We held our breath in anticipation before the State of the Union. What lies and misleading statements will Donald dream up?
He didn’t let us down. He flipped some real whoppers.
Social Security and Medicare
During the election, Donald promised to protect Social Security and Medicare. But!
The White House budget for 2019 proposes to eliminate $554 billion in Medicare spending and up to $250 billion in Medicaid outlays over the next 10 years.
The Social Security and Medicare Trust funds continue to head towards depletion in 10-15 years.
He has said earlier that he was open to considering reductions.
Donald has promised to protect against pre-existing conditions for health insurance. But he has tried to repeal Obamacare that protects against pre-existing conditions. The Republicans have never had clearly defined proposals to protect against pre-existing conditions.
Donald says drug prices are coming down for the first time. What a whopper. Anyone who pays for drugs can give Donald a Bronx Cheer for that one.
The numbers are good on the surface, but Trump has little to brag about. The present economy is coasting largely on momentum from the recovery from the recession of 2009.
From 2010 to 2016 Obama averaged 2.17% growth in GDP. The economy grew 2.4% in 2017 when Trump was President, but had little influence on that. It was really momentum from Obama.
The economy then expanded by 2.9% in 2018 and dropped to 2.3% in 2019. These are Trump figures. They were boosted by a tax cut mostly for corporations and the richest that exploded the deficit to over $1 trillion per year. Last year’s paltry 2.3% is barely above Obama’s 2.17% and the 2017 momentum GDP of 2.4%.
The stock market is skyrocketing as most of the GDP growth has gone to the richest 10% or so who own almost all of the stock. Where else can they put the money? Instead of investing the money saved from the tax cuts, many corporations are buying back their own stock to boost prices.
The 2019 drop in GDP growth rate to 2.3% from 2.9% is in line with former Federal Reserve Chairman Ben Bernanke’s warning that the bottom could fall out when the stimulus from the tax cuts wears out.
The Medal of Freedom
Out of line with a State of the Union Address, Trump said he was awarding Rush Limbaugh the Medal of Freedom award. Just what this mindless conservative windbag did to deserve such an award is indicative of the arrogance of Trump. The Emperor can do what he wants. It was a good way to slap at those who disagree with his warped way of thinking.