![]() ![]() The event was ridiculed by journalists and users of social media. Several news outlets characterized the event as the symbolic end of Trump's presidency. Shortly after Giuliani began talking to the assembled reporters, the Associated Press projected Biden as the winner of the Pennsylvania vote and thus the nationwide election. This site selection led to speculation that the Trump campaign meant to book the upscale Four Seasons Hotel Philadelphia, five city blocks from the Pennsylvania Convention Center, where Philadelphia's ballots were being counted. ![]() Many journalists and others quickly observed a comical aspect to its location, near a sex shop and a crematorium. The site of the press conference, a local landscaping business, was unexpected. The event was held at the company's garage door and parking lot to discuss the status of the Trump campaign's legal challenges to the ballot-counting process in the state, where the president's apparent lead over Joe Biden in the first ballots counted had shifted to a shortfall as mailed-in ballots were counted for Philadelphia, historically a heavily Democratic city. ![]() Mnuchin’s dreams of $2 trillion in extra revenue from Trumpian pump-priming.On November 7, 2020, four days after the United States presidential election, Rudy Giuliani, former mayor of New York City and an attorney for then-president Donald Trump, hosted a press conference at Four Seasons Total Landscaping, a small business in the Holmesburg neighborhood of Near Northeast Philadelphia, Pennsylvania. The bigger any Trump-backed increase in the federal deficit, the faster the Fed will raise interest rates, reducing the boost from fiscal stimulus and raising the government’s interest tab. So the Fed probably would respond to a big Trump tax cut by raising interest rates faster than it would otherwise to prevent the economy from overheating. What happens if President Trump and Congress decide to press down on the accelerator with a big tax cut that isn’t offset by spending cuts? Economic textbooks and Fed models provide the likely answer: At full employment, fiscal stimulus likely will have little impact on output and mostly result in more inflation. It is pulling its foot off the accelerator, and is prepared to tap on the brakes if the economy proves much stronger than anticipated.įiscal policy at all levels of government, meanwhile, is close to neutral, neither stimulating or retarding economic growth. The Fed considers that to be full employment, and is beginning to raise short-term interest rates, albeit gradually because inflation remains below its target. Unemployment is now at 4.4%, not the 10% of 2009. It is pulling its foot off the accelerator, and is prepared to tap on the brakes if the economy proves much stronger than anticipated. unemployment rate was lower at the end of 2010 than it would have been without the stimulus bill.” Most agreed that “the benefits of the stimulus will end up exceeding its costs,” even factoring in higher taxes in the future. Only one of the 44 top academic economists surveyed in 2014 by the University of Chicago’s Booth School disagreed with the assertion that the “U.S. Despite some naysaying from Republicans, that bill is widely credited with helping to end the deep recession. That understanding led to the Obama fiscal stimulus legislation in 2009. Economic textbooks teach that when there is substantial unemployment and unused industrial capacity – when private demand is inadequate – then a deficit-widening increase in government spending or a decrease in taxes is called for.
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