To more fully grasp the leftward lurch of the Democratic Party, it’s useful to run through some of the ideas that are now being seriously talked about and embraced by leading members of the party—ideas that together would be fiscally ruinous, invest massive and unwarranted trust in central planners, and weaken America’s security.
The Green New Deal, a 10-year effort to eliminate fossil fuels “as much as is technologically feasible” that would completely transform the American economy, put the federal government in partial or complete control over large sectors, and retrofit every building in America. It would change the way we travel and eat, switch the entire electrical grid to renewable energy sources, and for good measure “guarantee” high-paying jobs, affordable housing, and universal health care. It would be astronomically costly and constitute by far the greatest centralization of power in American history.
Medicare for all, which would greatly expand the federal role in health care. Some versions would wipe out the health-insurance industry and do away with employer-sponsored health plans that now cover roughly 175 million Americans. This would be hugely disruptive and unpopular (70 percent of Americans are happy with their coverage), and would exacerbate the worst efficiencies of an already highly inefficient program. Make college tuition-free and debt-free, with the no-debt promise including both tuition and living expenses—a highly expensive undertaking ($50 billion a year or so just for the federal government)—that would transfer money from less wealthy families whose children do not attend college to wealthier families whose children do. It could also have potentially devastating effects on many private, not-for-profit colleges.
Increase the top marginal tax rate to 70 percent from its current rate of 37 percent for those making more than $10 million, unwise in the 21st-century economy and far above the average top rate for OECD nations; and impose a “wealth tax” that would levy a 2 percent annual tax on a household’s assets—including stocks, real estate, and retirement funds—above $50 million. It isn’t even clear whether a tax on wealth rather than income would be constitutional, but that almost seems beside the point.
Abolish the U.S. Immigration and Customs Enforcement (ICE), which upholds immigration laws; protect “sanctuary cities” (local jurisdictions that don’t fully cooperate with federal efforts to find and deport unauthorized immigrants); and take down existing walls on the southern border, walls which Speaker Nancy Pelosi has referred to as “an immorality.” These policies signal that Democrats don’t really believe in border security and are mostly untroubled by illegal immigration. Eliminate the Senate filibuster, pack the courts, and put an end to the Electoral College. The effect of these would be to weaken protections against abuses of majority power.
Reparations for African Americans to provide compensation for past injustices like slavery, Jim Crow laws, and redlining. (Senator Elizabeth Warren believes Native Americans should be included as well.) Reparations would pose countless practical problems and create unintended consequences, as David Frum argued in these pages. Opposition to any limits on even third-trimester abortions, and opposition to the Born-Alive Abortion Survivors Protection Act, legislation clarifying that babies who survive attempted abortions must receive medical care. Abortion is a very difficult issue that requires empathy on all sides—but for many of us, this stance of Democrats is morally incomprehensible.
Increasing antipathy aimed at Israel, one of the most estimable nations in the world. Two freshmen Democrats, Representatives Ilhan Omar and Rashida Tlaib, have embraced the boycott, divestment, and sanctions movement targeting Israel, and House Democratic leaders faced a fierce backlash in their efforts to condemn the anti-Semitic remarks by Omar, who has a record of anti-Semitic comments and who most recently accused supporters of Israel of dual loyalties. (The Democratic House, unable to pass a measure that focused solely on anti-Semitism, eventually passed a resolution condemning “hateful expressions of intolerance.”)
yeah, how's that trade thing working out for the Shart of the Deal?
WASHINGTON (Reuters) - The U.S. trade deficit jumped to a five-month high in May as imports of goods increased, likely as businesses restocked ahead of an increase in tariffs on Chinese merchandise, eclipsing a broad rise in exports.
The Commerce Department said on Wednesday the trade deficit surged 8.4% to $55.5 billion. Data for April was revised higher to show the trade gap widening to $51.2 billion instead of the previously reported $50.8 billion. Economists polled by Reuters had forecast the trade gap widening to $54.0 billion in May.
The goods trade deficit with China, a focus of President Donald Trump’s “America First” agenda, increased 12.2% to $30.2 billion, with imports rising 12.8%. Trump recently raised additional import tariffs on Chinese goods, prompting Beijing to retaliate.
Trump and Chinese President Xi Jinping last week agreed to a trade truce and a return to talks. White House trade adviser Peter Navarro said on Tuesday talks were heading in the right direction, but it would take time to get the right deal made.
The U.S.-China trade tensions have caused wild swings in the trade deficit, with exporters and importers trying to stay ahead of the tariff fight between the two economic giants.
In May, goods imports increased 4.0% to $217.0 billion. Imports of consumer goods rose $1.4 billion, while those of motor vehicle and parts soared $2.3 billion to a record high. There were also big increases in imports of capital goods and industrial supplies and materials.
Goods exports rose 2.8% to $140.8 billion. Exports of consumer goods increased $0.8 billion and soybean exports advanced $0.7 billion. Civilian aircraft exports rose $0.5 billion. Gains are, however, likely to be capped after Boeing in March suspended deliveries of its fastest-selling MAX 737 jetliner. The aircraft was grounded indefinitely following two deadly crashes in five months. Production of the troubled plane has been cut.
When adjusted for inflation, the goods trade deficit increased $4.8 billion to $87.0 billion in May. The increase in the so-called real goods trade deficit suggests that trade could be a drag on second-quarter gross domestic product.
Trade contributed 0.94 percentage point to the economy’s 3.1% annualized growth pace in the first quarter. The Atlanta Fed is forecasting gross domestic product rising at a 1.5% rate in the April-June quarter.
The wider trade deficit added to weak housing, manufacturing, business investment and moderate consumer spending in offering a downbeat assessment of the economy.
what was the debt when he took office? - “I’m the king of debt.” So declared Donald Trump while running for president in 2016. Alas, he was not kidding. When President Trump moved into the White House, the government debt held by the public stood at $14.4 trillion. June 20, 2019 https://www.nytimes.com/2019/06/20/business/national-debt-trump.html
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