News

Many Remember Solid Economy Under Trump, But His Record Also Full Of Tax Cut Hype, Debt And Disease

Published

6 months ago

2024-05-24

Kiara Grace

Trump | AP News Image

Washington — Four years ago, there was a lot of dread and chaos.

The death toll was rising as COVID-19 spread. Financial markets were in a panic. Oil prices briefly fell to negative territory. The Federal Reserve cut its benchmark interest rates to address the abrupt recession. The US government embarked on an unprecedented borrowing spree to keep families and companies viable, adding trillions of dollars to the national debt.

However, as Donald Trump recounted that event at a recent rally, the former president oozed pride.

“We had the greatest economy in history,” the Republican told the Wisconsin crowd. “The 30-year mortgage rate was at a record low, the lowest ever recorded … 2.65%, that’s what your mortgage rates were.”

Trump | Britannica Image

Many Remember Solid Economy Under Trump, But His Record Also Full Of Tax Cut Hype, Debt And Disease

The question of who can best guide the U.S. economy could determine who wins this November’s presidential election. According to an April Gallup poll, Americans are most inclined to say that immigration is the country’s most serious concern, but the economy as a whole and inflation were also on the list.

According to an April poll by The Associated Press-NORC Center for Public Affairs, Trump may have a lead over President Joe Biden on key economic issues. The survey found that Americans were more likely to believe that Trump’s presidency benefitted the country with job creation and lower living costs. Almost six in ten Americans believed Biden’s presidency raised the country’s cost of living.

However, the economic data reveal a much more nuanced reality throughout Trump’s presidency. His tax cuts never produced the expected growth. His budget deficits increased and remained reasonably substantial under Biden. His tariffs and trade agreements never restored all of the lost factory employment.

And then there was the pandemic, which resulted in massive job losses for which Trump bears no responsibility, as well as low inflation, for which Trump takes full credit.

If anything, the economy under Trump’s administration should have lived up to his expectations.

In 2017, Trump told the public that his tax cuts would boost the US economy by “3%,” but he added, “I think it could go to 4, 5, and maybe even 6%, ultimately.”

If the 2020 pandemic is removed, the Bureau of Economic Analysis reports that growth after inflation averaged 2.67% under Trump. With the pandemic-induced recession, the average falls to an anemic 1.45%.

In contrast, growth during then-President Obama’s second term averaged 2.33%. So far under Biden, annual growth has averaged 3.4%.

More government debt

Trump also guaranteed that the people would pay for themselves with his tax cuts due to increased GDP. The cutbacks were broad, yet they disproportionately benefited corporations and those with extreme wealth.

The 2017 tax cuts failed to meet Trump’s promises to reduce the deficit.

According to the Office of Management and Budget, the deficit widened to $779 billion in 2018. The Congressional Budget Office predicted a $563 billion deficit before the tax cuts, implying that borrowing climbed by $216 billion in the first year. 2019, the deficit reached $984 billion, about $300 billion more than the CBO had predicted.

Then the epidemic struck, and with a frenzy of government aid, the ensuing deficit surpassed $3.1 trillion. This borrowing allowed the government to send direct payments to individuals and small businesses during the shutdown, often raising bank accounts and making many people feel better off despite the recession.

Trump | NBC News Image

Many Remember Solid Economy Under Trump, But His Record Also Full Of Tax Cut Hype, Debt And Disease

Deficits have also been high under Biden, who signed into law a third round of pandemic aid and other efforts to combat climate change, construct infrastructure, and invest in American industry. His budget deficits include $2.8 trillion (2021), $1.38 trillion (2022), and $1.7 trillion (2023).

In a Wednesday study, the CBO calculated that extending elements of Trump’s tax cuts slated to expire after 2025 would add $4.6 trillion to the national debt through 2034.

Low inflation (albeit not always for good reasons)

According to the Bureau of Labor Statistics, inflation was never higher than 2.4% per year under Trump. The annual rate peaked at 8% in 2022 under Biden and is now at 3.4%

During Trump’s presidency, inflation was low due to three factors: the 2008 financial crisis, Federal Reserve initiatives, and the coronavirus epidemic.

Trump took office with low inflation, largely due to the long recovery from the Great Recession, during which financial markets crashed, and millions lost their homes to foreclosure

During Obama’s second term, inflation averaged scarcely more than 1% as the Fed battled to stimulate growth. Nonetheless, the economy was growing without overheating.

However, in the first three years of Trump’s presidency, inflation averaged 2.1%, which was near the Fed’s target. Nonetheless, the Fed began raising its own benchmark rate to keep inflation under the central bank’s 2% objective. Trump repeatedly chastised the Fed for trying to boost growth despite the consequences of rising prices.

Then the pandemic struck

Inflation fell, and the Fed cut rates to keep the economy running during lockdowns.

Trump | Forbes Image

Many Remember Solid Economy Under Trump, But His Record Also Full Of Tax Cut Hype, Debt And Disease

When Trump hails historically low mortgage rates, he does so because the pandemic has hurt the economy. Similarly, gasoline prices plummeted below $2 per gallon in April 2020 since no one drove due to the pandemic.

The Bureau of Labor Statistics reports that the United States lost 2.7 million jobs during Trump’s administration. If the pandemic months are omitted, he created 6.7 million employment.

In contrast, 15.4 million jobs were created during Biden’s presidency. That’s 5.1 million more jobs than the CBO predicted he’d create before his coronavirus treatment and other initiatives became law, demonstrating how much he strengthened the labor market.

Both politicians have regularly promised to restore factory jobs. Between 2017 and mid-2019, Trump created 461,000 manufacturing jobs. However, during the epidemic, the increases stalled and ultimately turned into layoffs, with the Republican Party reporting a 178,000 job loss.

During Biden’s presidency, the U.S. economy has created 773,000 manufacturing jobs.

SOURCE – (AP)

News

Trudeau Rocks to Taylor Swift While Montreal Burns

Published

22 hours ago

2024-11-24

Geoff Brown

Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.

Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”

The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”

Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.

Lawless protestors run roughshod over Montreal in violent protest.

The Prime Minister dances.

This is the Canada built by the Liberal government.

Bring back law and order, safe streets and communities in the Canada we once knew and loved. pic.twitter.com/PVJvR6gtmf

— Don Stewart (@donstewartmp) November 23, 2024

“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”

“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.

On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”

Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.

Pro-Palestinian protests

Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.

Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.

Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.

On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.

Trudeau Called the Greatest Threat to NATO

Trudeau Called the Greatest Threat to NATO

News

Calgary Zoo Admits Human Error in Death of Baby Gorilla

Published

22 hours ago

2024-11-24

Geoff Brown

The zookeeper's negligence caused the death of a 2-year-old baby gorilla

The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.

The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.

The gorilla died from significant head injuries, according to the zoo’s statement.

“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”

According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.

Calgary Zoo Questioned

It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.

An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.

Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.

“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.

The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.

“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.

“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.

While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”

Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.

The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.

Beluga Whales Dies at Canada’s Marineland

Outrage Erupts After 17th Beluga Whale Dies at Canada’s Marineland

News

Canada’s Lotto Max Jackpot Climbs to $80M

Published

23 hours ago

2024-11-24

Geoff Brown

Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.

Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.

The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.

According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.

While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.

Lotto Max History

Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.

The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.

Let’s have a look at the rules:

Players choose 7 numbers out of 50
Numbers cannot be repeated
Numbers are automatically sorted into ascending order
Each play buys 3 lines
Each play costs $5

Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)