The Progress Report: The Art of the Do-Over

Last week, Trump

This week, he’ll talk about economics. Trump is slated to lay out his economic vision in a speech to the Detroit Economic Club this afternoon. He is expected to call for a moratorium on all new regulations and reviving the Keystone XL pipeline, give more details on his incredibly costly tax plan, and announce a plan to make child care fully deductible. Here are a few things to keep in mind before today’s speech:

TrumpsTaxPlans

What’s Trending

Steves. Trump’s team of 13 economic advisers doesn’t include any women or people of color–but it does include five Steves. His team includes lots of billionaires (and Trump donors) and only one real economist. We found seven other ‘Steves’ who are more qualified than his existing team.

Climate change: Every party has a pooper and at Friday’s opening ceremonies in Rio that pooper was climate change. In a short film narrated by Dame Judi Dench, viewers saw how melting ice sheets will inundate coastal cities, including the coast of Rio de Janeiro, which could see up to 1.5 meters of sea level rise by the end of the century, putting 80,000 people at risk of coastal flooding. And speaking of climate change, it has helped the spread of Zika in the U.S.

Honoring Khan: Charles Cowherd, whose identical twin brother 2nd Lt. Leonard M. Cowherd III is buried three headstones from Capt. Humayan Khan in Arlington National Cemetery, honors Cap. Khan.

ISIS: All signs suggest that ISIS’s days are numbered in Iraq. The group has been pushed out of more than half of the territory it used to control. But are we ready for the day after they’re defeated?


This material [the article above] was created by the Center for American Progress Action Fund. It was created for the Progress Report, the daily e-mail publication of the Center for American Progress Action Fund. Click here to subscribe. ‘Like’ CAP Action on Facebook and ‘follow’ us on Twitter

Advertisements

If You’re Going to Rant About the Federal Budget—Tell the Truth

Before you start believing the drivel Republicans are spreading about rising deficits, maybe you need to understand the difference between two terms that are frequently used in error: overall National Debt and the Federal Budget Deficit.  Republicans are counting on 93% of the population apparently not understanding that there’s a difference between the two.

Let me start by explaining both terms from a family budget perspective.  If you have a monthly income of $1000.oo, but you have bills and expenses of $1,200.00, you have a $200.00 “budget deficit” that most folks will have to carry on a credit card, hoping to pay it off during the upcoming month.  If on the other hand, you continue having $200.00 deficits for months on end, the deficit remains at $200, but your household debt begins to rise on that credit card by $200.00 (plus interest) each month. So, in 12 months, the budget deficit is $200, but the household debt is $2400 (plus interest).

Well, the Federal Budget Deficit and the National Debt work the same way, but the Federal Budget Deficit is NOT rising as the Republicans would have you believe.  It’s dropping dramatically.  Yes, the National Debt is still rising because we still have a budgetary deficit, but the Federal Budget Deficits have dropped dramatically since the end of the 2009 fiscal year:

Now that you better understand the difference between the two terms, the next time your crazy wingnut friend tries to echo the Republican mantra that deficits are rising, please take the time to educate them.  If all else fails, please tell them they deserve a lengthy time-out in some dank corner.