One day after the biggest drop in US stocks in two months, global stocks struggled as they tried to close out 2016 on a positive note. The dollar dropped the most in two weeks, sliding alongside bond yields, while oil retreated from its highest close in 17 months. European stocks slid from a 2016 peak on renewed concerns about Italian banks.
Trump’s race to enact a "huge" stimulus went under a caution flag as Mitch McConnell warned he considers current levels of U.S. debt “dangerous”, and said he any tax overhaul should avoid adding to the deficit. "I think this level of national debt is dangerous and unacceptable." McConnell also poured cold water on the idea of a massive stimulus package, effectively laying out markers on taxes and spending.
In a choice that confirms Trump's intentions to dismantle Obamacare, Reuters reports that President-elect Donald Trump will shortly announce he has chosen vociferous Obamacare critic Tom Price (R. Ga), an orthopedic surgeon from Georgia, as his Health and Human Services secretary to help him overhaul the U.S. healthcare system.
Why does every election bring renewed focus on the taxes paid by the rich? Simple: while those American who declare $500,000 and above in income represent less than 1% of total tax returns, they account for a quarter of taxable income and - more importantly - are responsible for 37% of government revenues collected through individual income taxes.
As flyover America has been suffering economically for many years, these Americans were immune to the oligarchy’s anti-Trump propaganda. However, everyone else in the country was taken in by the propaganda - liberals, progressives, the remnant of the leftwing - and the lies continue...
"...who knows, maybe magic will happen. After all if the 2016 political season has proven anything it is this: Anything is possible... But buyers here with the S&P 500 near 2,200 seem to think that's a 100% guarantee. Best of luck..."
Republican lawmakers warn that there could be a major obstacle to enacting President-elect Donald Trump’s agenda: the national debt. As Senator Jeff Flake said of deficits and debt: "I was disappointed that it wasn’t brought up in the campaign. It’s the biggest problem we face, by far."