Trump, Democrats spar as government shutdown looms
In 2013, a similar spending feud caused 850,000 government officials to be sent home temporarily.
(Updated: )
Trump and US Congress pass "Boom and Bust" budget policies that will trigger cyclic "boom and bust" economic recession and have domino effect on World Economy - on the verge of defeated.
万法唯心造。因果因缘生
万法唯心造。因果因缘生
Ricky Lim ·
Ricky Lim ·
Singapore
A defining moment - to defeat the "Boom and Bust" policies - that will bring disastrous consequences down the road for US Economy - and that will have a domino effect on World Evconomy.
-----
Posted on :- 22 Nov 2017
Ricky Lim ·
Singapore
Ronald Reagan economic policies - start the accumulation of massive debt for US.
"Reagan has tripled the Gross Federal Debt, from $900 billion to $2.7 trillion."
As of July 31 2017, the federal government’s total debt stands at $19.845 trillion. The nation’s debt is now bigger than its gross domestic product, which was an estimated $19.23 trillion.
Net interest payments on the debt are estimated to total $276.2 billion this fiscal year.
This is known as the "Boom and Bust" fiscal policies and financial policies - to reap immediate gratification to please the voters by "inflating economic growth" - but bring economic bust a few years down the road.
The world has experience cyclic "boom and bust" - because of such policies.
Now Trump want to emulate this irresponsible policies - and you say this is good.
Clinton and Obmama --- are the one that have implemented prudent and pragmatic economic policies - not Trump.
Like · Reply · Just now
Ricky Lim ·
Singapore
Ricky Lim ·
Singapore
Is Trump creating conditions for US to experience another Lehman Brothers collapse in the US financial sector?
The World financial system must be careful in investing in funds coming out from US - or else get caught in the Lehman Brothers 2 saga.
Like · Reply · Just now
Ricky Lim ·
Singapore
Trump drastic cuts in taxes, and boosting rampant spendings - is creating a ballooning fiscal deficit --- and increasing debts for US - and its future generation will have a hard time servicing the debt.
Together with this banking regulation - Trump is creating a condition for financial crisis or meltdown of the past.
Trump don't seems to care about the future - and bend on immeditate gratification.
World Economy and finacial institutions must be careful and watchful of what will come out from Trump financial and fiscal policies --- and not let it drag down in a domino effect of the past.
Like · Reply · Juvst now
Ricky Lim ·
Singapore
Trump don't seems to learn from the lesson of the past - or rather he is indifferent - because it will not affect him now.
The problem will surface later - where he may not even be around - and he couldn't care less.
Like · Reply · Just now
Ricky Lim ·
Singapore
In the past, financial crisis one after another is trigger by such policies - and has recently been ratified and regulation put in place - to prevent such cyclic eruption of financial crisis - after a few years - when it bust after boom.
Now Trump want ot reintroduce this "boom and bust" policies again - and stir the World financial system.
Like · Reply · Just now
ricky l
ricky l 2 seconds ago
Wonder how can a Country sustain trillion dollars of debt and need to service hundred and billions dollars of debt interest?
Will the Country even able to repay the debt?
Wonder by deregulating the banking sector, will banks and financial institutions again resort to risky investment and put all the investors and depositors money into big risk of default and run-on bank again.
Less
Reply
Ricky Lim ·
Singapore
Trump obviously have forgotten or try to forget the lessons learn from US past finanical crisis :-
(1) US taxpayers money of hundred and hundred billions of dollars are used to prop up US banks and finanical institutions like BOA, JP Morgan, Citibank, AIA, etc - when financial crisis hit from its sub-prime investments in toxic assets. ----- Now Trump want to dismantle the banking regulation - to protect its financial industries.
(2) US Treasury have to borrow trillions of dollars by selling bonds to China, Japan, Saudi - to fund its massive budget deficit. --- Now Trump want to cut its tax in huge percentage, boost its spendings and balloon its debt and widen its budget deficit.
(3) US Treasury have to pump prime its Economy ---- by printing US dollars to repay its debt. ----- Now Trump think that he can do this again if US Economy go into "cyclic boom and bust" cycle --- with Trump risky policies - for immediate gratification but no regards for the future US generations.
--- Can the World not be careful and watchful on what Trump try to do --- and trigger a domino effect on the World financial system in the near future?
Like · Reply · Just now
Singapore
A defining moment - to defeat the "Boom and Bust" policies - that will bring disastrous consequences down the road for US Economy - and that will have a domino effect on World Evconomy.
-----
Posted on :- 22 Nov 2017
Ricky Lim ·
Singapore
Ronald Reagan economic policies - start the accumulation of massive debt for US.
"Reagan has tripled the Gross Federal Debt, from $900 billion to $2.7 trillion."
