Deutsche Bank: U.S. Economy is Experiencing 'death by a thousand cuts'

Wednesday, May 21, 2025

America's soaring national debt, now over $36.2 trillion, has triggered growing concern among economists and credit agencies like Moody's ...

Posted by retort at 11:09 AM | 52 COMMENTS | permalink

Trump's assault on the global dollar | Opinion https://www.ft.com/content/d9656820-0b3e-46e7-97c9-b6684d558776

[image or embed]
-- Financial Times (@financialtimes.com) May 20, 2025 at 1:26 PM

Comments

Tax the rich. Simple.

#1 | Posted by Zed at 2025-05-21 11:32 AM

More importantly, will Leon Trusk get their tax cuts?

#2 | Posted by censored at 2025-05-21 11:35 AM

Nothing like a little DOGE destabilization to help things out /sarcasm

#3 | Posted by hamburglar at 2025-05-21 11:48 AM

"Now, people ask me all the time how we got four surplus budgets in a row. What new ideas did we bring to Washington? I always give a one-word answer: Arithmetic."

Former President Bill Clinton

#4 | Posted by SomebodyElse at 2025-05-21 11:49 AM

U.S. Economy is Experiencing 'death by a thousand cuts'

That's a feature, not a bug.
--Republicans

#5 | Posted by snoofy at 2025-05-21 11:57 AM

Tax the rich. Simple.

#1 | Posted by Zed at 2025-05-21 11:32 AM | Reply | Flag:

Get a job and stop leaching off others. Simpler

#6 | Posted by fishpaw at 2025-05-21 12:41 PM

"Now, people ask me all the time how we got four surplus budgets in a row. What new ideas did we bring to Washington? I always give a one-word answer: Arithmetic."
Former President Bill Clinton

#4 | Posted by SomebodyElse at 2025-05-21 11:49 AM | Reply | Flag:
(Choose)
| Newsworthy 1

cut welfare and no wars

#7 | Posted by fishpaw at 2025-05-21 12:43 PM

Get a job and stop leaching off others. Simpler
#6 | Posted by fishpaw

You have a job?
I think you're lying.

#8 | Posted by snoofy at 2025-05-21 12:43 PM

Trumpers will never blame Corporations for not paying a Living Wage... they do what they are told and blame workers for being 'stupid and lazy'.

#9 | Posted by Corky at 2025-05-21 03:01 PM

So now, to save money, Trump wants to cut 1 trillion dollars from Medicaid so that only the poorest Americans will pay for his big beautiful plan to give billionaires more billions of dollars. America. We deserve the drubbing Trump has exposed us to.

#10 | Posted by moder8 at 2025-05-21 03:19 PM

"Trumpers will never blame Corporations for not paying a Living Wage
#9 | Posted by Corky"

The labor market is driven by supply and demand. If you allow 20M illegal, unskilled workers to flood the labor market, it suppresses wages. When you -------- fight tooth and nail against tariffs and other programs to bring manufacturing back to the US and then run to buy cheap Chinese crap - YOU are the problem. Not corporations.

#11 | Posted by ScottS at 2025-05-21 07:34 PM

"Trump wants to cut 1 trillion dollars from Medicaid
#10 | Posted by moder8"

Making able-bodied people actually work so they can receive welfare benefits is 100% logical and should be expected in a functioning society. Once the people understand that it is not a cut - it is forcing able-bodied people to work, this will also backfire on Democrats - especially when informed Dems want to tax working people on their tips and OT.

#12 | Posted by ScottS at 2025-05-21 07:36 PM

Get a job and stop leaching off others. Simpler
#6 | POSTED BY FISHPAWN

Hey moron.

You know what's classy when you're rich but trashy when you're poor?

Leaching off the government.

The wealthy use more in the form of subsidies than the poor receive in the form of welfare.

But. I get it. You can't fight the rich, so you feel better about yourself by blaming the poor.

#13 | Posted by ClownShack at 2025-05-21 07:46 PM

If you allow 20M illegal, unskilled workers to flood the labor market, it suppresses wages.

Your shortsighted argument lost all merit now that reality has proven Americans don't want to fill the jobs being vacated by undocumented migrant workers.

Only a stupid idiot would believe undocumented immigrants are taking jobs of Americans.

#14 | Posted by ClownShack at 2025-05-21 07:49 PM

Making able-bodied people actually work so they can receive welfare benefits is 100% logical and should be expected in a functioning society.

