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The Trillion-Dollar Myth
There is an old saying that you can’t teach an old dog new tricks, and we’ve learned that again with the Congressional Budget Office and its latest highly misleading fiscal forecast.
For years, we’ve been trying to get the CBO to use real-world scoring that reflects how businesses, workers and financial markets react to changes in tax rates. But no go.
This is why the left is having a field day with the CBO’s forecast that deficits under President Trump will average a trillion dollars a year for the next decade. This is supposed to be a result of Trump’s tax cuts, but hold on here. The deficit forecast without the tax cuts would effectively be the same.
Trump didn’t create $1 trillion deficits; he inherited them from the grand maestro of debt spending, Barack Obama. President Obama invented and then perfected the concept of 13-digit borrowing. His deficits in his first term reached $1.5 trillion — an Olympic record of fiscal recklessness.
Is there anything more hypocritical than liberals, who supported Obama’s policies that ran the debt from about $11 trillion to almost $20 trillion, now fainting over runaway deficit spending? Yes, Chuck Schumer, there is gambling going on here at this casino.
The CBO says that the deficit will be about $1.5 trillion higher because of policy changes. Almost 40 percent of that is the inexcusable omnibus spending bill — a bipartisan raid of the federal cookie jar.
About $1 trillion of the higher borrowing over 10 years is due to the tax cut. By the way, this is the lowest estimate for the “cost” of the tax cut we’ve seen: That $1 trillion revenue loss is out of almost $40 trillion of expected revenue. That’s a 2.5 percent tax cut — which is hardly the fire hose of lost revenue that is being depicted.
At the very least, we can dispense with liberal interest groups’ inflated rhetoric claiming that the tax cut will increase the debt by $3-5 trillion.
The CBO claims that the economy will experience only 1.9 percent annual growth for the next decade. (This is up a smidgeon from its 1.8 percent prediction at the start of the Trump presidency.) To be fair, CBO’s growth estimate is in line with most of the blue-chip forecasters’ estimates.
But that prediction makes no sense. GDP growth averaged 1.95 percent annually under Obama — and nearly everything he did on the economy was anti-growth.
Now we have a president who is cutting tax rates, chopping down regulations, promoting massive new energy and mineral development, reforming welfare to get people into the workforce, redesigning trade policy to get better deals for American companies and products — and this is going to only give us the measly rate of growth we had under Obama?
No. The core principle of Trumponomics is to attain at least 3 percent growth. Every policy is focused like a laser beam on that goal. It’s not a shot to the moon. The average annual growth rate of the U.S. economy for the past century is about 3.3 percent.
In a recent economic analysis, Rob Arnott, founder of Research Affiliates, and I recalculated the CBO numbers based on 3 percent growth, not 1.9 percent growth.
Guess what? The debt-to-GDP ratio goes down, down, down every year. Instead of a horrific debt-to-GDP ratio of 150 percent in 20 years, that ratio actually falls to about 50 percent — very manageable.
With long-term GDP growth of 3 percent, all the entitlement deficits would begin to disappear as well. This is because, over time, tax revenues would overwhelm spending. It’s called the power of compound interest.
The point here is that CBO’s creaky computer models begin with the firm conviction that Trumponomics won’t work, and then — surprise — they crank out a conclusion that Trump’s policies won’t work. This is what passes for rigorous analysis these days.
Welcome to la-la land.
Stephen Moore is a distinguished visiting fellow at The Heritage Foundation, economics contributor to FreedomWorks and author of “Who’s the Fairest of Them All?” To find out more about Stephen Moore and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.
© Creators Syndicate Inc.
Full/More Story at Source
The Trillion-Dollar Myth
India reaches trillion dollar economy
By Armen Hareyan G+ 2007-04-29 00:31
The country’s GDP crossed the trillion-dollar when rupee appreciated to below 41-level against the US greenback on Wednesday, Swiss investment bank Credit Suisse said in a report published on Thursday.
Countries like the US, Japan, Germany, China, UK, France, Italy, Spain, Canada, Brazil and Russia have all breached trillion-dollar GDP level in the past.
The bank put the country’s GDP at around Rs 41,00,000 crore, which translates to slightly more than one trillion dollar at the current currency level of Rs 40.76 per USD.
Besides, the country’s stock market capitalisation has rose to USD 944 billion, which is also closing fast on the trillion-dollar level, it added.
The rupee has gained close to 13 percent since moving past 47 a dollar in July-August last year.
Continuing its up-trend for the fifth day in a row, the Indian currency on Thursday rose to as high as 40.72 to a dollar after breaching the 41-level on Wednesday to its highest level since May 1998.
