohn, a former Goldman Sachs executive, said at a Washington Post event. “Those are all historic ingredients for an economic slowdown”

Asked if the trade battle could erase the gains to the American economy from the tax law, Cohn said: "Yes, it could."

Read more: https://www.washingtonpost.com/news/wonk/wp/2018/06/14/trade-war-could-wipe-out-gains-of-gop-tax-law-former-top-trump-economist-says/

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Reply Trade war could wipe out gains of GOP tax law, former top Trump economic adviser says (Original post)
DonViejo Jun 2018 OP
Hugin Jun 2018 #1
bucolic_frolic Jun 2018 #2
Wellstone ruled Jun 2018 #3
TomCADem Jun 2018 #4
murielm99 Jun 2018 #6
TomCADem Jun 2018 #10
FSogol Jun 2018 #9
murielm99 Jun 2018 #13
BumRushDaShow Jun 2018 #5
beachbum bob Jun 2018 #7
FSogol Jun 2018 #8
TomCADem Jun 2018 #11
lagomorph777 Jun 2018 #12
LastLiberal in PalmSprings Jun 2018 #14

Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:33 PM

1. The increase in fuel costs ate up the buck fifty months ago.

A trade war is only going to eat into the meat and bone...

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:39 PM

2. Yeah, don't blame Trump's law, blame the trade war

This is thinly disguised protectionism of Trump with looney supply-side theories going by another name

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:43 PM

3. Cohn's economic theory

has been tried four times in my lifetime so far. Less we forget the Nixon recession and the massive Interest rates of the 70's,less we forget the Reagan Recession,less we forget HW Bush recession,less we forget Georgie Bush's recession.

Gary Cohn is just doing Wall Streets water carrying. Looks like I see number five shortly.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:46 PM

4. Is This Just an Effort to Smear Bernie and Democrats?

Since Bernie has long been an opponent of NAFTA and TPP and a proponent of tariffs on steel imports?

Perhaps they are hedging against a likely recession as 2020 approaches when Bernie is the Democratic nominee.

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Response to TomCADem (Reply #4)

Thu Jun 14, 2018, 12:52 PM

6. This OP has nothing to do with Bernie.

Why come here looking for a fight?

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Response to murielm99 (Reply #6)

Thu Jun 14, 2018, 01:27 PM

10. Because Trade is the One Area Where Republicans...

...offer mild opposition to Trump. Of course, they do not stop him. They just blame Bernie and Democrats for Trump’s trade policy.

As for mentioning Bernie, trade was Bernie’s signature issue before Trump started stealing his rhetoric. It is sort of like how you can’t discuss POWs and torture without discussing McCain.

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Response to TomCADem (Reply #4)

Thu Jun 14, 2018, 01:05 PM

9. Bernie won't be the 2020 nominee and the article has nothing to do with him. n/t

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Response to FSogol (Reply #9)

Thu Jun 14, 2018, 02:02 PM

13. Thank you.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:47 PM

5. "pushing the country into another economic downturn."

This is what the GOP excels at. Run up the debt, raid the treasury to dole out money to their benefactors, and then crash the economy. In comes Democrats who have to clean up the GOP mess which sometimes doubly hurts the consumers because of belt-tightening (but not by the purveyors or recipients of the raid)... After which the consumers get fed more GOP propaganda and blindly put the GOP back in power once the economy is back humming again.

Wash. Rinse. Repeat.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:58 PM

7. Rising gas prices already have...

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 01:03 PM

8. Are we pretending there are benefits to the economy from the tax cut besides helping billionaires

and multi-national corporations?

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Response to FSogol (Reply #8)

Thu Jun 14, 2018, 01:31 PM

11. Exactly! Tax cuts are blowing up deficit...

...and interest rates. That is what will put the breaks on the economy when people stop buying houses.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 01:57 PM

12. The Billionaire Tax Cut provided "gains" only to billionaires.

But Turd's Trade Wars will hurt all of us.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 02:38 PM

14. Mission Accomplished!

1. Pass a tax plan for the rich but convince the middle class it's to their advantage.

2. Get into a tariff war for no reason at all, the effects of which are to not only wipe out whatever tax benefits the middle class got from #1 and convince them that it's Canada's fault.



3. Suck up to a murderous dictator, give him everything he wants without getting anything in return, wave an empty piece of paper in front of the cameras and ask, "Where's my Nobel Prize?"



Mission accomplished.

(Gawd, I miss Robin Williams.)

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