Trump/Vance policy proposals (formerly Interest rate policy)
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JD Vance has endorsed former President Donald Trump's call for the White House to have “a say” over the Federal Reserve's interest rate policies — a view that runs counter to decades of economicresearch suggesting that politically independent central banks are essential to controlling inflation and maintaining confidence in the global financial system.
“President Trump is saying I think something that’s really important and actually profound, which is that the political leadership of this country should have more say over the monetary policy of this country,” the Republican vice presidential nominee said in an interview over the weekend. “I agree with him."
Last week, during a news conference, Trump responded to a question about the Fed by saying, “I feel the president should have at least a say in there, yeah, I feel that strongly.”
Economists have long stressed that a Fed that is legally independent from elected officials is vital because politicians would almost always prefer for the central bank to keep interest rates low to juice the economy — even at the risk of igniting inflation.
“The independence of the Fed is something that not just economists, or investors, but citizens should place a high value on,” said Carl Tannenbaum, chief economist at Northern Trust, a wealth management firm.
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More evidence of how bad a Trump/Vance win would be for the country.
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Sen. JD Vance, the Republican vice-presidential nominee, says he wants to boost the Child Tax Credit to $5,000 per child from its current $2,000 — an effort that could add trillions in federal spending, according to policy experts.
Vance's idea for boosting the Child Tax Credit by 150% comes less than two weeks after a bill that would have provided a modest expansion in the tax benefit failed in the Senate due to Republican opposition. Supporters of an expanded CTC argue that it would help low- and middle-income families navigate the costs of raising a child, but it's also likely to come with a big price tag for the federal government, according to the Committee for a Responsible Federal Budget, a nonpartisan think tank focused on fiscal policy issues.
"We could easily be talking about $2-$3 trillion in additional borrowing over the next decade," Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, told CBS MoneyWatch. "That's a tremendous amount of money."
Vance hinted that he would like to see an expanded CTC without income thresholds, as the current tax credit phases out for single filers earning over $200,000 and married couples with more than $400,000 in income.
"You don't want a different policy for higher income families," he noted. "You just want to have a pro-family Child Tax Credit."
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Ugh. There definitely needs to be an income threshold.... Among other things
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No evidence of a coherent economic policy in these proposals. A Trump/Vance administration sounds like a recipe for economic chaos.
Big Al