As of July 31 2017, the federal government’s total debt stands at $19.845 trillion. The nation’s debt is now bigger than its gross domestic product, which was an estimated $19.23 trillion.
Net interest payments on the debt are estimated to total $276.2 billion this fiscal year.
This is known as the "Boom and Bust" fiscal policies and financial policies - to reap immediate gratification to please the voters by "inflating economic growth" - but bring economic bust a few years down the road.
The world has experience cyclic "boom and bust" - because of such policies.
Now Trump want to emulate this irresponsible policies - and you say this is good.
Clinton and Obmama --- are the one that have implemented prudent and pragmatic economic policies - not Trump.
Like · Reply · Just now
Ricky Lim ·
Singapore
Ricky Lim ·
Singapore
Is Trump creating conditions for US to experience another Lehman Brothers collapse in the US financial sector?
The World financial system must be careful in investing in funds coming out from US - or else get caught in the Lehman Brothers 2 saga.
Like · Reply · Just now
Ricky Lim ·
Singapore
Trump drastic cuts in taxes, and boosting rampant spendings - is creating a ballooning fiscal deficit --- and increasing debts for US - and its future generation will have a hard time servicing the debt.
Together with this banking regulation - Trump is creating a condition for financial crisis or meltdown of the past.
Trump don't seems to care about the future - and bend on immeditate gratification.
World Economy and finacial institutions must be careful and watchful of what will come out from Trump financial and fiscal policies --- and not let it drag down in a domino effect of the past.
Like · Reply · Juvst now
Ricky Lim ·
Singapore
Trump don't seems to learn from the lesson of the past - or rather he is indifferent - because it will not affect him now.
The problem will surface later - where he may not even be around - and he couldn't care less.
Like · Reply · Just now
Ricky Lim ·
Singapore
In the past, financial crisis one after another is trigger by such policies - and has recently been ratified and regulation put in place - to prevent such cyclic eruption of financial crisis - after a few years - when it bust after boom.
Now Trump want ot reintroduce this "boom and bust" policies again - and stir the World financial system.
Like · Reply · Just now
ricky l
ricky l 2 seconds ago
Wonder how can a Country sustain trillion dollars of debt and need to service hundred and billions dollars of debt interest?
Will the Country even able to repay the debt?
Wonder by deregulating the banking sector, will banks and financial institutions again resort to risky investment and put all the investors and depositors money into big risk of default and run-on bank again.
Less
Reply
Ricky Lim ·
Singapore
Trump obviously have forgotten or try to forget the lessons learn from US past finanical crisis :-
(1) US taxpayers money of hundred and hundred billions of dollars are used to prop up US banks and finanical institutions like BOA, JP Morgan, Citibank, AIA, etc - when financial crisis hit from its sub-prime investments in toxic assets. ----- Now Trump want to dismantle the banking regulation - to protect its financial industries.
(2) US Treasury have to borrow trillions of dollars by selling bonds to China, Japan, Saudi - to fund its massive budget deficit. --- Now Trump want to cut its tax in huge percentage, boost its spendings and balloon its debt and widen its budget deficit.
(3) US Treasury have to pump prime its Economy ---- by printing US dollars to repay its debt. ----- Now Trump think that he can do this again if US Economy go into "cyclic boom and bust" cycle --- with Trump risky policies - for immediate gratification but no regards for the future US generations.
--- Can the World not be careful and watchful on what Trump try to do --- and trigger a domino effect on the World financial system in the near future?
Like · Reply · Just now
Ricky Lim ·
Ricky Lim ·
Singapore
Ricky Lim ·
Singapore
Analyst have computed that if Trump implement all his economic policies including his wall of America - it will add another $5 trillion debt to the $19.845 trillion in Trump short term in office.
And you say that Trump policies is damn good - or damn goon?
Wait till his children, grandchildren and descendants pay the massive debt accumulated by him for US.
Like · Reply · Just now
Ricky Lim · Singapore
Greece have to bite the bullet, go through extreme austerity -- to pay back its huge debt and emerge from near bankruptcy.
US with such unprecedented massive debt --- can do better?
And you now say what Trump is doing is "damn good"?
Like · Reply · 26 mins
Ricky Lim ·
Singapore
See this to learn a good lesson - about a good fundamental economic principles :-
Greece blows EU-IMF bailout targets away with strong budget performance
Reuters
By Lefteris Papadimas and George Georgiopoulos
ReutersApril 21, 2017
ricky l 10 seconds ago
The prudent fiscal budget - to ensure a balance budget - that have led to correction of the debt problem with belt tightening measures and a few years of pain --- maybe the correct move.
