One of the high priests of the Republican false God trickle down economics claimed on CNN’s State Of The Union that tax cuts for the rich would be offset by economic growth, even though the facts have proven this wish to be untrue.
Senate Majority Leader McConnell says the growth from the GOP budget will offset its impact on the national deficit https://t.co/O8WNVtlKia
— CNN Politics (@CNNPolitics) October 22, 2017
McConnell replied to question about the GOP tax cuts for the rich adding $1.5 trillion to the deficit by saying, “That’s a rather conservative estimate of how much growth you’ll get out of this pro-growth tax reform which reduces rates for the middle-class, which makes it considerably less likely that jobs go overseas by correcting business taxes in such a way that produces more jobs and opportunity.”
Everything that Mitch McConnell said was not true.
Republicans recently tried in 2003 with the Bush tax cuts, and according to the Center For Budget and Policy Priorities:
The Bush tax cuts included sharp tax cuts on capital gains and dividends that proponents said would spur immediate business growth, but a recent study found “empirical evidence that the 2003 tax cuts had little impact on investment or employment.” And, in the words of The Wall Street Journal, Federal Reserve economists found the 2003 tax cut “was a dud when it came to boosting the stock market.”
A 2012 study of 65 years worth of data from the Congressional Research Service found that there is no relationship between the size of tax rates for those at the top of the economy, and economic growth.
Tax cuts for the rich are the GOP’s Great Pumpkin, and Republicans are Linus in the pumpkin patch on Halloween night. McConnell was expressing a belief as fact when the facts prove that there will be no great surge of economic growth if taxes are cut. The most likely outcome is that it will hurt the economy by blowing up the deficit.
Republicans have brainwashed themselves into believing that tax cuts for the rich grow the economy because that is the only justification that they have for their pro-wealthy and corporate policies.
The tax cuts aren’t going to grow the economy, but with Republicans in charge of the federal government, there is no one to stop them from their act of mass economic suicide.