There is a worldwide glut that includes oil wells, steel plants and eager would-be workers, and it will take more than a United States presidential election and a few months of solid global growth to fix it.
So, why don't they just stop producing? That nasty capital albatross: they gots to pay the Piper no matter how much they produce, so they're boxed into generating any cashflow they can. And who's the Piper? All those 1%-ers with idle cash they want return on. Get a job, for crying out loud.
As has been mentioned by a few of the saner mainstream pundits: since the 1980s, manufacturing output has about doubled with about a third less labor. It wasn't China or Mexico, but automation that took the jobs. Everywhere.
All the trickle down folks, including by default Obambi/Bernanke, simply ignore that handing out Bongo Bucks to the .1% who already have more than they can spend doesn't do anything for GDP growth. On a zero-sum basis, well, some win and others lose. But nothing good happens overall. The Revenge of Laffer is in the Mnuchin propaganda.
The Republican tax-cut plan is designed to reduce the tax burden for the very rich, and, since this is a highly unpopular thing to do, Republicans are going to spend a lot of time lying about it. Treasury Secretary Steve Mnuchin was dispatched to do the round of morning shows, and his first attempt at lying did not go especially well.
Back to I Still Hate Neil:
... many of the biggest forces in the economy don't announce themselves with an election or a central banker's announcement, but through shifts in the underlying forces that make the global economy tick. And those don't change overnight.
Here, Neil is a bit too naive`: the Great Recession did announce itself pretty much to those paying attention. And the Trump tax cut, if it happens as now stated, will generate the Permanent Depression. Of course, Orange Julius Caesar is certainly on the way to starting a War, if only to install himself as dictator. It's happened before, you might know.
We'll really know the Right Wingnuts are worried when they demand the Damn Gummint pay them more interest on bonds than they can get from private investment.