For now on, Greece must be prudent in ensuring sustainable fiscal policy and growth generation policy that are sustainable.
ricky l
Reply 00
ricky l 29 seconds ago
Posted on :-
Feb 1, 2015 9:08 PM
Ricky Lim · Singapore
There are few things need to be put right :-
(1) Economic fundamental must be put right first - and thereafter create employment. If economic fundamental is not on sound footing - all patch work will just be a temporary patch and does not build a strong foundation for economic growth. Right economic fundamental - refer to right fiscal policies, right monetary policies, right investment policies, right balance of payment etc.
(2) Corruption must be eliminated - to have sound financial system
(3) Debt must be honored - and if have problem paying back - should restructured the debt for longer term repayment. Otherwise, no one will provide further loan if debt can be dishonoured.
(4) Can consider pledging something of value to creditors - like carve out a piece of land as collateral to creditor for say 100 year for creditors to invest in - until loan is repaid or to get further loan - until the country has successfully repay all the debt, get the economic fundamental in place and create sufficient employment for its citizen.
Reply · Like
Less
ricky l00
ricky l 9 seconds ago
Critics in the last few years criticise the above suggestions - has caused undue miseries to Greece and kill Greece economic growth and kill job creation.
Now the above suggestions turned out to be the right things to do.
What is right in the micro-level - also means that it is right for the macro-level.
Prudent fiscal policies with the objectives to create growth and job creation is the right way to go.
Less
ricky l00
ricky l 29 seconds ago
Rampant Spending tommorow's money and leave the burden to future generations and descendants to pick up the bits = are wrong.
Rampant Spending based on big borrowing, heavy debts (especially external debts) = are wrong.
Rampant Spending with no objective of investing into the future = are wrong.
Rampant Spending based on over-generous welfare benefits that are not sustainable and do not encourage working = are wrong.
Less
00
ricky l
ricky l 9 seconds ago
Well done Greece !
You have make it !
00
Like · Reply · Just now
Like · Reply · Just now
Singapore
Ricky Lim ·
Singapore
Analyst have computed that if Trump implement all his economic policies including his wall of America - it will add another $5 trillion debt to the $19.845 trillion in Trump short term in office.
And you say that Trump policies is damn good - or damn goon?
Wait till his children, grandchildren and descendants pay the massive debt accumulated by him for US.
Like · Reply · Just now
Ricky Lim · Singapore
Greece have to bite the bullet, go through extreme austerity -- to pay back its huge debt and emerge from near bankruptcy.
US with such unprecedented massive debt --- can do better?
And you now say what Trump is doing is "damn good"?
Like · Reply · 26 mins
Ricky Lim ·
Singapore
See this to learn a good lesson - about a good fundamental economic principles :-
Greece blows EU-IMF bailout targets away with strong budget performance
Reuters
By Lefteris Papadimas and George Georgiopoulos
ReutersApril 21, 2017
ricky l 10 seconds ago
The prudent fiscal budget - to ensure a balance budget - that have led to correction of the debt problem with belt tightening measures and a few years of pain --- maybe the correct move.
For now on, Greece must be prudent in ensuring sustainable fiscal policy and growth generation policy that are sustainable.
ricky l
Reply 00
ricky l 29 seconds ago
Posted on :-
Feb 1, 2015 9:08 PM
Ricky Lim · Singapore
There are few things need to be put right :-
(1) Economic fundamental must be put right first - and thereafter create employment. If economic fundamental is not on sound footing - all patch work will just be a temporary patch and does not build a strong foundation for economic growth. Right economic fundamental - refer to right fiscal policies, right monetary policies, right investment policies, right balance of payment etc.
(2) Corruption must be eliminated - to have sound financial system
(3) Debt must be honored - and if have problem paying back - should restructured the debt for longer term repayment. Otherwise, no one will provide further loan if debt can be dishonoured.
(4) Can consider pledging something of value to creditors - like carve out a piece of land as collateral to creditor for say 100 year for creditors to invest in - until loan is repaid or to get further loan - until the country has successfully repay all the debt, get the economic fundamental in place and create sufficient employment for its citizen.
Reply · Like
Less
ricky l00
ricky l 9 seconds ago
Critics in the last few years criticise the above suggestions - has caused undue miseries to Greece and kill Greece economic growth and kill job creation.
Now the above suggestions turned out to be the right things to do.
What is right in the micro-level - also means that it is right for the macro-level.
Prudent fiscal policies with the objectives to create growth and job creation is the right way to go.
Less
ricky l00
ricky l 29 seconds ago
Rampant Spending tommorow's money and leave the burden to future generations and descendants to pick up the bits = are wrong.
Rampant Spending based on big borrowing, heavy debts (especially external debts) = are wrong.
Rampant Spending with no objective of investing into the future = are wrong.
Rampant Spending based on over-generous welfare benefits that are not sustainable and do not encourage working = are wrong.
