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Anders Åslund Profile picture
@anders_aslund
Sep 27, 2020 • 4 tweets • 1 min read • Read on X
Finally, Trump's tax returns have surfaced! Thank you, @nytimes!
How outrageous: "Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750."
What a tax cheat!
nytimes.com/2020/09/27/us/…
"The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due."
I wonder whom he might have turned to?
"Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television."
"As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia."

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More from @anders_aslund

Anders Åslund Profile picture
Apr 17
After having appeared intimidating to the world, the Trump economic policy looks increasingly intimidating to the US (America First!?).
In January, the GDP expectation was a growth of 2.5-3%.
No Trump has slashed it to 0 or worse. /1
Trump's economic policy has many peculiar features:
1. It is based entirely on lies: The whole world has "ripped off" the US; No, the US has benefited from financing from the whole world. It had better say "thank you!"
2. Trump insists that tariffs are paid by foreigners, while they are taxes to be paid by Americans - probably a tax increase of 2% of GDP, dictated by one man: Trump.
3. Trump is stuck in the economics of William McKinley of the 1890s. Tariffs that hit the poor, not income taxes.
Read 8 tweets
Anders Åslund Profile picture
Apr 15
I suspect that we are now in a 1929 moment.
The US economy is larger than ever - 1/4 of global GDP, as in 1980.
US stocks accounted for 70% of global stock market capitalization before madman Trump became president.
US price per equity was 25 & EU merely 15. /1
Now Trump will kill it all.
The US$ has already fallen by 10% in 40 days.
Why would US stocks be 70% of all stock markets and not a more normal 40%?
That would take US pe to the EU pe of 15.
Trump can cause so much damage to Americans.
The greatest danger is that Trump undermines the US treasuries.
The US has $29 trillion treasuries outstanding & the budget deficit in 2024 was $1.8 trillion & Trump is boosting it further.
The US has benefited from foreign investments in US securities of $32 trillion. /3
Read 5 tweets
Anders Åslund Profile picture
Apr 12
A few observations on the US economy under Trump.
1. So far, Trump has complete control without any checks.
2. Trump wants to shock everyone by going far in arbitrary decision making, preferably tariffs which he himself decides.
3. Trump wants to dominate the news every day.
4. Trump does not care about what happens to the US, only cares about his own finances.
5. He has selected sycophants as top officials & controls the Congress & SCOTUS.
6. He could not care less about public debt or budget deficit.
How can Trump be stopped?
1. Apparently, Bessent managed to stop him when the 10-year treasury yield exceeded 4.5% because of masi e capital flight from the US - but it will continue.
2. The top US tech companies managed to extract exemptions for their huge China imports.
Read 4 tweets
Anders Åslund Profile picture
Apr 9
Martin Wolf, FT, on Trump's disastrous policies:
"The proposed tariffs are proportional to the bilateral trade deficit divided by bilateral imports. The implicit assumption is that, in a fair world, trade would balance with every single partner. This is utter lunacy."
ft.com/content/d96d4a…
"Yet tariffs will not close trade deficits...The deficits, determined by income and spending, will remain roughly unchanged. The world will just end up poorer. As Germany’s Kiel Institute argues, the biggest negative effects are likely to fall on the US: protection is usually an own goal."
"The people who founded the global trading system in the 1930s and 1940s had experienced the results of beggar-my-neighbour protectionism in the 1920s and 1930s. The system they created was based, for good reason, on the principles of non-discrimination, liberalisation through reciprocal bargaining"
Read 7 tweets
Anders Åslund Profile picture
Apr 8
We must not overestimate the primitiveness of Donald Trump and his trade policy. This man grew up in the corrupt New York real estate mafia world and was mentored by Roy Cohn, who was the chief lawyer of Italian mafia families in New York. Cohn taught Trum three principles: Attack! Deny! Never accept defeat but declare victory!
Trump expresses his admiration for the otherwise not widely appreciated US president William McKinley, who introduced his high tariffs in 1890 as congressman and expanded the US territories with Puerto Rico, Guam, the Philippines and Hawaii. His ear was that of the robber barons, with no income tax. The tiny federal government was financed by tariffs. /2
The convicted felon and madman Peter Navarro seems to have inspired Trump’s trade policy. Virtually no serious economist supports it. On April 2, the US hiked its average tariffs over night from 2.5% to 24%. The devastating Smoot-Hawley tariffs of 1930, which deepened and prolonged the Great Depression were only 20% on average. Trump is even more disruptive and threatens to go ever further. 3/
Read 14 tweets
Anders Åslund Profile picture
Mar 24
Why are the US economic forecasts declining so fast?
1. Trump is promising devastating tariffs, which will hurt the US economy. No serious person would call for higher costs for inputs, but Trump does.
2. Trump loves chaos but economies need stability. Both investment & consumption are hold back.
3. The US has greatly benefited from independent & stable rule of law, which Trump is undermining every day.
4. The US has thrived on foreign financing $27 trillion only in liquid securities. The US is likely to face an unprecedented capital outflow.
5. The US used to be perceived as a financial safe haven. No longer. Europe & even China appear safer to investors. As a consequence, the $ is plummeting & European & Chinese stocks rise.
6. Trump's war on science & universities will weaken the key US economic advantage.
Read 4 tweets

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