I listened to Mr. Trump’s nomination acceptance speech on Thursday, July 21, 2016. Many of you did also. As I listened to the litany of “initiatives” that he was suggesting for his term in office as the President of the United States, I thought “Hmmm, I’ll check out his speech on the factcheck.org website.”
There’s just too much to absorb and, obviously too many issues that the listener has to be aware of, in order to effectively understand those problems or challenges about which Mr. Trump is speaking. Here’s the web link to Mr. Trump’s acceptance speech as analyzed on factcheck.org. Factcheck.org is funded by the Annenberg Public Policy Center. There appears not to be any political influence in their funding income so hopefully we can trust analysis and commentary as “non-partisan.”
I have previously posted about the concepts of “debt”, “(monetary) deficit,” and “trade deficit.” Needless to say, all three (3) are very complicated issues of contention in the Presidential debates as well as deeply influential challenges in the U.S economy, and guide or influence many of the laws proposed or enacted by Congress (hopefully, instead of by “executive orders” from any U.S. President!)
Here they are again; each post has web links to additional information about the topic. Obviously it’s too much to absorb at one time, but this post is meant as a reference to further your research and knowledge about the above three (3) concepts. Mr. Trump’s speech contains many other issues but as my blog is centered on Economics issues, those are the ones that I highlight.
Debt vs. Deficit: What’s the Difference? In a nutshell (and that’s a bad analogy so I apologize ahead of time!) Deficits are an accumulation of debt. Please don’t stop reading here, check out my link. It’s a boring but so essential difference for us to understand while listening to the politicians and now in addition, a businessman candidate discussing them. Link to: Debt vs. Deficit: What’s the Difference?
U.S. Debt Limit: Now, this is one of those annual brawls that the President has with Congress where the U.S. budget is “hammered out” for passage, and historically a lot of “pork barrel” shenanigans happened for special interest. I call this a “shell game” vs. nutshell! Link to U.S. Debt Limit.
Trade Deficits: Trade deficits or surpluses (I understand that they DO exist!), are a result of trade agreements. Country A agrees to buy widgets from Country B, Country B agrees to buy grain from Country A. However, it should be so simple! In actuality, the United States is involved in multiple-country trade agreement such as NAFTA. Link to: Trade Deficits.
Sketch of U.S. Economy in 2016: Following is a link to an article slideshow by Heather Long created for CNN® Money. There are ten (10) charts depicting several statistics which represent different economic indicators such as unemployment rate, personal income, job hiring, to name just a few. Sketch of U.S. Economy in 2016
As usual I offer several reference links for further reading. The breadth and depth of these economic factors affect us all. Don’t try to read or even scan it all in one reading. I know that you won’t anyway. But I hope that you come back to read this post several times. As I mention in my profile, I’m an amateur investor just like you. “Chunking” out the information makes it easier to digest. Granted these are mammoth “chunks” but then the U.S. has a mammoth economy!
It sure needs some TLC* right now, let’s hope we choose the right and proper caregivers.