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 Richmans' Trade and Taxes Blog



Did Trump Cause the Improved GDP Growth -- Ray and I were published in the American Thinker this morning
Howard Richman, 8/31/2017

Here's the link:

http://www.americanthinker.com/blog/2017/08/did_trump_cause_the_improved_gdp_growth.html

We wrote:

Did Trump Cause the Improved GDP Growth?

By Howard Richman and Raymond Richman

Real GDP rose by 3.0% during the second quarter of 2017, the fastest quarterly rate in over two years, according to data released on Wednesday by the Commerce Department. Did President Trump cause the accelerating economic growth?

The answer is yes. The rapid growth was led by a surge in business fixed investment (purchases by businesses of new tools and structures). If not for that surge, Real GDP would have only grown by 2.2%. The following table shows the contributions of the different types of spending upon economic growth during the second quarter:

Consumption 2.28%
Investment  
     Business Fixed Investment      0.84%
     Residential Fixed Investment      -0.24%
     Change in Inventories      0.01%
Net Exports 0.21%
Government Spending -0.05%
------------------------------------------------------
Total 3.00%

...

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Comments: 1


How the Democrats and Anti-Trump Republicans Seem Bent on Creating a Fascist USA
Raymond Richman, 8/27/2017
Few people realize it but Pres. F. D. Roosevelt, citing the depression as an excuse, embarked on policies that began the making of the USA into a fascist country. The Nazi Party in Germany and Mussolini’s Fascists recognized the New Deal as resembling the politics of Nazism and Fascism, with a central government increasingly involved in managing the economy. What distinguishes the U.S. from fascism was and is the absence of an autocrat. The people still have the final say as the election of Donald Trump shows. But the opposition and the media refuse to concede his victory. There are too many alligators in the swamp. Authoritarianism and fascism are not the same. Fascist dictators are authoritarians but not all dictators are fascists. To be a fascist is to be both authoritarian and socialist. General Pinochet, a dictator, was anti-socialist and restored the free market in Chile. Hitler called his party Nazi, national socialist, which is the best short definition of fascism. Merriam-Webster’s Collegiate Dictionary (10th Edition) defines fascism more accurately as a regime “that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition”. ...

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Trade Deficits vs.Income Tax Reform to Stimulate Economic Growth
Raymond Richman, 8/10/2017

The principal cause of the anemic growth of the U.S. economy in recent decades has been the chronic trade deficits with the rest of the world which have cost millions of U.S. manufacturing jobs and converted the U.S. from the world’s leading creditor to the world’s leading debtor. Multi-country trade agreements encourage American corporations to invest in countries with low corporate income tax rates and to export the goods they produce to the U.S. duty-free. The government’s first task is to bring our trade into better balance. Tax reform will not do it. As the U.S. Gross Domestic Product statistics show, the US international trade deficits averaged about 3 percent per year in recent decades. If trade had been in balance, the growth of the GDP would have been nearly five percent on the average instead of one to two percent. ...

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What Income Tax Reforms Are Needed?
Raymond Richman, 8/8/2017
The principal cause of the anemic growth of the U.S. economy in recent decades was the chronic trade deficits with the rest of the world which have cost millions of U.S. manufacturing jobs and converted the U.S. the world’s leading creditor to the world’s leading debtor. Multi-country trade agreements encourage corporations to invest in countries with low corporate income tax rates and to export the goods they produce to the U.S. duty-free. The government’s first task is to bring our trade into better balance. Tax reform will not do it. As the U.S. Gross Domestic Product statistics show, the US international trade deficits averaged about 3 percent per year in recent decades. If trade had been in balance, the growth of the GDP would have been nearly five percent on the average instead of one to two percent. What causes international trade deficits are the relative costs of producing goods and services in different countries, the foreign exchange rates, and the existence of barriers to trade imposed by our trading partners. Wilbur Ross, the Secretary of Commerce, in an opinion piece in the Wall Street Journal 8/1/2017 states that the U.S. imposes fewer barriers on imports than the European Union and China with which we have huge trade deficits. Other countries with which we are experiencing large chronic trade deficits are Japan, Korea, and Mexico. Together with China and the EU, these countries accounted for 88.9 percent of our trade deficit in 2016. Single-Country-Variable-Tariffs are all that we need to balance trade(See below} ...

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A Comment on Recent News
Raymond Richman, 8/6/2017

Congress voted sanctions against Russia nearly unanimously for interfering in the U.S. presidential election of 2016 and voted restrictions on Pres. Trump’s ability to lift those sanctions. Congress cannot do much about curbing Russian interventions in the internal politics of other nations. But Congress is hypocritical because the CIA has been interfering in other countries' elections since the middle of the last century, including most recently in the Ukraine....

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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]