(C) Daily Kos This story was originally published by Daily Kos and is unaltered. . . . . . . . . . . Dear MAGA Worry not, as you get poorer, the rich will get richer. [rant] [1] ['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.'] Date: 2024-11-13 If you wonder where Obamacare went [ A Huge benefit for the Health and Pharma Owners and shareholders, I do hope you bought in] If you wonder why fruits and crops are rotting in the fields while prices spiral up. Dear god, rather than whining constantly, you should perhaps have learned some basic mathematics and economics. I'll give you a hint, Trump’s magic wand only works for 0.001% of the population. [Re: some basic maths will help you grasp what your chances are] There is good news and bad news on the inflation front. The good news is that inflation has come down from its May 2022 high of 9 percent to close to the Federal Reserve’s 2 percent inflation target. The bad news is that, if implemented, President-elect Donald Trump’s economic plan will lead to the return of inflation. The markets have noticed this. Ten-year Treasury bond yields have risen sharply, a strong bid for gold, and a rise in inflation expectations. [How many treasury bonds have you bought?] Among the main reasons for concern that inflation will return next year is the slew of tax cut promises Mr. Trump made during the election campaign. Not only did he commit to extending the 2017 Tax Cut and Jobs Act, but he also committed to reducing the corporate tax rate from 21 percent to 15 percent and eliminating taxes on social security benefits and tips. [Do you own a corporation, if not ,I hope you serve tables] These measures must be expected to cause the budget deficit to swell from its already high level of over 6 percent of GDP and put the public debt on an unsustainable path. According to the Committee for a Responsible Budget, over the next decade, the Trump economic tax cuts could add around $7.75 trillion to the national debt. That could take the public debt-to-GDP ratio to a record high of more than 140 percent. [Do you own part of the debt? You will sure get some great intrest payments] One way that the tax cuts could add to inflation is by increasing aggregate demand. Other ways that it could do so is by precipitating a dollar crisis and by leading to a spike in mortgage rates as investors flee the dollar and demand higher interest rates to compensate them for inflation risk. [I do hope you own mortgage-free property] Inflation could also be fueled by a rise in import prices due to Mr. Trump’s aggressive import tariff program. On the campaign trail, he committed to a 60 percent tariff on all Chinese imports and a 10–20 percent tariff on imports from the rest of our trade partners. According to the Peterson Institute for International Economics, these tariffs could raise the price of imported goods and cost the average household around $2600. [you got the cash spare?] Yea but at least we will get rid of foreigners A further reason for inflation concern is that Mr. Trump is proposing to deport around 11 million undocumented immigrants. This must be expected to cause supply pressure and a rise in production costs, especially in the agricultural and building sectors of the economy. According to the U.S. Department of Agriculture, about 40 percent of the agricultural labor force is made up of undocumented immigrants. According to the Center for American Progress, undocumented immigrants represent 23 percent of the construction industry’s labor force. My suggestion is, to grit your teeth and bear it. Expect no sympathy or empathy from me. You have screwed the rest of us. At least you still have your freedom to be white, you are not white, oh dear. Right? Right? Hello? [END] --- [1] Url: https://www.dailykos.com/stories/2024/11/13/2286025/-Dear-MAGA-Worry-not-as-you-get-poorer-the-rich-will-get-richer-rant?pm_campaign=front_page&pm_source=trending&pm_medium=web Published and (C) by Daily Kos Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/dailykos/