Trump touts economy but payroll tax discussion reveals recession fears

SOTU Navarro FULL_00085709

President Donald Trump has dismissed concerns about a recession, offering an optimistic outlook for the economy, saying on Sunday, "I don't think we're having a recession".

"We're looking at various tax rate deductions but I'm looking at that all the time. that's one of the reasons we're in such a strong economic position". So far, consumer spending has remained one of the US economy's bright spots, and White House officials are aware that Trump's reelection chances could hinge on the economy staying strong into next year.

Millions of USA citizens pay a payroll tax of 6.2% on their earnings to finance the Medicare health insurance program for the elderly and Social Security, which provides income payments for retirees, the Post said.

While the economists in the NABE survey generally saw recession coming later than they had in February, the latest survey was taken between July 14 and August 1 - before the financial markets last week signalled the possibility of a United States recession, sending the Dow Jones Industrial Average into its biggest one-day drop of the year.

Trump added that he was always looking at a payroll tax cut, and that a lot of people would like to see it.

Democrats are unlikely to agree to a payroll tax cut, however, as it could potentially undermine the solvency of the Social Security and Medicare funds.

Some have been concerned that a recession could cost Trump reelection in 2020 as the president has made the economy a central point of his campaign.

"Consumers are working at higher wages". "If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!"

"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".

"If the Fed would do its job, we'd have a tremendous burst of growth", Trump said.

The 226 economists responding work mainly for corporations and trade associations.

President Donald Trump has not given the green light yet for the idea.

The results show 46 percent expect at least one more rate cut this year from the Fed, while about a third see policy holding where it is now, with 2.25 percent as the top end of the policy range.

"I mean, the world is in a recession right now", he continued.

As far as US trade negotiations are concerned, Kudlow said trade deputies from the United States and China would speak within 10 days and could advance negotiations over ending the trade dispute between the two economic powerhouses if those talks pan out.



Latest news

No, Planned Parenthood Won't Bargain with the Trump Administration
Withdrawing from Title X does not mean that Planned Parenthood no longer receives any federal funding. Alex McGill Johnson, acting president of the organization, appealed last week to the 9th U.S.

Joe Jonas Gets a Sophie Turner Kiss & Stadium Serenade on His Birthday
The party was themed around the James Bond aesthetic with guests turning up in the crispiest black tuxedo and flowing dark gowns. The pop singer is now touring the USA along with his brothers Kevin and Joe on their Happiness Begins tour.

Turkey says air strike hit Syria convoy killing three
The Syrian news agency SANA said it was carrying weapons and ammunition to "terrorist forces" in the town of Khan Sheikhoun. The ministry said "this hostile behavior of the Turkish regime" wouldn't affect Syrian troops' push into Khan Sheikhoun.

Google Stadia Promises Cloud Gaming Revolution Across Devices
Google did not reveal when Stadia will launch or how much it will cost, although more details were promised during the summer. With the launch, Google is attempting a catch-all service that looks to the future of gaming as a digital cloud-based form.

Other news