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DonViejo

(60,536 posts)
Thu Jun 14, 2018, 12:28 PM Jun 2018

Trade war could wipe out gains of GOP tax law, former top Trump economic adviser says

Source: The Washington Post




By Jeff Stein
June 14 at 10:16 AM

An escalating trade war could wipe out the benefits of the Republican tax law passed last fall, President Trump's former top economic adviser said Thursday.

Gary Cohn, who served as Trump's director of the National Economic Council, said that retaliatory tariffs between countries could drive up inflation and prompt American consumers to take on more debt, possibly pushing the country into another economic downturn.

“If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt,” Cohn, a former Goldman Sachs executive, said at a Washington Post event. “Those are all historic ingredients for an economic slowdown”

Asked if the trade battle could erase the gains to the American economy from the tax law, Cohn said: "Yes, it could."

Read more: https://www.washingtonpost.com/news/wonk/wp/2018/06/14/trade-war-could-wipe-out-gains-of-gop-tax-law-former-top-trump-economist-says/

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Trade war could wipe out gains of GOP tax law, former top Trump economic adviser says (Original Post) DonViejo Jun 2018 OP
The increase in fuel costs ate up the buck fifty months ago. Hugin Jun 2018 #1
Yeah, don't blame Trump's law, blame the trade war bucolic_frolic Jun 2018 #2
Cohn's economic theory Wellstone ruled Jun 2018 #3
Is This Just an Effort to Smear Bernie and Democrats? TomCADem Jun 2018 #4
This OP has nothing to do with Bernie. murielm99 Jun 2018 #6
Because Trade is the One Area Where Republicans... TomCADem Jun 2018 #10
Bernie won't be the 2020 nominee and the article has nothing to do with him. n/t FSogol Jun 2018 #9
Thank you. murielm99 Jun 2018 #13
"pushing the country into another economic downturn." BumRushDaShow Jun 2018 #5
Rising gas prices already have... beachbum bob Jun 2018 #7
Are we pretending there are benefits to the economy from the tax cut besides helping billionaires FSogol Jun 2018 #8
Exactly! Tax cuts are blowing up deficit... TomCADem Jun 2018 #11
The Billionaire Tax Cut provided "gains" only to billionaires. lagomorph777 Jun 2018 #12
Mission Accomplished! LastLiberal in PalmSprings Jun 2018 #14

Hugin

(33,164 posts)
1. The increase in fuel costs ate up the buck fifty months ago.
Thu Jun 14, 2018, 12:33 PM
Jun 2018

A trade war is only going to eat into the meat and bone...

bucolic_frolic

(43,188 posts)
2. Yeah, don't blame Trump's law, blame the trade war
Thu Jun 14, 2018, 12:39 PM
Jun 2018

This is thinly disguised protectionism of Trump with looney supply-side theories going by another name

 

Wellstone ruled

(34,661 posts)
3. Cohn's economic theory
Thu Jun 14, 2018, 12:43 PM
Jun 2018

has been tried four times in my lifetime so far. Less we forget the Nixon recession and the massive Interest rates of the 70's,less we forget the Reagan Recession,less we forget HW Bush recession,less we forget Georgie Bush's recession.

Gary Cohn is just doing Wall Streets water carrying. Looks like I see number five shortly.

TomCADem

(17,390 posts)
4. Is This Just an Effort to Smear Bernie and Democrats?
Thu Jun 14, 2018, 12:46 PM
Jun 2018

Since Bernie has long been an opponent of NAFTA and TPP and a proponent of tariffs on steel imports?

Perhaps they are hedging against a likely recession as 2020 approaches when Bernie is the Democratic nominee.

TomCADem

(17,390 posts)
10. Because Trade is the One Area Where Republicans...
Thu Jun 14, 2018, 01:27 PM
Jun 2018

...offer mild opposition to Trump. Of course, they do not stop him. They just blame Bernie and Democrats for Trump’s trade policy.

As for mentioning Bernie, trade was Bernie’s signature issue before Trump started stealing his rhetoric. It is sort of like how you can’t discuss POWs and torture without discussing McCain.

BumRushDaShow

(129,105 posts)
5. "pushing the country into another economic downturn."
Thu Jun 14, 2018, 12:47 PM
Jun 2018

This is what the GOP excels at. Run up the debt, raid the treasury to dole out money to their benefactors, and then crash the economy. In comes Democrats who have to clean up the GOP mess which sometimes doubly hurts the consumers because of belt-tightening (but not by the purveyors or recipients of the raid)... After which the consumers get fed more GOP propaganda and blindly put the GOP back in power once the economy is back humming again.

Wash. Rinse. Repeat.

FSogol

(45,488 posts)
8. Are we pretending there are benefits to the economy from the tax cut besides helping billionaires
Thu Jun 14, 2018, 01:03 PM
Jun 2018

and multi-national corporations?

TomCADem

(17,390 posts)
11. Exactly! Tax cuts are blowing up deficit...
Thu Jun 14, 2018, 01:31 PM
Jun 2018

...and interest rates. That is what will put the breaks on the economy when people stop buying houses.

lagomorph777

(30,613 posts)
12. The Billionaire Tax Cut provided "gains" only to billionaires.
Thu Jun 14, 2018, 01:57 PM
Jun 2018

But Turd's Trade Wars will hurt all of us.

14. Mission Accomplished!
Thu Jun 14, 2018, 02:38 PM
Jun 2018

1. Pass a tax plan for the rich but convince the middle class it's to their advantage.

2. Get into a tariff war for no reason at all, the effects of which are to not only wipe out whatever tax benefits the middle class got from #1 and convince them that it's Canada's fault.



3. Suck up to a murderous dictator, give him everything he wants without getting anything in return, wave an empty piece of paper in front of the cameras and ask, "Where's my Nobel Prize?"



Mission accomplished.

(Gawd, I miss Robin Williams.)
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