Drudge Retort: The Other Side of the News
Saturday, December 16, 2017

Craig Torres and Jordan Yadoo, Bloomberg: The Great Recession is a speck in the rear-view mirror for America's financial markets. They've advanced far beyond pre-crisis levels. In fact, Goldman Sachs says you can go back a century before 2008, and still not find a "bull market in everything" like today's. If the real economy had roared back the same way, Donald Trump might not be president. Instead, it's been a grind. While unemployment is near a two-decade low, wages have grown slowly by past standards. They're nowhere near keeping pace with the asset-price surge. Elected on a promise of better jobs and pay, Trump is about to pull the most powerful lever any government has for firing up the economy: fiscal policy. By slashing taxes on corporate profits, its authors say, the Republican plan will unleash the animal spirits of American business -- and everyone will benefit.

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A rising tide does lift all boats -- but nowadays, in the U.S., not equally. Under both parties, recoveries have become increasingly lopsided. The current one has helped millions of people find work; it's also benefited asset-owners far more than people who trade their labor for a paycheck. Income distribution, already the most unequal in the developed world, is getting worse. And that's starting to influence everything from America's spending habits to its elections.

"The story of our time is polarization -- by party, by class and by income," said Mark Spindel, founder and chief investment officer at Potomac River Capital in Washington, and co-author of a 2017 book about the Federal Reserve. "I don't see anything in the tax bill to make that any better."

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A rising tide does lift all boats -- but nowadays, in the U.S., not equally.

Why would it ever be "equally"?

#1 | Posted by boaz at 2017-12-15 12:31 PM | Reply

#1 because the country doesn't have an expiry date Boaz. The game you're playing ends. Then what?

#2 | Posted by BruceBanner at 2017-12-15 01:44 PM | Reply

#2 In Boaz world, everyone is a member of the 1%, if they just let the 1% have more payroll tax money.

#3 | Posted by 726 at 2017-12-15 02:20 PM | Reply

Hot dog!!!!!!!!!!! What a bounce for my 401. I guess I am the only person that has one.

#4 | Posted by Sniper at 2017-12-15 06:24 PM | Reply | Funny: 1 | Newsworthy 1


... "I don't see anything in the tax bill to make that any better." ...

It is futile to look.

The tax bill, as it stands, is little more than a return on investment for wealthy Republican donors, the cost of maintaining donor happiness so those donors will open up their wallets again come the next election cycle.

That was blatantly obvious when a Congressman recently openly stated that he was told by one of his donors to pass the bill or never call him again.

A curious aside that I observed this past week... last year Sen McConnell refused to hold confirmation hearings for then Pres Obama's Supreme Court Nominee because there was an election in the future and the President might change. Then, after the election, he continued to refuse, saying that the people have elected a new President, that is the person the people wanted, and that person should nominate the Justice.

Yet this past week, Sen McConnell refused to seat Sen Jones. Sen McConnell stated that he wants the current Republican Senator from Alabama to retain the seat until January.

What happened to Sen McConnell's reason that "it is what the people wanted?" Or does it only apply when it is in his favor?

#5 | Posted by LampLighter at 2017-12-16 11:15 AM | Reply


@#4 ... What a bounce for my 401. ...

Don't forget to also cheer for fmr Pres Obama, since the stock market (and your hypothetical 401(k)) went up quite a bit under his presidency.

Why aren't you "hot dog'ing" about that?


#6 | Posted by LampLighter at 2017-12-16 11:18 AM | Reply

Why are bad mouthing a tax cut?

#7 | Posted by Sniper at 2017-12-16 11:56 AM | Reply


@#7 Why are bad mouthing a tax cut?

Personally, I am not bad mouthing tax cuts per se, but the distribution of those tax cuts.

Why are the lower and middle class tax cuts set to expire so that the tax cuts for the wealthy and corporations can be permanent?

Tax cuts are nice, but I always like to look at how the tax cuts are paid for. In this case, the permanent tax cuts for the wealthy and corporations are being paid for by tax increases on the lower and middle classes in a few years.

It is just more of the usual Republican transference of wealth from the lower and middle class to the Republican donor class, i.e., the wealthy and corporations, under the guise of tax cuts for all.

