Mnuchin Comments On Trump's "Historic" Budget Proposal: "It Will Prevent Taxpayer Bailouts"

Tyler Durden's picture

In a statement issued moments ago discussing Trump's proposed, if completely impossible, budget proposal, Treasury Secretary Steven Mnuchin said that Trump's "budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers." Translation: taxpayer bailouts are imminent, especially now that the current economic cycle is the 3rd longest of all time and a recession grows likelier with every passing day.

Mnuchin also said that Trump's proposed initiatives "coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of 3 percent or higher."

While we will clearly take the under, what we find most amazing about Trump's budget proposal, is that it does not anticipated a recession until 2027. That would imply 18 years of economic growth since the 2009 recession, without a single contraction! Good luck with that.

Finally, Mnuchin said the budget focuses the Treasury "on main missions of collecting revenue and managing debt, while increasing efficiency to reduce operating expenditures" and puts the emphasis of "cybersecurity, maintains funding to implement sanctions as well as combat terror financing."

In short: a big waste of time. Full statement below:

Statement from Secretary Mnuchin on President Trump’s Budget Proposal

 

Secretary of the Treasury Steven T. Mnuchin issued the following statement today in response to President Donald J. Trump’s budget proposal: 

 

“President Trump’s budget focuses Treasury on our core missions of collecting revenue and managing the nation’s debt, while modernizing, streamlining and increasing efficiencies to reduce operating expenditures. It prioritizes investments in cybersecurity, and maintains critical funding to implement sanctions, combat terrorist financing, and protect financial institutions from threats. The President’s budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers. These initiatives, coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of three percent or higher.”

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JRobby's picture

Now break up the TBTF Banks

oddjob's picture

Goldman Sachs is the biggest welfare queen on the block.

Ahmeexnal's picture

The MIC is the largest welfare recipient.

BullyBearish's picture

CUT the fu*&ing military/surveillance spending (secret spending too) and we'd have a balanced budget in NO time...

Bes's picture

#trump that bitch!

#maga  #bigly   #yuge

#radical muslim terrorist

#I alone can fix it

#currency manipulator

#losers terrorists

#drain the swamp

hahaha

cheeto jesus was the savior

suckers fell for it....

and get off Hillary, that bitch is dead and not in play anymore

the only way out is to destroy the MIC and banksters who finance it... thanks Munchkin.

what a douche

this is #winning?!?!?

MalteseFalcon's picture

We're going to have to take it away from our "partners".

Understand that no small amount of "American" fortune has been "ladled" on to our partners to support an empire that has failed anyway. 

This flow now needs to be pointed directly at America.

Blankone's picture

Cut that spending? Trump is going to funnel more and more into it. While we clap for cuts to social services he will be funneling that money into the MIC.

From RT:
https://www.rt.com/news/389405-us-al-qaeda-yemen/

Yesterday Trump increased the killings in Yemen using US troops on the ground.

This article just makes me think they know there will be another crash soon and they do not want the middle class looking for help like what was given last time to the bankers, General Motors etc.. The jew is getting the stage set, as he always does, and is selling it to the victims to be as if it is to their benefit, as he always does.

OpTwoMistic's picture

"It Will Prevent Taxpayer Bailouts"

 

If you like your doctor, you can keep him.

JRobby's picture

GS AIG CDS's turned into a "riskless" position by "Hanky/Bernanke" bailouts.

oddjob's picture

Hank 'the Looter' Paulson is an emberassment to humanity.

JRobby's picture

He is a giant asshole. That fuck should stay hidden.

IridiumRebel's picture

Taxes are a preemptive bail out.
Use the money wisely or we will withhold.

TheReplacement's picture

The implicit statement is that Trump will use taxpayer money for bailouts if this plan isn't enacted. #MAGA

Withholding taxes isn't really a weapon when they can and will just print more to suit their needs. #MAGA

mily's picture

Like an experienced goldmanite, he lies with a straight face 

mily's picture

Goldmanites are great liars. The best in the world. I'm Goldminite. My boss was the world heavy-weight champion of Goldmanite liars. From growing up with him I learned the pantomime. There are seventeen different things a guy can do when he lies to give himself away. A guys got seventeen pantomimes. A woman's got twenty, but a guy's got seventeen... but, if you know them, like you know your own face, they beat lie detectors all to hell.

shizzledizzle's picture

Cause you.... you're part eggplant.

BigFatUglyBubble's picture

possibly greatest scene in hollywood history. 

Gary Cohn (jewish james gandolfini) was even in that scene.

mily's picture

"...the jews did so much f*kin' they changed the whole finance industry forever..."

new game's picture

only til it collapses, with a crumble here and a crumble there.

they refined it to a debt slavery of sorts.

only sociopaths need apply.

simple shit maynard...

