Donald Trump teaches Economics to The Economist

Discussion in 'Politics, Religion, Social Issues' started by jpietrzak8, May 11, 2017.

  1. jpietrzak8 macrumors 65816

    jpietrzak8

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    #1
    Come on. This is just ridiculous. Donald Trump held an interview with The Economist, where he described his upcoming tax plan. Of course, not in great detail, the Trumpster never worries about (or perhaps even understands) the details. But, he knows a few things; such as this new term he invented, "Prime the Pump":

    " I came up with it a couple of days ago and I thought it was good. It’s what you have to do."

    The New York Magazine has an article describing this interview, and includes the following statement:

    "Second, Trump did not invent the phrase “prime the pump.” It has been around since at least the 1930s and is extremely familiar to economists. Nor does it describe his plan. Priming the pump refers to a program of temporary fiscal stimulus to inject demand into an economy stuck with high unemployment. Trump is instead proposing to permanently increase the deficit in an economy with low unemployment."

    The entire article is well worth a look:

    http://nymag.com/daily/intelligence...onomics-to-the-economist-hilarity-ensues.html
     
  2. yg17 macrumors G5

    yg17

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    #2
    I guarantee you he has no idea what Keynesian means so he changed the subject.

    "Keynesian? No, that was the last guy who was born in Keynesia."
     
  3. oneMadRssn macrumors 601

    oneMadRssn

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    #3
    Is Trump the must uneducated president ever? Seriously, has this guy ever read a book? Is there any subject matter, other than TV ratings, in which this guys is even a semi-expert?
     
  4. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    #4
    Trump’s supporters love it when he’s just as ignorant as they are, a real every man. They don't trust people who are smarter than they are.
     
  5. Raid macrumors 68020

    Raid

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    #5
    I can't even... I mean ok... maybe if you include health insurance premiums the US would be kicked out of the top 10 group in that OECD list... what dimension does this guy live in?
     
  6. spacemnspiff macrumors 6502a

    spacemnspiff

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    #6
    Along the same vein, they probably don't trust the Constitution, which was drafted by intellectuals.
     
  7. Nefilim Suspended

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    #7
    Going by the laughable examples that I've come across online and in person, I am pretty sure that he is smarter than all of them.
     
  8. niploteksi macrumors regular

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    #8
    If he only paid corporate tax in the US he would be more taxed than he would be if he only paid corporate tax in Sweden. So there!
     
  9. jpietrzak8 thread starter macrumors 65816

    jpietrzak8

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    #9
    Which reminds me; does Trump actually pay any taxes at all?
     
  10. citizenzen macrumors 65816

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    #10
    "When Mexico sends its people, they’re not sending their best. They’re not sending you. They’re not sending you. They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people." — trump, June 16, 2015

    "If you look, you know we have a lot of people coming through the border, they’re great people and they work on the farms and then they go back home. We like those people a lot and we want them to continue to come in." — trump, May 4, 2017 http://www.economist.com/Trumptranscript
     
  11. niploteksi macrumors regular

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    #11
    Perhaps you will have a chance to finally find out...
     
  12. jerwin macrumors 68020

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    #12
    The Alternative Minimum Tax ensures that he does.
     
  13. IronWaffle macrumors 6502

    IronWaffle

    #13
    At least until his tax "plan" sweeps through Congress tremendously fast with the most votes in probably history. Can't wait for that Rose Garden kegger. He's President, I mean, can you believe it?
     
  14. citizenzen macrumors 65816

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    #14
    o_O Why doesn't the interviewer from the Economist have the BALLS to follow up on statements like this?
    --- Post Merged, May 11, 2017 ---
    Trump: We have to prime the pump.

    Economist: It’s very Keynesian.
    Trump: We’re the highest-taxed nation in the world. Have you heard that expression before, for this particular type of an event?

    Economist: Priming the pump?
    Trump: Yeah, have you heard it?

    Economist: Yes.
    Trump: Have you heard that expression used before? Because I haven’t heard it. I mean, I just…I came up with it a couple of days ago and I thought it was good. It’s what you have to do.