It's sad how little you know about the world outside of your incel bubble.

#15 | Posted by ClownShack at 2025-05-21 07:50 PM

"If you allow 20M illegal, unskilled workers to flood the labor market, it suppresses wages."

Its 20M now? I thought it was 10M. How many more did Trump let in during his first term?

#16 | Posted by snoofy at 2025-05-21 07:53 PM

"Making able-bodied people actually work so they can receive welfare benefits is 100% logical and should be expected in a functioning society."

^
I've only ever heard this comment from able-bodied people without jobs.

#17 | Posted by snoofy at 2025-05-21 07:54 PM

"The wealthy use more in the form of subsidies than the poor receive in the form of welfare."

They truly believe the wealthy earned it, but the poor are parasites.
From an ideological perspective, it's no different than Nazism.

The only question is one of degree:
What must we do, to get rid of all the parasites?

#18 | Posted by snoofy at 2025-05-21 08:02 PM

"Making able-bodied people actually work so they can receive welfare benefits"

So how do you plan on forcing companies to hire welfare recipients?

#19 | Posted by snoofy at 2025-05-21 08:42 PM

Republicans haven't had a new idea in decades.

Unfortunately, hate sells.

Trump really did a great job of tapping into it.

#20 | Posted by ClownShack at 2025-05-21 09:21 PM

"Once the people understand that it is not a cut ... "

$800 billion isn't a cut? A directive to cut ... won't be a cut???

Republican Math is a dangerous thing, kids. Stay in school!

#21 | Posted by Danforth at 2025-05-21 09:28 PM

Deutsche Bank bailed out Trump back in the 90s as I recall. With ties to Russia as I recall.

So I feel like they ought to know.

#22 | Posted by snoofy at 2025-05-21 09:32 PM

"Your shortsighted argument lost all merit now that reality has proven Americans don't want to fill the jobs being vacated by undocumented migrant workers."

When was this proven -------? The complete stoppage of new illegals invading the country and the subsequent strong job growth since Trump took office says that you are full of ----. In fact, native born labor participation increased by over 300k in 2025 while foreign born (including illegals) fell by over 100K. So, the data says you are full of ----.

"Only a stupid idiot would believe undocumented immigrants are taking jobs of Americans.
#14 | Posted by ClownShack"

Yes, dishes were not washed, crops not picked, houses lacked roofs, and grass was not cut prior to illegals coming to the US in huge numbers in the 1980's. It is truly remarkable seeing all those boomer childhood photos with roofless houses and front yards resembling the African Savanah.

#23 | Posted by ScottS at 2025-05-21 10:17 PM

"Its 20M now? I thought it was 10M. How many more did Trump let in during his first term?
#16 | Posted by snoofy"

It was 10M before ------- Biden brought in his illegal hordes. According to MIT, it was likely already 20M+ in the early 2000's - but then Biden brought in 10M+ more.

#24 | Posted by ScottS at 2025-05-21 10:19 PM

"So how do you plan on forcing companies to hire welfare recipients?
#19 | Posted by snoofy"

By removing their illegal slave labor that the Democrats and Corporate GOP has flooded the country with since the 80's. By removing them, wages go up and the unskilled US citizen workers can actually be employed and get off of welfare. The better question is - why do you think it is a good idea for able-bodied US citizens to sit at home and collect welfare? You think this builds a strong society?

#25 | Posted by ScottS at 2025-05-21 10:22 PM

Its 20M now? I thought it was 10M. How many more did Trump let in during his first term?
#16 | POSTED BY SNOOFY

Trump said 27M+, so expect the number to increase.

It will be 100M+ before the end of the year.

#26 | Posted by ClownShack at 2025-05-21 10:22 PM

"Once the people are forcedunderstand that it is not a cut ... "

"The people"?

Who are you calling, "the people"?

You're "the people". That boot, is on your neck.

#27 | Posted by ClownShack at 2025-05-21 10:24 PM

"#27 | Posted by ClownShack"

The 'the people' that you lying -------- tried to fool with your Maryland Man nonsense. You may be too stupid to know who 'the people' are - but your evil Democrat party understands it 100%. As always, the best response to Democrat propaganda is THE TRUTH. Can't wait for you -------- to explain to your voters why we cannot eliminate taxes on tip and OT but we need to keep able-bodied people on welfare. Your anti-work platform is the final nail in the coffin of the Democrat party.