#8 | Posted by LampLighter at 2017-12-16 12:04 PM | Reply

Whatever minor short-term positive effects of this tax cut mostly for the very wealthy and the very corporate might cause, the fact that it is done on the taxpayer's credit card rather than with other offsets like, oh say, the military and other tax loopholes means it is a disaster waiting to happen.

Of course, Republicans are already planning to take some of it out of programs for kid, seniors, and the poor, but hey, who deserves those tax dollars more than their donors?

#9 | Posted by Corky at 2017-12-16 12:18 PM | Reply

"Why would it ever be "equally"?"

Nothing is equal...why won't people recognize that? If equality existed I'd be playing for the Chicago Bulls making millons or getting the same pay as Chuckie Shooooomer while flipping burgers. I'll never figure these snowflake "progressives" out...First they wanna waste all these men who have harassed or assaulted women and at the same time give them men legal access to women's bathrooms if they identify as female. Go figure. I also wonder what they are going to call the third "gender" some parents want to put on baby birth certificates.

#10 | Posted by jestgettinalong at 2017-12-16 12:33 PM | Reply

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"Why are bad mouthing a tax cut?"

Probably because he/she doesn't pay any taxes but gets one of those "earned income" credits.

#11 | Posted by jestgettinalong at 2017-12-16 12:35 PM | Reply | Newsworthy 2

Why are bad mouthing a tax cut?

#7 | POSTED BY SNIPER

The Big 2017 Tax Scam?

A Temporary pittance for you and me and huge Permanent handout for the corporations and the wealthy?

There is a Sniper born every day.

Enjoy your Tinkle Down dummy.

For the rest of us the midterms in 2018 are fast approaching.

#12 | Posted by donnerboy at 2017-12-16 01:09 PM | Reply

"For the rest of us the midterms in 2018 are fast approaching."

Yep, and I think it's a shame the Democrats are loosing more daily...

"Democrat Andrea Ramsey has dropped out of the race to take on GOP Rep. Kevin Yoder in Kansas after The Kansas City Star began questioning Ramsey about accusations made against her in a 2005 sexual harassment lawsuit."

"RENO -- U.S. Rep. Ruben Kihuen, D-Nev., is facing calls from top Democratic leaders to resign amid allegations he sexually harassed a woman who worked on his 2016 congressional campaign."

How's that new "war on women" workin' out for y'all?

#13 | Posted by jestgettinalong at 2017-12-16 01:18 PM | Reply

"Why are the lower and middle class tax cuts set to expire so that the tax cuts for the wealthy and corporations can be permanent?"

Ass backwards if you ask me.

Despite what I don't like about this tax plan, the expiration of the middle class tax cuts don't concern me.

Neither party will want to let them expire so I expect a continuation of those cuts at that time.

#14 | Posted by eberly at 2017-12-16 02:13 PM | Reply

Why are the lower and middle class tax cuts set to expire so that the tax cuts for the wealthy and corporations can be permanent?

#8 | Posted by LampLighter

And I ask you, what tax law has ever been permanent? There ain't no such thing.

#15 | Posted by Sniper at 2017-12-16 05:38 PM | Reply | Newsworthy 1

A Temporary pittance for you and me and huge Permanent handout for the corporations and the wealthy?

#12 | Posted by donnerboy

You are so stupid you don't realize you pay the corp taxes when you buy something. How blind are you?

#16 | Posted by Sniper at 2017-12-16 05:40 PM | Reply

You are so stupid you don't realize you pay the corp taxes when you buy something. How blind are you?

#16 | POSTED BY SNIPER

so you think that they will lower the price of what they are selling because they are getting a break on the taxes?

Bless your heart.

#17 | Posted by Lohocla at 2017-12-16 06:47 PM | Reply | Newsworthy 1

At least I have one loh.

#18 | Posted by Sniper at 2017-12-17 02:32 PM | Reply

At least I have one loh.

#18 | POSTED BY SNIPER

Trade it in for a brain....it'll do you much better than the one you have now.

#19 | Posted by Lohocla at 2017-12-17 05:19 PM | Reply | Newsworthy 1

Why are bad mouthing a tax cut?

#7 | POSTED BY SNIPER AT 2017-12-16 11:56 AM | REPLY

We're not paying for the costs of this country.

#20 | Posted by BruceBanner at 2017-12-17 09:26 PM | Reply

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