Sunday, 22 September, 2019


United States economists expect recession in 2020 or 2021

SOUTHERN NEW HAMPSHIRE UNIVERSIT MANCHESTER NH UNITED STATES- 2019/08/15 President Donald Trump speaks during campaign MAGA rally at Southern New Hampshire University Arena White House Dismisses Payroll Tax Cuts as Slowdown Prevention
Bennie Garza | 20 August, 2019, 18:29

"As Larry Kudlow said yesterday, more tax cuts for the American people are certainly on the table", a White House official told Roll Call Monday afternoon, referring to the president's top economic adviser.

The White House is considering cutting taxes or reversing tariffs to head off a recession, U.S. media reported on Monday, despite President Donald Trump's insistence the economy was in rude health.

The discussion is still in the early stages, and officials have not brought up the idea with Trump, who would have to seek approval from Congress, the newspapers said.

While some Trump administration staffers have discussed a temporary payroll tax cut, talks have remained at the staff level and have yet to reach the Oval Office, Fox News chief White House Correspondent John Roberts and FOX Business correspondent Blake Burman reported, citing sources familiar with the matter.

"But cutting payroll taxes is not something under consideration at this time", the White House official said.

There are signs the US economy is slowing, and economists fear that Germany and the United Kingdom already are tipping towards a recession.

A strong economy is key to the Republican president's 2020 re-election prospects.

"I gave a tremendous tax cut, and they're loaded up with money. They're actually saving also while they're spending - that's an ideal situation".

But this time Trump went nuclear, declaring war on the Federal Reserve Chairman, in a tweet.

He then declared that interest rates, "over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well".

"Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to "will" the Economy to be bad for purposes of the 2020 Election", Trump tweeted.

Nabe conducted its policy poll as US President Donald Trump put the Fed under constant attack, demanding more stimulus, but before the central bank cut the benchmark lending rate on July 31.

Fed officials have said they do not make decisions based on political pressure, but Trump has taken his attacks on the central bank to new extremes, particularly this month amid numerous signs that the USA economy is weakening more than expected.

Thirty-four percent of economists surveyed by the National Association for Business Economics, in a report being released Monday, said they believe a slowing economy will tip into recession in 2021. They are spending at a rapid pace.

Speaking prior to boarding Air Force One near his Bedminster club in New Jersey, Trump said, "I don't see a recession". I don't think we're having a recession.

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