Ex FED-SEC, Gary Cohn says TRUMP trade war is destroying the US service economy (80% of GDP is service)...

Jul 2015
32,210
23,374
Florida
#1
I'm truly sorry that 80% of the economy is service. (That's frightening to me!!! Though in 'economics' parlance I'm not sure just how much that encompasses). So we don't make shit any more??

Trump’s former chief economic advisor says his trade war is destroying the economy



BRENDAN SKWIRE
18 OCT 2018 AT 12:50 ET




Gary Cohn, President Trump’s former chief economic advisor, told CNBC on Thursday that the president’s trade war with China was killing the United States’ service economy.

Cohn noted that 80% of the United States’ GDP and job creation is in that service economy.




“When you’re a service economy, the way to stimulate your economy, the way to grow your economy is to allow consumers to buy goods as cheaply as they possibly can, and use the rest of their money to buy services or if they’re lucky enough to save,” he said. “Anything that raises the price of a good doesn’t make sense for our economy. Even if they’re paying it to the government as a tariff, it’s just another tax.”

Cohn dismissed Trump’s focus on manufacturing, saying that jobseekers were actively seeking service positions.

“If we look at the last JOLT (Job Openings and Labor Turnover) data that we always talk about, the big increase is we saw more need for workers in business services,” he said. “We saw more voluntarily leavers from the manufacturing industry, because as the job market tightens, people will voluntarily leave the manufacturing industry and go into the service industry.”



Trump's former chief economic advisor says his trade war is destroying the economy
 
Likes: BoiseBo
Dec 2014
15,392
5,164
The Milky Way
#3
Yes, jobs that Øbama said were never coming back have, and continue to, come back. Cohn always has been a tool of the deep state.
 
Jul 2013
52,828
56,279
Nashville, TN
#6
You never believe anything a conservative posts in on topic.

You are like a broken record.

Yet liberals can post whatever shit they want all day and you don't say a word.
She had a link to 100 economists agreeing with her, you had a link to "pulling it out of your ass".