After Stock Market Hit, Stuart Varney Blasts Trump's Tax Cuts

[babylonsister]

https://crooksandliars.com/2018/12/stuart-varney-blasts-trumps-tax-cuts-not?utm_source=social&utm_medium=facebook&utm_content=6753

12/06/18 8:57am
After Stock Market Hit, Stuart Varney Blasts Trump's Tax Cuts
In a surprising admission, Stuart Varney is furious that in spite of Trump's tax cuts, the economy is slowing down into a possible recession.
Video @ link~
By John Amato

snip//

The Heritage Foundation's chief economist and big Trump supporter Stephen Moore joined Varney to discuss the unmet promises of Trumponomics.

Varney began by stating the fact that the markets are tumbling in part because the overall economy is slowing down.

Moore defended Trump's economy by saying it did grow at 4% even though now it is targeted at 2 1/2%.

Varney jumped in, "It's a disappointment, Steve."

Stuart continued, "When you came out with those tax cuts you were telling us consistently that we would get 4% growth. We only got 4% growth in one quarter. You've got to -- this is a slowdown slow down. A slow down in the rate of growth."

Moore admitted it was a slowdown but of course he's very optimistic for the future. Hey Stephen, get off your tax cuts sugar high, dammit.

Moore then jumped on Trump's idea that the dropping oil prices are saving the economy but admitted we needed to get this trade situation squared away. You mean "Tariff Man" isn't the answer? That's a freaking understatement if I ever heard one.

And then Moore called Stuart Varney a "Debby Downer," for actually being truthful about the economy for a change.

Varney replied, "No, I'm not, look you've got 4% growth in the second quarter. Three and a half in the third quarter. Maybe two and a half in the fourth quarter. I call that a slowdown in the rate of growth and I'm not surprised that there are some people saying maybe we keep on with the slowdown and we get a recession soon."

Moore immediately blamed the Fed for all their latest problems.

Stuart Varney should use this slow down as a teachable moment and admit that tax cuts for the very wealthy and corporations do not transmit into a strong economy that benefits the working class. In fact, just the opposite happens and then conservatives and Republicans alike demand cuts for popular programs like Medicare and Social Security to make up the difference.

Poor Varney's stock portfolio took a hit this week and he's furious. We'd like some disclosure as to where his investments are, how much he personally made off of Trump's tax cut, and how much longer he's willing to bet on trickle down to keep him rich.

It appears there's trouble in Varney's supply-side paradise. Just as every actual economist predicted.

[harumph]

1. Why does anyone still believe in the supply side juicing?

Fact is: no one really does. Paid shills all over the media root for that shit
all of the time - and then
express disingenuous surprise the cuts fail to deliver. Ya' know these guys all
have high incomes or stcok options - and they sure as hell don't bother with 401ks, like
a nurse or a middle manager. They call their broker up and say "Hey Bill, it's Suart.." or "Hey, it's Steve..."

The sorry fucks in the media aren't us.

[Adrahil]

2. I think this right....

It's all a scam to facilitate the funneling of wealth to very rich.

[Wellstone ruled]

6. Never has and never will work.

Every recession in our History was directly caused by this so called Economic Policy. We have issued some 1.8 billion in Debt so far this year. And that 1.5 billion in Tax give away was suppose to be a ten year thing,but,on the way to Trump Economics,we have surpassed that with 8 years and 5 months to go.

[Yavin4]

3. Supply side economics is a lazy person's idea of how to run an economy.

Let rich people keep more of their money, and they will re-invest it in the economy, build new factories, hire more workers, etc. It plays well in the media because it's overly simplistic thinking that requires little no actual study of how an economy runs or a comparison analysis with other countries or any real data.

It's a talking point without merit and nothing more.

[Johnny2X2X]

4. Yup

Repeated over and over and over.

You know when corporations build more factories and hire more people? If and only if the demand for their products grows. Supply side puts the cart before the horse, it's simply backwards.

[Yavin4]

7. GM just disproved supply side economics entirely

They just got a huge tax cut, and they're CLOSING factories here in the U.S., but the media keeps putting on fools like Stephen Moore to give credence to this bullshit.

[ProfessorGAC]

8. Well Said Yav

Quick: what was the distinguishing characteristic of the Latter Curve?
Yep, it was two dimensional
But macroeconomics is not a 2 dimensional dimension construct
It's dozens of Xs, contributing in interactive ways, to the Y that is growth.
Way too complex for the supply-side mind!

[Yavin4]

10. I think that it's "Laffer"

Whose very name gives it away. You're 100% correct there are multiple variables that go into macroeconomics, but media airheads keep giving the Laffer curve credence because they're too dumb and/or lazy to do any rudimentary analysis.

[ProfessorGAC]

11. It's Arthur Laffer

That was an autocorrect thing on my tablet. I should have noticed.

Also, Laffer himself has admitted the economy doesn't really work that way.

Yet, SS economics is still talked about as an actual philosophical option by the 4th estate. (As you mentioned.)

[Johnny2X2X]

5. DOW down since the day the tax cuts went into effect

Tax cuts went into effect 11 months and 5 days ago, since then the markets have gone down. And in fact, investors in any segment had at most modest gains, it was the worst year for investors since 1972, there was no good place to park your money, everything performed terribly.

[wellst0nev0ter]

9. Thoughts and Womp Womps

Whatever, the stock market just returned to Obama-era record levels. They should get by on that.