Drudge Retort: The Other Side of the News

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Thursday, December 08, 2016

John Glenn, whose 1962 flight as the first U.S. astronaut to orbit the Earth made him an all-American hero and propelled him to a long career in the U.S. Senate, died Thursday. The last survivor of the original Mercury 7 astronauts was 95. Glenn died at the James Cancer Hospital in Columbus, Ohio, where he was hospitalized for more than a week. read more

Friday, October 21, 2016

Republican presidential nominee Donald Trump reportedly held a strategy meeting with his campaign's top militia leaders Thursday afternoon in order to map out their approach before November 8. The militia leaders were laying out a detailed plan for how Trump could take the White House. read more


Lots to chew on here. Let's see:
-Repeating the lie that reducing taxes on the top of the income spectrum will result in more jobs is nonsense. If it were true, Reagan and the Arbustos would have proved it, since they worked at it long enough.
-Taxes should be reduced for those with lower incomes, since any marginal increase in their disposable income will be spent on things like gasoline, rent, groceries and stuff needed to live (you know--consumption). For those at the top of the income stack, that marginal income is usually saved, not spent. The rich are already past the point of being able to spend all of their income, so they will take the marginal income and sock it away.
-The Gripper's infrastructure plan is more about ownership than it is about rebuilding. A change of ownership involves a transfer of wealth, and only rebuilding involves additional employment and the purchase of material needed to complete that rebuilding. Actual rebuilding also helps with that 'multiplier effect' thing, where goods, services and labor are generated at the initial purchase and from complementary economic activity after the initial action.
-The Fed is acting like it did in the Greenspan years, lagging the market. With the rise of the 10-yr UST in the past month, the term structure of interest rates (that's the 'yield curve' to you and me) requires that rates on the short end also rise. The Fed's action next week will serve as acknowledgement of what the market has already done, and should result in being a non-event for the markets.
-The prospect of additional deficits will get the US economy closer to the point where outstanding debt matches total economic output, which (as Japan proved) is a great way to strangle an economy for many, many years. Rather than finance his reconstruction effort through additional borrowing, Agent Orange and Congress should simply employ the 'pay as you go' thinking used well in the 1990's (remember then--Newt as Speaker, Bill as President, the economy growing and deficits falling) and increase the gasoline tax, a measure found favorable by many consumers and transportation companies (e.g, FedEx and UPS) which consume a lot of gas and rely upon smooth, reliable roads.

Of course, Gripper and the GOP will do this the wrong way, which will result in the economy in a ditch, mouthbreathers out of work, higher borrowing costs and perhaps, stagflation. Makin' America GGGGGGGGGGGGGGGGreat Again!

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