VWAndy's picture

 Once you sell your soul it gets pretty easy to keep a straight face Im guessing.

Sanity Bear's picture

The key problem with this article is that it assumes that recent historical government numbers are true.

"the current economic cycle is the 3rd longest of all time and a recession grows likelier with every passing day"... come on. Anyone who can competently type "zerohedge.com" and hit ENTER should know better.

Reality check: The 2007 Depression doesn't have an end date yet.

earleflorida's picture

everything these MFs say, believe just the opposite,... as in taxpayer bailouts prevention--- like using a condone after she's pregnant , or infected your life savings with syphilis

shizzledizzle's picture

Yea, asking for money has fallen out of favor. It's sooo much easier just to print it and steal the value of the money already in circulation. 

new game's picture

or first skim as in primary dealers. need it be said, we don't need the fed. yup the treasury could handle all the skimming...

shadow_index's picture

As if "taxpayer bailouts" were some force of nature that can only be stopped by... implementing austerity, cutting education spending and programs for the poor.  But not, say, cutting "defense" spending.  lol.

BandGap's picture

I don't know anymore. Quite frankly there are different buttons being pushed these days. The status quo is changing.

Rather than judge what I cannot control I will keep on keeping on.

givadam's picture

hahahahahahahahahahahahaha

I've never read such a load of bo****ks.

Osmium's picture

You can say bollocks here. You can also call Mnuchin a Wanker or tell him bugger off ya bloody sodder.

Lostinfortwalton's picture

 

 

 

"... maintains critical funding to implement sanctions,........ and protect financial institutions from threats"

 

How much funding to implement what sanctions on who, and can't private financial institutions, including the Federal Reserve, protect themselves? Why are these taxpayer obligations?

Arrow4Truth's picture

Because "taxpayers" are subject to their whims.

1stepcloser's picture

Get ready for the bail in... and its gone

tmosley's picture

>Here's a plan that will balance the budget and prevent future bailouts

>BAILOUTS IMMINENT, EVERYONE LIGHT YOUR HAIR ON FIRE!!!!@!@

revjimbeam's picture

Budget? what the fuck is that? i think you mis-spelled 'continuing resolution'

KimAsa's picture

Tax payer bail outs in 3...2....1....

Lostinfortwalton's picture

And nowhere in the budget are the billions and billions and billions for the CIA, NSA, et. al. that are increasingly turning inward on the American people. As wasteful as these agencies are in themseles they are nothing compared to the torrents of taxpayer dollars spent on contractors.

Arrow4Truth's picture

By contractors, you are referring to those associated with the alphabet agency that is most egregious. No? The U$ DoD with its rampant no-price-is-too-high, out of control, unaccounted for spending, is responsible for environmental carnage to the planet on a scale that most choose not to envision. Would that qualify as man-made? Perhaps that is what they are referring to when the environmentalists regard mankind as enemies of the planetary ecosystem. Nah, it's the taxpayers... the consumers.

Ok taxpayers, go ahead and increase your tithe to the whore of Babylon. Just don't be downwind. Oh wait, it doesn't matter... god damnit...

small axe's picture

Mnuchin doesn't seem to realize that arranging taxpayer bailouts is his job as head of the US government wealth transfer liason division

He'll be channeling Hank Paulson and writing 3-page emergency legislation within a year.

Gohigher's picture

WAIT....
This MUST be AI ALGO probing, listening, watching responses, to develop plans for mass control.

No human could generate the shitshow we are watching globally every hour of every day.

https://www.youtube.com/watch?v=z696bTiP8Ro

SKYNET IS COMING..........

(quick, plant a false flag here, then wait there. Well done, chocolate cake for us !)

silverer's picture

I posted here that Mnuchin might not be as bad as many thought, and let's see what he does. At least he's telling you ahead you might get screwed. That's a big improvement, and more honesty than we expected from a typical Goldman stiff. At least the people above sheeple rating can prepare for what's coming.

silverer's picture

Perhaps. But he is not responsible for everything we are sitting on. That took the last 30 years to accumulate. And I don't think at this point it's going away no matter who you plug into that job.

Phillyguy's picture

Steven Mnuchin’s comments are nonsense. Large corporations on Wall St, including Defense contractors own Congress. When the next financial crisis hits, taxpayers will be expected to bail them all out, just as we have been doing since 2008. Trump is part of the wealthiest strata of US society. He did not get rich by looking out for unemployed people in the rust belt.

Arrow4Truth's picture

Taxpayers get what they pay for. That's fair... right?

wmbz's picture

"Prevent bail outs" Sure for all but the TBTF top end.

Cordeezy's picture

But will it prevent quantitative easing?

 

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