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bostonangler

Trump promises an even bigger farmer bailout if needed

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President Trump’s latest tweet indicated that more aid could be headed to farmers adversely affected by the U.S.-China trade war.

In an all-caps tweet, he wrote: “If our formally targeted farmers need additional aid until such time as the trade deals with China, Mexico, Canada and others fully kick in, that aid will be provided by the federal government, paid for out of the massive tariff money coming into the USA!”

 

The U.S. has already approved $28 billion in farmer aid through its market facilitation program. The first round of payments, totaling $4.7 billion, was paid in September 2018. The second round was distributed three months later. By February 2019, the total bailout reached $7.7 billion.

In May 2019, the U.S. Department of Agriculture (USDA) announced it would provide an additional $16 billion to help farmers while trade negotiations between the U.S. and China continued. Overall, $19 billion in aid has been granted so far, with the rest to be distributed in 2020.

 

Trump’s announcement comes at a time when farm bankruptcies are at an 8-year high, partially due to the trade war. U.S. Courts data shows that farm bankruptcy rates increased by 20% in 2019, to a total of 595 Chapter 12 bankruptcies across the country.

Amid trade uncertainty, poor cropping conditions, and other mitigating factors, nearly one-third of farm income in 2019 came from government aid, according to the USDA. 

‘It’s not just a benefit to farmers’

Although Trump has stated numerous times that China is the one paying for these tariffs, that’s not actually the case.

Research from the National Bureau of Economic Research (NBER) has shown that “U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers … approximately 100% of these import taxes have been passed on to U.S. importers and consumers.” 

Nevertheless, farmers have remained ever grateful for the government payments — although they have stressed they “want trade, not aid” at the end of the day.

 

“All Americans eat and so, it’s in America’s interest for the price of food and for the share of disposable income that’s spent on food to keep that relatively low,” Veronica Nigh, chief economist at the American Farm Bureau, told Yahoo Finance recently. “While it’s tax dollars being used to support farmers, we’d generally argue keeping farmers in business, therefore keeping the supply of food ample, is in the nation’s interest…

“It’s not just a benefit to the farmers, but a benefit to everyone who eats as well.” 

 

https://www.yahoo.com/finance/news/trump-promises-an-even-bigger-farmer-bailout-193824825.html

 

 

 

So who doesn't like a little socialism going into an election???

 

B/A

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These anti Trumper Crap wouldn't be happy if POTUS Resigned, paid off all their debts and volunteered to take Roger Stones place....The Left Will NEVER BE HAPPY until they are back in charge destroying America and the American way of Life.

 

by the way.....I don't read the crap that B/A and others post.....I will say if you Ate Today you owe thanks to a Farmer or Rancher that have been fighting just to keep their farmers going.

 

Shall we get into say Solinda, GM and the VOLT and the rest that obama bailed with tax payer money that are either Bankrupt today or just never Paid the money back........

 

Karsten

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The U.S. auto bailout is officially over. Here's what America lost and gained.

 

Ridding itself of the unwanted epithet "Government Motors" wasn't pain-free for GM. When President Obama decided to step in and restructure the company and its fellow Detroit automaker Chrysler — following an initial infusion of cash from outgoing President George W. Bush — his team required GM to axe brands like Pontiac and Saturn, close down dealerships, lay off workers, and kick out CEO Rick Waggoner and several board members.

The Treasury also points out that while it lost money on GM, taxpayers came out ahead when you look at the entire TARP bailout, of which the auto bailout was a relatively small part. In total, Treasury spent $421.8 billion to rescue financial institutions and the auto industry, and it has recovered $432.7 billion so far — a tidy $10.9 billion profit — including the GM losses.

 

https://theweek.com/articles/454749/auto-bailout-officially-over-heres-what-america-lost-gained

 

 

How soon we forget, or in some cases refuse to understand "W" and his fiscal plan nearly killed America.

Ironically, Obama actually profited from the bailouts. Which has led to an 11 year bull market.  Will Trump profit from his bailouts? My guess is nope!

 

B/A

 

Edited by bostonangler
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So it was Obummer that is responsible for this roaring economy. Glad to finally know that. I feel better now. And I won't worry if a socialist wins the Presidency in 2020, because then the government will take over running everything (into the ground) in our country and Happy Days will be here again!!!  As Merle said, " Eating rainbow stew with a sliver spoon underneath the sky of blue, we'll all be drinking that free bubble ugh and eating that rainbow stew." And those stalwarts of virtue and honesty will be in charge. YEEEEESSS!! What could possibly go wrong??:facepalm3::facepalm2::rake:

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26 minutes ago, md11fr8dawg said:

So it was Obummer that is responsible for this roaring economy. Glad to finally know that. I feel better now. And I won't worry if a socialist wins the Presidency in 2020, because then the government will take over running everything (into the ground) in our country and Happy Days will be here again!!!  As Merle said, " Eating rainbow stew with a sliver spoon underneath the sky of blue, we'll all be drinking that free bubble ugh and eating that rainbow stew." And those stalwarts of virtue and honesty will be in charge. YEEEEESSS!! What could possibly go wrong??:facepalm3::facepalm2::rake:

 

 

Geez MD, when did the markets start going up... 2016?

 

Image result for stock market since 2008

 

 

 

Why can't people simply accept basic facts?

B/A

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6 hours ago, bostonangler said:

Who negs a 10 year bull market? 

 

B/A

The same people that neg you because you are you. Don't agree with it but it is what it is. 

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11 hours ago, nstoolman1 said:

The same people that neg you because you are you. Don't agree with it but it is what it is. 

 

Thanks nstoolman, you are a stand up guy.

 

B/A

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13 hours ago, nstoolman1 said:

The same people that neg you because you are you. Don't agree with it but it is what it is. 

 

 

Very good you don't agree with it, nstoolman...Thanks

 

That's senseless, ignorant, absurd and stupid way of thinking ( negging cos it's a specific individual, no matter the post)

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Quote

Why can't people simply accept basic facts?

End Quote

 

Cos it comes from the wrong side (according to  them mind you) and they will never accept ....Not even the most evident truth...It's the siding (childish and immature) political game...You are the enemy for those...Just like myself and a few others....Fact....Sad

 

If you state sensible things it's completely irrelevant....

 

I wouldn't have a problem to admit a rightwing person is right if it happens they're correct....I did a few times in my life admit that....

Edited by umbertino
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