According to the Washington Post, President Trump confirmed on Tuesday that he is considering a ‘temporary payroll tax cut’. The article cites that it is amid mounting concerns about a slowdown in the economy.
From The Washington Post:
“Payroll tax is something that we think about, and a lot of people would like to see that, and that very much affects the workers of our country,” Trump said Tuesday during an exchange with reporters at the White House.
President Trump says he doesn’t think we are due for a recession though, so speculation as to why he is considering the tax cut should be curtailed.
From Time.com:
“I don’t think we’re having a recession,” Trump told reporters as he returned to Washington from his New Jersey golf club. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”
The same Time.com article cites a comment from Larry Kudlow, formerly of CNBC, and once part of the show “Kudlow and Cramer“. Kudlow is now Trump’s top economic adviser and is blowing off fears of a recession.
Interestingly enough, Kudlow’s former counterpart, still at CNBC and host of “Mad Money” Jim Cramer, is also bullish on the economy, and he is a moderate Democrat but often supportive of many of Trump’s economic policies. On “Squawk on the Street”, another CNBC show Jim Cramer is on, he stated this morning “There is no recession”. He went on to give his reason why in a video and article that can be seen in the link posted at the beginning of the paragraph.
In another video from Jim Cramer from a few days ago he admits that certain stocks are hurting right now but still thinks the economy is in solid shape.
SEE VIDEO BELOW:
Many in both parties who side with the global economy narrative more than the populist concept are concerned about the trade war with China and think that that could be what’s going to be the cause of the recession that they insist is well on the way.
President Trump thinks the trade war is ultimately best for American jobs and the economy and has delayed the next round of tariffs in hopes to make a deal. This is to ensure a robust holiday season for the economy.
Also From The Washington Post:
One reason for the weakening economy, many business leaders and economists believe, is the prolonged trade war Trump has launched against China. Trump has imposed tariffs against $250 billion in Chinese imports and he plans to impose tariffs on another $100 billion in goods at the beginning of next month. And he has announced that he will impose tariffs on another large batch of Chinese imports — many of which are popular consumer goods like laptops and phones — on December 15.
To some, it’s more of an ideological standpoint than a right or wrong standpoint as there is an argument over whether or not protectionism is the right way forward for our nation. Some believe it is the best way to preserve jobs here at home, while others think unbridled free trade is the only way to, and these opinions are not always split by party lines.
In a Fox News video where President Trump spoke earlier today, he mentions that he’d like to see the Fed cut rates. He said they raised them too quickly. “Our economy is doing fantastically,” he says. On China trade, he mentions that the actions being taken are necessary for the long term despite any short term ramifications that it might have.
He also mentions the tax reduction consideration. He mentions “indexing” “capital gains tax” and “payroll tax” as possibilities for cuts. On the media: “They’d love to see a recession, but we’re very far from a recession”.
WATCH VIDEO BELOW:
