I'm about as big a fan of Donald Trump as you are, but think you're being unfair.
baaaaaaahahahahaa. you asked for it here is a start.
1. Trump promised to bring down America's trade deficit “as fast as possible.” Instead, the trade deficit has hit an all-time high. The United States is now purchasing more goods and services from the rest of the world than we sell abroad than at any time in history.
Originally Posted by royamcr
The monthly trade deficit increased by $24 billion during the 4 years of the Trump administration. It's increased $44 billion during 1-1/4 years of the Biden administration. I wouldn't necessarily blame that on Trump or Biden. COVID and more recently a strong dollar probably had a lot to do with it.
2. As a presidential candidate in 2016, he said he could completely eliminate the federal debt in eight years. Instead, the federal debt has exploded thanks to Trump and the GOP's $1.9 trillion tax cuts for the wealthy and corporations. They're already using the growing debt to threaten cuts to Social Security, Medicare, and Medicaid.
Originally Posted by royamcr
LustyLad's recent posts on the corporate income tax would indicate the increase in debt from the tax cuts may be a lot less than you think. The corporate tax cut could over the long term actually increase government revenues, in large part because of changes in the way foreign income and cash held by corporations overseas is treated. I'd argue the changes in taxation of corporations made for a tighter job market, with decreased unemployment and increased median household income. At the individual level, the tax cuts, which in % terms cut rates for lower income taxpayers more, made the tax system more progressive.
Biden's $1.9 trillion American Rescue Plan, which Republicans and Democrat economic guru Larry Summers fought tooth and nail against, may boost the debt more than the tax cuts.
3. He promised to boost the wages of American workers, including a $4,000 pay raise for the average American family. Instead, wages for most Americans have been flat, adjusted for inflation. Meanwhile, over the same period, corporate profits have soared and the rich have become far richer, but the gains haven’t trickled down.
Originally Posted by royamcr
The tax cuts kicked in at the first of 2018, and since he took office Trump was cutting regulation. In 2019, real (inflation adjusted) median household income increased by over $4000.
4. His administration said that corporations would invest their savings from tax cuts. Instead, corporations spent more money buying back shares of their own stock in 2018 than they invested in new equipment or facilities. These stock buybacks provide no real benefit for the economy, but boost executive bonuses and payouts for wealthy investors.
Originally Posted by royamcr
They did boost investment substantially. Again, see LustyLad's recent posts. As to buybacks and dividends, that's necessary for efficient allocation of capital. A lot of these companies brought back massive amounts of money from foreign countries as a result of the changes to tax laws in 2017. Many probably couldn't invest the money wisely in their businesses, so they returned some in the form of buybacks and dividends. Investors took this money and re-invested much of it in other companies, mostly American companies, with better prospects.
5. He promised a tax cut for middle-class families. Instead most Americans will end up paying more by 2027.
Originally Posted by royamcr
He did cut taxes on middle class Americans. The 2017 TCJA proportionately cut tax rates on the middle class more than higher income workers. Yes, most Americans will end up paying more by 2027, because of inflation. Inflation that was turbocharged by Biden's American Rescue Plan. Unfortunately inflation in goods and services is outpacing inflation in wages, so the working man now is losing ground.
6. He promised to keep jobs in America and crack down on companies that ship jobs overseas. Instead, his tax law has created financial incentives for corporations to expand their operations abroad. Trump's trade wars have also encouraged companies like Harley Davidson to move production overseas.
Originally Posted by royamcr
I'm on board with you, in that I believe the trade wars (i.e. higher tariffs) that Trump instituted and that Biden has done little to change were stupid. That's what caused Harley Davidson to expand overseas. However, overall, you're wrong on this point. American companies brought lots of money back to the U.S., most of which stayed in the U.S., and that along with the corporate tax cuts (which improved economics of and provided more cash flow for projects and expansions) have created more jobs in America. Again, see LustyLad's recent posts.