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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"It's official: The Trump tax cuts were a bust"
Right before Congress passed the Tax Cuts and Jobs Act in December 2017, President Trump proclaimed:
Itll be fantastic for the middle-income people and for jobs, most of all ... I think we could go to 4%, 5% or even 6% [GDP growth], ultimately. We are back. We are really going to start to rock.
A year later, its very clear that the tax cuts boosted gross domestic product and jobs a bit and just for one year. Its effects are fading as U.S. GDP growth appears likely to weaken in 2019. The only thing that rocked were corporate profits and the stock market. And were facing trillion-dollar deficits as far as the eye can see.
https://www.marketwatch.com/story/its-official-the-trump-tax-cuts-were-a-bust-2019-01-30?mod=MW_story_top_stories
Is anyone not gullible who has observed our economy over years, surprised by this? Of course not. TRICKLE DOWN ECONOMICS is, as G H W Bush said, VOODOO ECONOMICS.
And now, we will be paying the price with a slowing economy, which hurts the workers the most. When something real could have been done to really help the economy. I'm so spittin' mad about the this and so many other things. It's not just Trump responsible. This was a plan between both ends of the Republican Party, from Trumpers all the way to the established Republicans.
Iliyah
(25,111 posts)In my opinion it did not take a rocket scientist to figure that out.
Honeycombe8
(37,648 posts)I also participate in an investing forum, since I invest my small taxable account. I like to try to keep up with things. Most of the people in that forum seem to be wealthy males. And then there's the odd small timer, like me.
Lately, I've started seeing quite a few negative comments about Trump, when normally, they are pro-Trump because of his friendliness to the stock market and corporations. A lot of negative comments.
I don't know if that's meaningful, and it doesn't mean they'd vote for a Democrat. But it is a surprising change that I noticed. (We're not supposed to discuss politics, but it comes up occasionally.)
Gothmog
(145,908 posts)Dave Starsky
(5,914 posts)Just not for the vast majority of people in this country. For those at the very, very top, it's everything they ever dreamed of.
Not so much for the people in MAGA hats driving around in rusted cars held together with duck tape and bailing wire, the bumpers of which have "Trump/Pence 2016" stickers on them. They are the ones getting fucked the most. I would hope they would start to figure that out.
malaise
(269,299 posts)Theabove was what he promised. He failed.
gratuitous
(82,849 posts)All the Republicans said the tax cuts were going to bring unparalleled prosperity for every American. Donald Trump said the cuts were fantastic for middle-income people. Domestic growth would be through the roof.
And none of it happened. Well, except maybe the "fantastic" part, but that didn't quite reach the middle-income people.
So now what? The promises weren't kept. We've added another trillion dollars to the national debt. Wealthy people got wealthier while working people got poorer. Can anything be done since the reality didn't match the come-on? Or does it just not matter? It's just something that happened. Nobody knows how it happened, and nobody (except maybe some dirty fucking hippies, and everyone knows they don't matter) could have predicted any of this.
It's a mystery!
Dave Starsky
(5,914 posts)Interrupted his usual talk about valences, ions, electron orbitals, and concentrations to talk to us about "supply side economics" and what it would ultimately mean to our young teenaged poulation. It seemed like Greek to me at the time. It seemed odd to me that a chemistry teacher would even be talking about this kind of thing. But it was important for him to talk about it, and, in retrospect, everything that teacher said was exactly right. Supply side economics is fundamentally doomed to fail; money from you and me drives the economy, not money from the really wealthy that gets sent overseas.