#28 | Posted by ScottS at 2025-05-21 10:28 PM

"It was 10M before ------- Biden brought in his illegal hordes. According to MIT, it was likely already 20M+ in the early 2000's - but then Biden brought in 10M+ more"

More Republican Math.

#29 | Posted by Danforth at 2025-05-22 12:18 AM

"TRUTH. Can't wait for you -------- to explain to your voters why we cannot eliminate taxes on tip and OT"

Because it's unfair to tax one person's labor, while exempting their co-workers.

The janitor, who is paid a fair wage without relying on tips, gets 100% of his income taxed. Same for the manager. But the waitstaff? Over 75% of their income tax is forgiven. How is that fair?

And overtime is exempt??? That's the intersection of Asking For Abuse and Bookkeeping/Auditing Nightmare.

#30 | Posted by Danforth at 2025-05-22 12:26 AM

I'm actually with Danforth on this one. No tax on tips and OT seems like a really bad idea to me on so many levels. It's really just pandering.

#31 | Posted by BellRinger at 2025-05-22 12:29 AM

I might be mistaken - my recollection is that up until about...10-15 years ago or so, cash tips did not have to be reported. They were essentially under the table.

#32 | Posted by BellRinger at 2025-05-22 12:31 AM

And careful what you wish for: exempting taxes on tips will only be regarding INCOME tax. The payroll taxes will still need to be paid. There will also, no doubt, be requirements to report ALL your tips for them to be exempt.

This also may be a ploy, to get updated info on average tipping percentages. Currently, the IRS uses 8% in unknown areas, like largely or exclusively cash businesses.

#33 | Posted by Danforth at 2025-05-22 12:32 AM

"my recollection is that up until about...10-15 years ago or so, cash tips did not have to be reported. They were essentially under the table."

That not an uncommon misconception. But it's been untrue in all 37 years of my practice.

Taxes are due in ALL taxable acquisitions of wealth, from tips, to self-employment, to prize winnings, to finding a diamond ring in that thrift-store jacket you bought. ALL taxable events.

Not taxable: a birthday check from your Aunt Zelda.

But if you're self-employed, you'd better have proof: the IRS's default assumption is it's self-employed income.

#34 | Posted by Danforth at 2025-05-22 12:39 AM

"That not an uncommon misconception. But it's been untrue in all 37 years of my practice."

Thank you for the correction.

"Not taxable: a birthday check from your Aunt Zelda."

Does that have a cap? What if the amount of the gift check is more than $10,000?

#35 | Posted by BellRinger at 2025-05-22 12:44 AM

"No tax on tips"

My older brother and SIL are retired doctors with no kids. He's also been a very good investor over the years. Their passions are high-end travel and high-end dining.

Point is, it's not uncommon for them to spend over $1,000 on a dinner, especially since he usually starts by ordering two bottles of expensive wine. I've seen bills over $3,000, but that was for four of us.

If you amalgamated their waiter for the year, and operated on the assumption he provided HALF that waiter's tips (IOW, the waiter had to work the whole shift to earn the other half, from lower tabs) ...

That's a six-figure income, paying no income tax.

#36 | Posted by Danforth at 2025-05-22 12:56 AM

"Does that have a cap? What if the amount of the gift check is more than $10,000?"

Gift taxes kick in over $18,000. But that's per person to person. A married couple could give another couple $72,000 without incurring gift taxes.

But gift taxes are due from the giver, not the recipient ... unless the IRS can't find the giver, or the giver died and the taxes either can't or won't be paid. Then the bill is YOURS.

Same deal with payroll taxes: they're due from the employer, but the liability is yours; if the employers don't or can't pay, you'll get a bill.

That said, all of this is for the plebeians: the wealthy have GRATs, where UNLIMITED amounts can be given, inheritance-tax-free. Sheldon Adleson gifted $8 BILLION to his kids, avoiding about $3 Billion in taxes.

#37 | Posted by Danforth at 2025-05-22 01:06 AM

"Gift taxes kick in over $18,000"

That's SO 2024!

For 25, it's $19K. A couple could give a couple $76,000.

#38 | Posted by Danforth at 2025-05-22 01:09 AM

Can't wait for you -------- to explain to your voters why we cannot eliminate taxes on tip and OT

That's easy.