Before the rally began about a month ago when the rupee was hovering at 45 to a dollar, the country’s GDP was estimated at around USD 900 billion.
India becoming a trillion dollar economy also augurs well for the country’s stock market, as Credit Suisse report said that stock markets in eight out of ten countries had risen in the one year after their economies first crossed this mark. – DDNews India
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India reaches trillion dollar economy
CEO Of A Trillion Dollar Company Quits When His Daughter Showed Him This List…
Mohamed El-Erian recently resigned from his position as CEO of trillion-dollar company, PIMCO, after his 10-year-old daughter made him something very special that changed his mind about where his life was headed.
Advertisement
Back in January, 56-year-old El-Erian, who had been making $100 million a year, announced his official resignation, and in a recent article for Worth magazine, explained the reason behind his jaw-dropping decision.
It turns out that the reason his daughter wasn’t listening to him when he asked her to do simple things like brush her teeth was because she felt that he had missed so many important moments and milestones in her life, from parent-teacher meetings to soccer matches and Halloween parades.
She had compiled a list for him of the 22 things he’d missed out on, and while at first first he felt defensive (after all, he had important things to do those days!), El-Erian soon realized that his work-life balance was not so balanced after all.
It is indeed difficult for parents to “have it all,” even though men are rarely asked whether they can as opposed to women, who are more likely to be expected to take a stay-at-home role with their children.
“As much as I could rationalize it…my work-life balance had gotten way out of whack, and the imbalance was hurting my very special relationship with my daughter. I was not making nearly enough time for her,” he wrote.
These days, El-Erian spends his time managing a “portfolio of part-time jobs,” taking turns waking up his daughter for school in the morning and making her breakfast. They’re even planning a big vacation together soon, for just the two of them.
TIME reported this story on Sept. 26, 2014.
Please SHARE this wonderful story with the people you wish you could spend more time with!
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CEO Of A Trillion Dollar Company Quits When His Daughter Showed Him This List…
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- Full View Log In Required
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Content and data provided by various third parties and Fidelity − Terms of Use
Stock DetailsEnter Company or Symbol. Press down arrow for suggestions, or Escape to return to entry field.Stock Research & Ideas | This feature is temporarily unavailable.
|
Full/More Story at Source
Unavailable – Fidelity Investments
Digital Coin Owner
Digital Coin Owner
The Ontario Securities Commission has started a proceeding against cryptocurrency exchange Coinsquare and its executives. The Canadian regulator has accused the company of market manipulation, with 840,000 wash trades worth approximately 590,000 bitcoins, representing 90%…
Full/More Story at Source
Digital Coin Owner
The Trillion-Dollar Myth
The Trillion-Dollar Myth
There is an old saying that you can’t teach an old dog new tricks, and we’ve learned that again with the Congressional Budget Office and its latest highly misleading fiscal forecast.
For years, we’ve been trying to get the CBO to use real-world scoring that reflects how businesses, workers and financial markets react to changes in tax rates. But no go.
This is why the left is having a field day with the CBO’s forecast that deficits under President Trump will average a trillion dollars a year for the next decade. This is supposed to be a result of Trump’s tax cuts, but hold on here. The deficit forecast without the tax cuts would effectively be the same.
Trump didn’t create $1 trillion deficits; he inherited them from the grand maestro of debt spending, Barack Obama. President Obama invented and then perfected the concept of 13-digit borrowing. His deficits in his first term reached $1.5 trillion — an Olympic record of fiscal recklessness.
Is there anything more hypocritical than liberals, who supported Obama’s policies that ran the debt from about $11 trillion to almost $20 trillion, now fainting over runaway deficit spending? Yes, Chuck Schumer, there is gambling going on here at this casino.
The CBO says that the deficit will be about $1.5 trillion higher because of policy changes. Almost 40 percent of that is the inexcusable omnibus spending bill — a bipartisan raid of the federal cookie jar.
About $1 trillion of the higher borrowing over 10 years is due to the tax cut. By the way, this is the lowest estimate for the “cost” of the tax cut we’ve seen: That $1 trillion revenue loss is out of almost $40 trillion of expected revenue. That’s a 2.5 percent tax cut — which is hardly the fire hose of lost revenue that is being depicted.
At the very least, we can dispense with liberal interest groups’ inflated rhetoric claiming that the tax cut will increase the debt by $3-5 trillion.
The CBO claims that the economy will experience only 1.9 percent annual growth for the next decade. (This is up a smidgeon from its 1.8 percent prediction at the start of the Trump presidency.) To be fair, CBO’s growth estimate is in line with most of the blue-chip forecasters’ estimates.
But that prediction makes no sense. GDP growth averaged 1.95 percent annually under Obama — and nearly everything he did on the economy was anti-growth.