    :eek::rolleyes::confused:o_O:(
     
  15. hulugu macrumors 68000

    hulugu

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    #15
    That statement caught my eye too. Really, the whole interview is amazing in part because it's clear:

    1. Xi Jinping charmed Trump into doing whatever he wants.
    2. Trump just learned phrase "prime the pump." (Probably does not know its automotive origination.)
    3. He now thinks he came up with the term.
    4. He still doesn't understand what the phrase means. (There's a longer point about how priming the pump works and how it fails during a period of low unemployment and high deficits.)
    4. He doesn't realize that the leaders of Mexico and Canada had a conference call about him and then Justin Trudeau and Enrique Pena Nieto called him to see what could be done to keep him from breaking NAFTA.
    4. Trump is impatient.
    5. He might release his taxes. After he's out of office. "Once the audit is over." (Seriously?)
    6. He's right about releasing his tax records. He didn't need to. The lack of a formal rule means no one else has to do it ever.
    7. Mnunchin thinks financial filings are dick measuring contests.
    8. He likes VAT.
    9. I'm now sure that Pence got the gig because he looks the part. Trump continues to call him "Central Casting." What's the over/under on Pence actively hating this nickname. I mean, it's not Turd Blossom, but still.
     
  16. citizenzen macrumors 65816

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    #16
    o_O DUDE! That isn't how insurance works at all!

    The man is so astoundingly stupid. So astoundly stupid.
     
  17. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    #17

    I don’t get the obsession with him releasing his tax records. I’d actually be disappointed if he didn’t take advantage of every loophole every other rich person takes advantage of. He’d be stupid if he didn’t. I don't know what people are hoping to get out of this. Again, not a Trump fan here.
     
  18. citizenzen macrumors 65816

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    #18
    The Pinto version, where you get hit in the rear and burst into flames.
    --- Post Merged, May 11, 2017 ---
    That isn't the point. I also don't care if trump uses legal means to avoid taxes. But that isn't why people are asking him to disclose them.
     
  19. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    #19

    Why are they asking?
     
  20. arkitect macrumors 603

    arkitect

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    #20
    That made me laugh out loud. :) Excellent.
     
  21. MadeTheSwitch, May 11, 2017
    Last edited: May 11, 2017

    MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    #21
    So a four year degree in two years? Is this from the Trump University?
    Or is everyone a child genius now? :rolleyes:

    It's not about the loopholes. It's about how and where the money comes from.(I.E. connections to Russian bankers and oligarch money laundering) plus showing where conflicts of interest might be that we don't know about yet.
     
  22. jpietrzak8 thread starter macrumors 65816

    jpietrzak8

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    #22
    Actually, I was kinda wondering why Trump was griping that America is "the most heavily taxed nation in the world", if he's actually paying no taxes. Then again, Trump seems quite comfortable with hypocrisy, so I guess it doesn't matter.
     
  23. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    #23

    He’s been an international businessman for decades. You don’t need his tax returns to determine that he’s a walking treasure-trove of conflicts of interest.
     
  24. vrDrew macrumors 65816

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    #24
    Actually, the term comes from the days when people had hand-cranked suction pumps to draw water from underground wells and cisterns. The seals on those pumps were not very effective, so if a pump was not used for a while, the seal would dry out, allowing water in the pipe between the water source and the spigot to drain out. It was common to pour a small amount of water back down the pipe, and into the pump so that the suction would work. In the diagram below, the seal would be the little red "flapper" valve at the bottom of the pump. Without water in the pipe, the suction would be insufficient to draw water up from the ground source.
    [​IMG]


    "Priming the pump" is now considered to be something of a dead metaphor. Along with sliced bread and hot-cakes, its the sort of thing that has lost its meaning over time.
     
  25. IronWaffle, May 11, 2017
    Last edited: May 11, 2017

    IronWaffle macrumors 6502

    IronWaffle

    #25
    I assume he's paying taxes, even if at a far lower actual rate than his actual income level would demand. I also assume he'd love to pay out less money by not having to pay all those yamulke-wearing accountants to achieve that goal.

    The less one knows, the more one must assume. He could put an end to these assumptions by revealing what for everyone else in that arena has seen as reasonable, if unpleasant, documentation. Oh, who am I kidding... I assume there's a rat's nest of bigger, more specific questions in those big, beautiful stacks of paper.
     

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