Dr. Rasmus examines the Trump budget released this past week, which is based on a crude restatement of Supply Side economics bullshit that has had no evidence in reality since it was first introduced under Reagan in 1981. Rasmus explains why the budget’s ridiculous assumption of 3-3.5% GDP for the next decade is nonsense. How the budget double counts tax revenues that won’t materialize. And why corporate-business tax cuts historically have not created jobs and won’t this time again. A background to the budget is explained, including how the US neoliberal ‘twin deficits’ of trade deficits enabling budget deficits has worked since 1980 and why falling tax revenues since 2000 accounts for more than 60% of US budget deficits since 2001 along with war spending increases and health care system price gouging. The show previews with a review of last week’s falling oil prices, protests in Greece and Brazil, warnings about China’s business debt and new US economy potholes of collapsing bank lending and stalling home sales. (Next week: Part 1 of a four part series previewing Dr. Rasmus’ new book to be released in June, “Central Bankers at the End of Their Rope: Monetary Policy and the Next Depression”, by Clarity Press—a thorough debunking of central banks and why they are failing).
