By Tank Murdoch
(TNS) For all the negative media coverage of President Donald Trump, the man still has an average approval rating in the high 40s as he gears up to for his 2020 reelection.
Trump has kept one promise after another — after another — from his 2016 campaign, including his two biggest: Building a border wall while reducing illegal immigration, and turning around Barack “Spygate” Obama’s moribund, sorta, kinda, growing economy.
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Unemployment is at historic lows and for all demographics. In January 2017, the month of Trump’s inauguration, unemployment was around 4.7 percent, according to Bureau of Labor Statistics data; today, it’s at 3.5 percent.
Democrats always claim their policies would help the lowest-paid workers but they do that by forcing employers to pay higher “minimum” wages, which always results in job losses. In the Trump economy, the president has reduced the tax and regulatory burdens on corporations and in doing so, the free market is taking care of the lowest-paid workers. As CBS News reported in December:
The country’s lowest-paid workers are enjoying bigger income gains than managers and other top-earning professionals, according to new economic data from the Federal Reserve Bank of Atlanta.
In November, median wage growth for the bottom 25% of workers reached 4.5% for the 12-month period, outpacing a 2.9% gain in median earnings for the top 25% of income earners.
Doubling the minimum wage — forcing companies to pay entry-level workers far more than they are worth — is what Democrats want to do. But as the Congressional Budget Office noted last year, doubling the minimum wage will cost the economy 1.3 million jobs.
So clear, Trump’s combo of tax cuts for all — not just “the rich” — are working, along with his deregulation policies. The economy shows it; workers are making more money; earners are keeping more money; and corporate investment is going into expanding the company rather than handing hundreds of billions over to congressional spendthrifts.
Now, how do the 2020 Democrats plan to run against this booming Trump economy? Reuters did an analysis and essentially, to a candidate, each Democrat would not only reverse the president’s pro-growth policies but they would take us to the bad old days of the moribund Obama economy.
Biden, a leading contender for the 2020 Democratic nomination, would roll back some of the 2017 tax cuts backed by Trump. Doing so would help pay for plans to expand health coverage by building on the 2010 Affordable Care Act, popularly known as Obamacare.
Biden would raise the marginal tax rate on the highest income earners back to 39.6%, from 37%, and would also raise some taxes on investment profit.
Like many of the Democratic contenders, he also supports raising the federal minimum wage to $15 an hour from $7.25 and expanding some tax credits for lower-income workers. — Reuters
Biden has yet to endorse a “wealth tax,” however, like his rivals.
Bernie “Commie” Sanders
Sanders, a self-described democratic socialist and also a major contender, has made lowering economic inequality a core plank of his campaign.
He wants to guarantee all Americans a job and proposes a government takeover of the health insurance industry as well as tuition-free public colleges.
Sanders backs a wealth tax that would begin at 1% for people with a net worth above $32 million and rise in increments to 8% on wealth over $10 billion, hitting the wealthiest 180,000 Americans. — Reuters
That’s literal Communism. And Communist countries don’t really have ‘economies.’ They have an ‘existence,’ and that’s about it. History proves this to be true.
Elizabeth “Fauxcohontas” Warren
“I have a plan for that,” Warren says frequently on the campaign trail, citing her numerous progressive proposals for deep changes in the U.S. economy.
Warren backs a wealth tax of 2% of people’s net worth above $50 million and 3% for wealth over $1 billion.
She also backs abolishing private health insurance, but released a plan in November to delay full implementation of the overhaul for three years. — Reuters
She also wants to spend more on Social Security (which is spiraling toward debt), make public colleges free, and erase most college debt — all dangerous proposals for an economy that she’d kill off with her other policies.
Bloomberg is a late entry to the nomination contest and has pledged to narrow the wealth gap between black and white Americans by boosting African-American ownership of homes and businesses and by investing in poor neighborhoods.
A billionaire with one of America’s largest fortunes, Bloomberg has pledged to help blacks with mortgage down-payment assistance.
He also backs a higher minimum wage and tax credits for lower-income workers. Bloomberg has said the rich should pay higher taxes, but has yet to release a detailed plan on tax policy. He says his relatively moderate economic proposals stand a better chance of getting through the polarized U.S. Congress. — Reuters
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Just what we need — more race-based policymaking.
As it stands, Trump’s economy is already ‘narrowing the race-earning gap.’ More minorities are working under Trump than were under any president before him, and they are earning more, as reports have noted. Plus, new trade deals his administration has signed with China and others — to include the USMCA — will only bring more economic growth, prosperity, and opportunity for Americans.
The choice for 2020 and beyond, when it comes to the U.S. economy, is pretty stark: We can continue on our current path of success, or we can turn the economy back over to closet Marxists and Communists who have no history of success.
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