Skip to comments.A devastating analysis of the tax cut shows it’s done virtually no economic good (barf alert)
Posted on 06/01/2019 8:40:47 PM PDT by Beave Meister
You may remember all the glowing predictions made for the December 2017 tax cuts by congressional Republicans and the Trump administration: Wages would soar for the rank-and-file, corporate investments would surge, and the cuts would pay for themselves.
The nonpartisan Congressional Research Service has just published a deep dive into the economic impact of the cuts in their first year, and emerges from the water with a different picture. The CRS finds that the cuts have had virtually no effect on wages, havent contributed to a surge in investment, and havent come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.
The negligible (at best) economic impact of the cuts shouldnt surprise anyone, the CRS says. Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend, its analysts write. Fiscal stimulus is limited in an economy that is at or near full employment.
The CRS findings arent all that novel. The service, which is an arm of the Library of Congress, reports that the tax cuts contributed to a record-breaking surge in corporate stock buybacks, which has been documented by many other analyses. The continued stagnation of rank-and-file wages is visible in monthly data computed by the Bureau of Labor Statistics.
(Excerpt) Read more at latimes.com ...
I look at the real world and I say, “Something good has definitely been done. Something made a difference.”
I thought it was the tax cuts. But if not that, then what?
On the other hand, you may remember all the gloom and doom predicted...
Then, why is unemployment rate so low?
CRS- Can’t Remember Sh**
The media praised JFK when he cut taxes.
If it’s in the Times it must be true.
The economic growth is like women who can fake themselves into orgasm during sex. Same theory.
Listen Hiltzik, Trumps gonna win in 2020 unless you come up with something to stop him. Now get busy and it better be good!
Government revenues were recently at a record high. Wages are up all over the board. Employment is at record highs. Yup. Guess they did no good at all.
“But if not that, then what?”
It seems like a lot of business execs are crediting deregulation.
Pure unadulterated crap from the LA Slimes. They can hype false news yet fail to show all the homeless living outside their gates. The old owner got out in time, the new owner has learned nothing and is a fool, continuing the idiocy of this rabid leftist rag.
Michael Hiltzik must be on drugs. Or insane. Or clueless. Or a fool. Or (e) all of the above.
Re higher income people who are less likely to spend. BS. THe Crs is near Penn ave and the capital. Those aren’t poor people who eat there, live there, and shop there.
Rich people buy homes, boats, cars, take vacations, etc. They also invest in businesses to make more money and that creates more jobs, taxes and wealth. Period.
We are using deficit spending to help mask the economy. We have been doing that for years. We need to make large cuts to freebies to ensure ‘real’ growth.
United States Consumer Spending
Consumer Spending in the United States increased to 13075.11 USD Billion in the first quarter of 2019 from 13032.30 USD Billion in the fourth quarter of 2018. Consumer Spending in the United States averaged 5818.18 USD Billion from 1950 until 2019, reaching an all time high of 13075.11 USD Billion in the first quarter of 2019 and a record low of 1403.69 USD Billion in the first quarter of 1950.
Then do it again.
Well, the economy is soaring cause Ebola’s work all finally kicked in.
Bkmrk - time warp
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