It was never going to happen.

It was a lie.

An empty campaign promise.

Only idiots believed Trump when he said it.

As it is. Republicans are raising taxes on the poorest Americans.

Including those who collect tips, overtime and social security.

#39 | Posted by ClownShack at 2025-05-22 01:23 AM

ScottSy is fighting hard for billionaires to give themselves a tax cut.

#40 | Posted by ClownShack at 2025-05-22 01:24 AM

#37 Again, thank you.

#41 | Posted by BellRinger at 2025-05-22 01:30 AM

"That's easy.
It was never going to happen.
#39 | Posted by ClownShack"

What is funny is that it is going to happen. The Democrats will still vote lockstep against the Big Beautiful Bill but it will pass and it will contain no tax on tips and OT. Even if it goes to reconciliation, the Senate Dem would not dare to challenge those provisions - they will still vote against it - but they will fold on this.

So, prepare yourself for the midterms when you will be explaining to your voters why you need to tax their tips and OT.

#42 | Posted by ScottS at 2025-05-22 01:37 AM

What is funny is that it is going to happen.

Nope.

The Democrats ...

Republicans control both chambers of congress.

All your bullshht about democrats proves you're an ignorant moron.

#43 | Posted by ClownShack at 2025-05-22 11:29 AM

Thanks Republicans! Thanks MAGA morons!

#44 | Posted by jpw at 2025-05-22 06:15 PM

"What is funny is that it is going to happen.
Nope."

Haha - this did not age well for you -------. Not tax on tips and OT is a done deal. As stated, the Dems voted lockstep against it but the Senate passed the no tax on tips already. So, even if the house bill goes to reconciliation, it is already over and the Democrats in the house are on record as 100% opposing it.

"Republicans control both chambers of congress.
#43 | Posted by ClownShack"

Yes, they do. Which is why bills good for the US workers like no tax on tips or OT can actually get passed.

#45 | Posted by ScottS at 2025-05-23 01:23 AM

To respond to Zed's initial comment, you want to fix this problem by taxing the rich? That's fine, but at the same time you completely gut social services and only make it available to those who are physically unable to provide for themselves (as in true invalids). No more SNAP, paying for people's cellphones, no more Mecaid for everyone nothing.

Aka those who contribute jack ---- to our society in the form of women with multiple baby mommas, illegals and immigrants alike abusing welfare, young men who are lazy and leach healthcare off of our system, doctors who fraudulently bill the government for our generous social services . These folks are going to learn real fast to go without. Everyone will get to share in austerity until we get our ---- together.

This isn't a Democrat or Republican failing, but a collective American failing and there will be pain when we are forced to address it.

#46 | Posted by Bluewaffles at 2025-05-23 04:45 AM

You're a sad little ----, aren't you?

#47 | Posted by LegallyYourDead at 2025-05-23 05:44 AM

Legallyretardrd, how the hell else do you think we pull ourselves out of this situation? It's an across the board kick in the teeth everyone gets to participate in if you actually want to address the problem. Major concessions on both sides will have to be given in order to solve the issue.

#48 | Posted by Bluewaffles at 2025-05-23 10:37 AM

" Major concessions on both sides will have to be given"

So much for bringing prices down on day one.

Why do you allow a politician to punk you EVERY DAY?

#49 | Posted by Danforth at 2025-05-23 10:47 AM

This deals with all Politicians Danforth, I sure as ---- didn't see the Dems or Biden address this issue while racking up trillions in debt. But it's become apparent that Biden may not have known what was going on at any point of his Presidency.

#50 | Posted by Bluewaffles at 2025-05-23 10:56 AM

#48 | Posted by Bluewaffles

So how come your side only wants the working class to make concessions and wants the rich to get richer?

#51 | Posted by SpeakSoftly at 2025-05-23 12:32 PM

"Major concessions on both sides will have to be given"

The 1% want 80+% of the tax cuts. How about we just return to the prior record of 27% under Dubya II?

Frankly, I don't even see a minor concession the 1% is being asked to make.

#52 | Posted by Danforth at 2025-05-23 12:42 PM

Drudge Retort Headlines

Private Sector Lost 33,000 Jobs in June (121 comments)

Hakeem Jeffries Holds the Floor (63 comments)

Televangelist Jimmy Swaggart Dies (48 comments)