Now we have a president who is cutting tax rates, chopping down regulations, promoting massive new energy and mineral development, reforming welfare to get people into the workforce, redesigning trade policy to get better deals for American companies and products — and this is going to only give us the measly rate of growth we had under Obama?
No. The core principle of Trumponomics is to attain at least 3 percent growth. Every policy is focused like a laser beam on that goal. It’s not a shot to the moon. The average annual growth rate of the U.S. economy for the past century is about 3.3 percent.
In a recent economic analysis, Rob Arnott, founder of Research Affiliates, and I recalculated the CBO numbers based on 3 percent growth, not 1.9 percent growth.
Guess what? The debt-to-GDP ratio goes down, down, down every year. Instead of a horrific debt-to-GDP ratio of 150 percent in 20 years, that ratio actually falls to about 50 percent — very manageable.
With long-term GDP growth of 3 percent, all the entitlement deficits would begin to disappear as well. This is because, over time, tax revenues would overwhelm spending. It’s called the power of compound interest.
The point here is that CBO’s creaky computer models begin with the firm conviction that Trumponomics won’t work, and then — surprise — they crank out a conclusion that Trump’s policies won’t work. This is what passes for rigorous analysis these days.
Welcome to la-la land.
Stephen Moore is a distinguished visiting fellow at The Heritage Foundation, economics contributor to FreedomWorks and author of “Who’s the Fairest of Them All?” To find out more about Stephen Moore and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.
© Creators Syndicate Inc.
Full/More Story at Source
The Trillion-Dollar Myth
India reaches trillion dollar economy
India reaches trillion dollar economy
By Armen Hareyan G+ 2007-04-29 00:31
The country’s GDP crossed the trillion-dollar when rupee appreciated to below 41-level against the US greenback on Wednesday, Swiss investment bank Credit Suisse said in a report published on Thursday.
Countries like the US, Japan, Germany, China, UK, France, Italy, Spain, Canada, Brazil and Russia have all breached trillion-dollar GDP level in the past.
The bank put the country’s GDP at around Rs 41,00,000 crore, which translates to slightly more than one trillion dollar at the current currency level of Rs 40.76 per USD.
Besides, the country’s stock market capitalisation has rose to USD 944 billion, which is also closing fast on the trillion-dollar level, it added.
The rupee has gained close to 13 percent since moving past 47 a dollar in July-August last year.
Continuing its up-trend for the fifth day in a row, the Indian currency on Thursday rose to as high as 40.72 to a dollar after breaching the 41-level on Wednesday to its highest level since May 1998.
Before the rally began about a month ago when the rupee was hovering at 45 to a dollar, the country’s GDP was estimated at around USD 900 billion.
India becoming a trillion dollar economy also augurs well for the country’s stock market, as Credit Suisse report said that stock markets in eight out of ten countries had risen in the one year after their economies first crossed this mark. – DDNews India
Full/More Story at Source
India reaches trillion dollar economy
CEO Of A Trillion Dollar Company Quits When His Daughter Showed Him This List…
CEO Of A Trillion Dollar Company Quits When His Daughter Showed Him This List…
Mohamed El-Erian recently resigned from his position as CEO of trillion-dollar company, PIMCO, after his 10-year-old daughter made him something very special that changed his mind about where his life was headed.
Advertisement
Back in January, 56-year-old El-Erian, who had been making $100 million a year, announced his official resignation, and in a recent article for Worth magazine, explained the reason behind his jaw-dropping decision.
It turns out that the reason his daughter wasn’t listening to him when he asked her to do simple things like brush her teeth was because she felt that he had missed so many important moments and milestones in her life, from parent-teacher meetings to soccer matches and Halloween parades.
She had compiled a list for him of the 22 things he’d missed out on, and while at first first he felt defensive (after all, he had important things to do those days!), El-Erian soon realized that his work-life balance was not so balanced after all.
It is indeed difficult for parents to “have it all,” even though men are rarely asked whether they can as opposed to women, who are more likely to be expected to take a stay-at-home role with their children.
“As much as I could rationalize it…my work-life balance had gotten way out of whack, and the imbalance was hurting my very special relationship with my daughter. I was not making nearly enough time for her,” he wrote.
These days, El-Erian spends his time managing a “portfolio of part-time jobs,” taking turns waking up his daughter for school in the morning and making her breakfast. They’re even planning a big vacation together soon, for just the two of them.
TIME reported this story on Sept. 26, 2014.
Please SHARE this wonderful story with the people you wish you could spend more time with!
Full/More Story at Source
CEO Of A Trillion Dollar Company Quits When His Daughter Showed Him This List…
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