To assess the impact of the Trump tax cut on the US economy it is necessary to analyse the interrelation of two processes:
The determinants of US economic growth in the medium/long term,
The short-term position of the US economy in the current business cycle
The following article by John Ross, setting out the economic forces underpinning the current political crises in the US and Britain, was previously published here by Socialist Economic Bulletin.
Every day the media reports deepening political destabilisation gripping both major ‘Anglo Saxon’ countries – the US and UK. Most important for the world, of course, is US political instability where almost daily crises hit the Trump administration – resignation of the President’s Chief of Staff, sacking of the head of the FBI, public attacks by the President on members of his Cabinet, virulent public and even obscene denunciations by the President’s advisers of each other, numerous Congressional investigations, sensational leaks from inside the national security agencies the FBI and CIA, open campaigns by key mass media such as the New York Times and CNN to remove the President etc. This US domestic political instability is clearly tightly intertwined with crises and developments in world politics – US relations with Russia, US disputes over the Iran nuclear deal, differences over US policy to China etc.
The following article by John Ross, setting out the growth prospects for the US economy, was previously published by Socialist Economic Bulletin.
Summary
The latest US economic data confirms the US remains locked in a prolonged period of slow growth with major consequences for geopolitics and destabilising consequences for US domestic politics.
The following article by John Ross, that sets out the fundamental parameters of the US economy, was previously published by Socialist Economic Bulletin.
There has been much discussion on the likely effect of Trump on the US economy. But some of this discussion fails to distinguish clearly between short term and long term effects of Trump. This can lead to wrong interpretations of events and trends as they unfold. The aim of this article is therefore to set out the fundamental parameters of the US economic situation as it confronts Trump.
By Jude Woodward
The victory of Donald Trump has handed the most powerful office on earth into the hands of someone whose promises include a giant wall along the Mexican border, the expulsion of 11 million ‘illegal immigrants’ – roughly 6 per cent of the US workforce – ‘extreme vetting’ for any Muslim seeking to enter the country, the repeal of Obamacare, keeping existing gun laws and punishing women who seek an abortion. He denies the existence of climate change, proposes to engage in a new era of protectionist trade policies, professes to ‘love war’, and is prone to casual racism, misogyny and bigotry towards Jews, LGBT people, Latinos and any other minority group.
By Andrew Brown
The uprising of the people of Egypt, following the revolution in Tunisia, is one of those truly inspiring political events. For several decades US administrations believed they could trample on the Arab peoples with impunity. Buttressed by its client state in Israel, US imperialism believed that while peoples in other parts of the world might revolt, a series of quisling regimes, such as the Saudi and Egyptian dictatorships, together with the increasingly compliant Palestinian Authority in the West Bank, would be sufficient to prevent this happening in the Arab world.
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