How good or how bad is the economy? That depends who you listen to.
Democrats have made it very clear their objectives (regarding taxpayer dollars) are to first take back the “crumbs:” as Pelosi calls the employee bonuses and the increase in working folks’ take-home pay because of tax cuts. Then they want to RAISE taxes — not back to Obama-levels — but even higher.
If you watch or listen to Mainstream Media, you must think we are either in the tank or headed that way. It matters not to the talking heads what this economy means to Mainstream AMERICANS — those who number among the working Middle Class. Who in the Middle Class cannot use an extra $1000, $1500, or $2000 bonus paid by employers? Who in the Middle Class cannot enjoy having a few extra hundred dollars a month in their payroll deposit? Yet Pelosi and company totally denigrate all of that money that has found its way into the pockets of Americans. Why? They feel that all that money does NOT belong to Americans. It belongs to the AMERICAN GOVERNMENT. Every dollar that goes to Americans means that dollar is taken from the government!
Large companies are bringing jobs of all kinds — especially manufacturing jobs — back to America. This comes after Obama told us that the “Obama Economy” was the “new” American economy and that manufacturing jobs were gone for ever. But:
- Insulet Corporation manufactures insulin delivery systems. In 2017 the company announced it would be moving the production of its flagship product — the Omnipod, a tubeless, waterproof insulin pump — from China to a new facility in Acton, Massachusetts. Insulet cited the area’s skilled workforce and rising labor costs in China as reasons for the move. If Insulet meets earnings expectations for the next several years, the new facility could employ as many as 1,500 workers by 2021.
- In a January 2018 meeting with President Donald Trump, Amgen CEO Robert Bradway announced that the firm was planning to add 1,600 manufacturing jobs in the U.S. The announcement came several years after the biopharma company cut approximately 15% of its workforce and closed two U.S. manufacturing facilities in 2014 as part of major cost-saving efforts. Most recently, Amgen announced in February 2018 that it would invest $300 million in a new U.S. biologics plant that would employ approximately 300 workers upon completion. An April 2018 recent press release from the company named West Greenwich, Rhode Island, as the site of the new facility.
- In July 2017, the White House announced that Merck, along with pharmaceutical manufacturers Pfizer and Corning, have committed to making a joint investment of at least $4 billion in pharmaceutical glass manufacturing in the U.S. The partnership will focus on the manufacturing of advanced pharmaceutical glass packing, a technology used in the storage of injectable drugs, as well as vials and cartridges, and is projected to lead to the direct hiring of 4,000 U.S. employees across the three companies. Merck also recently reshored approximately 300 jobs as part of its efforts to consolidate its overseas operations in the U.S. The company relocated the headquarters of its animal health division from Boxmeer, the Netherlands to its campus in Summit, New Jersey in 2013 as part of a larger restructuring effort.
- On Jan. 3, 2017, Ford announced plans to cancel a new $1.6 billion plant planned in San Luis Potosi, Mexico. Opting not to relocate production outside of the country saved approximately 3,500 U.S. jobs, according to a Ford press release. Instead, 700 additional new jobs will be created from a $700 million expansion of a Michigan plant focused on building high-tech electric and autonomous vehicles along with the Lincoln Continental and Mustang. In June 2017, Ford announced that it would move its U.S. production of the Ford Focus to China in 2019 without causing a loss of U.S. jobs. Ford already makes the Focus in China for Chinese buyers. But by September 2018, Ford had changed its plans to import the small car to the U.S. from China due to the expense of import tariffs that the Trump administration implemented in July.
- At Trump’s post-election victory rally in Grand Rapids, Mich., on Dec. 9, 2016, the spotlight wasn’t just on the President-elect. Dow Chemical’s Chairman and CEO Andrew Liveris announced the company was bringing jobs to the Great Lake State. The CEO took the stage to describe the company’s’ more than 100-year history in Midland. “We aren’t stopping there,” Liveris said at the rally. “Tonight, in honor of the President-elect and his being here to thank you all, we’ve made a decision.” Liveris described the new state-of-the-art center that will add several hundred jobs to the 7,000 Dow already provides in the community. “We’re going to use American hard work and American brains,” said Liveris. The center will bring 100 jobs to Midland, plus restore 100 lost to foreign operations.
- It’s likely that the Jumbotron you’re watching at the stadium was made by Trans-Lux. The manufacturer of LED digital displays and lighting planned to eventually bring its Chinese production facilities back to the U.S. However, Trump’s promises of tariffs on products manufactured in other countries sped up the move, according to the company’s website. For the past two decades, the company has manufactured much of its products in Shenzhen in Southeast China. As China’s business economy grew, expenses for labor and shipping increased, triggering the company’s plan for an eventual move back to America. Trans-Lux announced it was “getting ahead of the curve” by shifting more of its production to the U.S. on Dec. 7, 2016. On Jan. 6, 2017, it announced its intent to move 100 percent of its manufacturing to the U.S. The company pledged to move the majority, if not all, of its China operations into a leased warehouse in Hazelwood, Mo. The move includes a $650,000 forgivable loan from the city of Hazelwood. Trans-Lux reported the facility will employ 90 people within four years. The company also stated that one of the two operations of the company’s Fair-Play division, housed in a 68,000-square-foot plant in Des Moines, Iowa, was also set to move to Hazelwood.