Less
00
ricky l
ricky l 9 seconds ago
Well done Greece !
You have make it !
00
Like · Reply · Just now
Like · Reply · Just now
Trump, Democrats spar as government shutdown looms
In 2013, a similar spending feud caused 850,000 government officials to be sent home temporarily.
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
(Updated: )
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WASHINGTON: President Donald Trump clashed with Democratic leaders in dramatic fashion on Tuesday (Nov 28), heaping pressure on the US Congress to craft a compromise on federal spending or face a crippling government shutdown in 10 days.
Hours after the president suggested a spending deal with Democrats may be impossible, House Minority Leader Nancy Pelosi and top Senate Democrat Chuck Schumer pulled out of a scheduled White House meeting with Trump that they said would be fruitless.
"Given that the president doesn't see a deal between Democrats and the White House, we believe the best path forward is to continue negotiating with our Republican counterparts in Congress instead," the pair said in a statement.
Trump shot back that he was not surprised the Democrats rejected his offer, saying they were "very far apart" on several issues like immigration.
"They've been all talk and they've been no action. And now it's even worse, now it's not even talk," Trump declared during the meeting, which went ahead with Republican congressional leaders - an empty chair on either side of the president underscoring the absence of their Democratic counterparts.
The rare public rejection of White House talks ratcheted up tensions in Washington over a must-pass spending bill by a Dec 8 deadline, and served as a stinging rebuke to a president who often mocks his rivals on Twitter.
The spat heaps pressure on Congress to craft a compromise or face a crippling government shutdown next month.
And it muddied the waters on the same day Trump headed to Congress to urge fellow Republicans to unite behind his tax overhaul, a controversial bill that he wants on his desk by year end.
Trump lunched with Senate Republicans for an hour, answering questions from Ron Johnson and Susan Collins, who have concerns about the bill.
Senate Majority Leader Mitch McConnell, addressing reporters afterwards, acknowledged the challenge in getting at least 50 of his chamber's 52 Republicans on board, likening it to solving "a Rubik's Cube."
'CHUCK AND NANCY'
Behind the tough talk, Trump needs Schumer and Pelosi to rally their party's votes to keep government running through the next 10 months.
But the self-styled master dealmaker Trump derailed Tuesday's plans for a bipartisan White House meeting on the challenge ahead when he hit the two top Democrats - whom he called "Chuck and Nancy" - in a morning tweet.
"Problem is they want illegal immigrants flooding into our Country unchecked, are weak on Crime and want to substantially RAISE Taxes," he added. "I don't see a deal!"
Schumer later said Democrats would meet with Trump "any time, anywhere, any place," so long as he was serious about a deal.
"But there is an alternative; when the president stays out of it we seem to do much better."
The White House expressed disappointment at the no-show, urging Democrats to "put aside their pettiness" and "grandstanding," and saying Trump's invitation remained open.
HIGH PRICE
But McConnell did not hide his irritation at the snub, calling it "a lack of seriousness" about the prospect of a looming government shutdown.
In 2013, a similar spending feud caused 850,000 government officials to be sent home temporarily. National parks closed for two weeks and as much as half a percentage point was shaved off economic growth.
Trump has staked much of his fragile political reputation on being a good steward of the economy, so failure could be damaging. But Democrats are demanding a steep political price for their support.
They say funding for Trump's border "wall" must be stripped out, and Trump must honor the Obama administration's pledge to allow migrants brought to the country as children to remain.
The issue, as tricky is it is, is not the only problem on Trump's plate.
TOUGH SLEDDING
In December, a "debt ceiling" deadline is also looming - if missed, the US government could be hurtling towards a technical default in the new year.
And beyond the spending fight, Trump's primary task will be to pass tax cuts, which Republicans see as absolutely vital to keep voters and donors happy.
Having so far failed to pass health care, immigration or infrastructure reforms, Trump faces a party revolt if he cannot make tax cuts law.
With the party in control of the White House and both chambers of Congress, the task should be straightforward. But little is straightforward in Washington these days.
The administration has struggled to convince the public that the tax cut will help middle-class families, and a Harvard-Harris Poll showed a majority of voters oppose the bill.
Democrats portray the proposals as good for big business but bad for ordinary Americans, while half a dozen Republican senators have publicly expressed doubts about the plan, which the non-partisan Congressional Budget Office projects would increase the national debt by US$1.4 trillion by 2027.
The White House argues the cuts will boost growth, in turn increasing tax revenue, although most economists disagree.
Source: AFP/de
Read more at http://www.channelnewsasia.com/news/world/trump-democrats-spar-as-government-shutdown-looms-9449318
Read more at http://www.channelnewsasia.com/news/world/trump-democrats-spar-as-government-shutdown-looms-9449318
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