But that’s the optimistic case! As I demonstrated recently, if you get real about all the enormous headwinds down the road—-including the virtual certainty that the Red Ponzi will have a crashing landing and take the global economy down with it—- you end up with a truly dismal picture.
To wit, just assume economic performance during the next ten years is no better or worse than the average of the last ten years, including the last decade’s 2.5% growth rate of wage and salary income.
The result is that by the out-years CBO has over-estimated taxable income by more than 20% or $2 trillion per year; and that means, in turn, that CBOs current forecast is built on massive phantom revenues, given that under current law the payroll and income tax take from wages and salaries is just under 35%.
The White House labored Thursday to explain a first-quarter economic report showing the weakest growth in two years, even as President Obama was trumpeting his mastery of the economy in a New York Times Magazine interview.
The Department of Commerce reported that U.S. gross domestic product rose 0.5 percent in the first quarter of 2016, the third straight sluggish start to a year. Consumer spending and business purchases both fell, continuing trends that could have ominous implications for Hillary Clinton’s presidential campaign as she tries to claim the mantle as Mr. Obama’s successor.
Jason Furman, Mr. Obama’s top economic adviser, blamed the first-quarter slowdown on “weak foreign demand and low oil prices,” and some private economists say growth should pick up later this year. But Republicans were quick to trumpet the disappointing number as an indictment of the administration’s economic stewardship.
The Obama administration is scurrying to blame anyone other than themselves for the complete failure that will go down as the fourth worst economic presidency in American history.
The rate of real economic growth is the single greatest determinate of both America’s strength as a nation and the well-being of the American people.
Ronald Reagan brought forth an annual real GDP growth of 3.5%.
Barack Obama will be lucky to average a 1.55% GDP growth rate.
This ranks Obama as the fourth worst presidency on record.
Barack Obama will be the only U.S. president in history who did not deliver a single year of 3.0%+ economic growth.
According to Louis Woodhill, if the economy continues to perform below 2.67% GDP growth rate this year, President Barack Obama will leave office with the fourth worst economic record in US history.
David draws attention to the Mark Dice viral video getting people sign petition to ban cash.
Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materialises, the International Monetary Fund has warned.
The IMF said policy choices in the world’s second largest economy would also have “increasing implications for global financial stability” in the coming years as the country opens up its bond and equity markets.
The fund said emerging market economies such as China, India, Brazil and Russia had driven more than half of global growth over the past 15 years.