- Although telecommunications company Sprint has its roots firmly planted in American soil, 84.94 percent of its shares belong to the Japanese company SoftBank. But that didn’t stop President-elect Donald Trump from negotiating returning jobs to American soil with Masayoshi Son, the billionaire chairman of Sprint and SoftBank’s CEO. After a private meeting on Dec. 7, 2016, the mogul pledged to create 50,000 new American jobs and invest $50 billion in the U.S. On Dec. 28, 2016, Sprint issued a news release announcing its commitment to bring back or create 5,000 American jobs in 2017. In January of 2017, Sprint announced the creation of 100 new jobs at subsidiary Virgin Mobile’s headquarters in Kansas City, Mo., by summer.
I could go on an on listing several hundred companies who — because of tax cuts and the availability of skilled American workers — are moving into or back to the U.S. with their operations. Most all are investing billions of tax savings in expansion, new infrastructure projects, and in new employees and with pay hikes.
And one more note: consider Apple. Apple held $400-$600 Billion dollars of earnings offshore. Why? Because to move that money back into the U.S. meant massive tax obligation on that money. The repatriation deal negotiated by President Trump resulted in Apple (and other similar large companies in similar situations) to not only move that cash to the U.S., but to announce and initiate major investment in growth, expansion, and new manufacturing centers that have already started hiring tens of thousands of Americans. Remember this story:
During a PBS town hall that aired during the 2016 presidential campaign, Obama referenced Trump’s promise to bring back jobs to the United States when talking about manufacturing.
“Well, how exactly are you going to do that? What exactly are you going to do? There’s no answer to it,” Obama said.
“He just says, ‘Well, I’m going to negotiate a better deal.’ Well, what, how exactly are you going to negotiate that? What magic wand do you have? And usually the answer is, he doesn’t have an answer.”
During a speech a days later, the former president bashed one of Trump’s central arguments that international trade and immigration have hurt American voters. He called Trump’s pledge to roll back Wall Street regulations “crazy.”
“That will not help us win,” Obama said of Trump. “That is not going to make your lives better.”
Many not just on the left, bashed Trump’s commonsense plans to jump-start the American economy and take it back to its hopeful past. But even establishment Republicans laughed at Trump’s promises and predictions. But as was said by Deon Sanders about such things, “It ain’t bragging if you can do it.” He wasn’t referenced the President but his own prowess at being one the greatest NFL receivers of all time.
So How is that Trump Economy doing, Mr. Obama?
The federal government collected record total tax revenues of $252,692,000,000 in October, the first month of fiscal 2019, according to the Monthly Treasury Statement.
This October’s record $252,692,000,000 in total tax collections was $11,414,590,000 more that the federal government collected in October 2017, which was the previous record for federal tax collections in October.
Although the total federal taxes collected this October set a record, the individual income taxes that the federal government collected in October did not set a record. This October, the Treasury collected $128,866,000,000 in individual income taxes. In October 2017, the Treasury collected $131,056,520,000.
Corporation income tax receipts, however, were significantly higher this October than they were in October 2017. This year, the Treasury collected $8,000,000,000 in corporation income taxes in October. Last year, it collected $3,823,060,000.
The $8 billion in corporation income tax revenues the Treasury collected this October is the largest amount since October 2015, when the Treasury collected $10,893,630,000 in corporation income taxes.
Excise taxes and customs duties also increased. In October 2017, the Treasury collected $7,651,250,000 (in constant October 2018 dollars) in excise taxes. This October it collected $14,715,000,000.
In October 2017, the Treasury collected $3,320,700,000 (in constant October 2018 dollars) in customs duties. This October, it collected $5,551,000,000.
Social Security and other payroll taxes also increased slightly rising from $86,137,330,000 last October to $86,553,000,000 this October.
Despite the record tax collections, the government still ran a deficit of $100,491,000,000 for the month—because it spent $353,183,000,000.
That last line is critical: the President does NOT control government spending — Congress does. President Trump initiated policy changes that did not need Congressional action. That is what initiated the massive revenue increases.
Did you notice that individual taxpayers actually paid lower income taxes than in October 2017? That was done by design: “lower taxes on the Middle Class” was Trump’s promise. Mainstream Media, however, lied to Americans and preached for almost two years that the Trump tax cuts reduced taxes for big corporations and raised taxes on the Middle Class. Exactly the opposite is true: taxes on individuals DROPPED $3 Billion in October 2018 while corporate taxes went sky-high — $4.2 Billion more than they paid in 2017!
- Trump made powerful economic projections;
- Obama poo-poo’ed every Trump projection;
- Trump’s GDP projections were “as high as 4%);
- Obama said “1% GDP was the ‘new norm’ for the U.S.;
- Trump’s economic projections have either played out just as his prediction or have actually exceeded his projections;
- Obama is STILL throwing dirt over the President’s economic policies, actually taking personal credit for Trump’s economy;
- GDP under Trump is above 3% with experts predicting as high as 5% “IF” the Fed does not raise rates so high as to kickstart inflation.
What will it take for the Left to finally let-up on the President and at least give him some credit for economic improvements. I know those Mainstream Media talking heads think what they tell us is what we will believe and think Americans do not perceive the truth. Sadly, many Americans allow just that to happen. But the truth will out!
Be alert and be cautious: do not swallow anything you hear from anyone in the media. Research and investigate for yourself. There are plenty of trustworthy sources for real news. Ferret them out.
And one more thing: just in case you haven’t heard, the economy is really doing well! And it will continue to do so as long as Democrats in the House do not get stupid with financial policies like trying to raise taxes and roll-back Middle Class tax cuts. Do they think Americans are so stupid as to not sort out the facts from the drivel from the Media?
They really believe that! Shhh…..don’t tell them you know better. They think they’re the only ones that can read a real financial report and understand it. They assume everybody is stupid!
That may be the truth…IN THEIR WORLD! But certainly not in yours.
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