U.S. House Speaker Nancy Pelosi (D-CA) exits her office after hosting a meeting with Rep. Alexandria Ocasio-Cortez (D-NY) in Washington, U.S. July 26, 2019. REUTERS/Erin Scott
Speaker Nancy Pelosi said that the Republican tax scam for the rich is why Trump has failed to grow the economy as he predicted.
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Speaker Pelosi said, “I think what you saw was that the tax scam that they put out there has not produced the growth that the president was boasting would happen. And that it hasn’t produced the revenue, hence, we’ve had to lift the debt ceiling earlier than maybe people had expected. So that didn’t work. It didn’t pay for itself. And it isn’t growing the economy as — to the extent that the president said it would. And so I think we have to, instead of getting tax breaks to the top 1%, 83% of the benefits to the top 1%, we should have a more compassionate free market system which rewards work and brings many more people into the prosperity of our country. That consumer confidence, that spending, that injecting demand I think will accelerate the growth of our GDP.
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Trump has had nothing to say after revised economic numbers revealed that the Trump economy did not achieve 3% growth in 2018. Economic growth was revised downward for both 2017 and 2018. Trump has harmed economic growth in the US through the terrible policy tag team of tax cuts for the wealthy and corporations and a trade war that has crippled farmers, importers, and US manufacturing.
Trump isn’t growing the economy. He is slowing it. Speaker Pelosi was correct. Trump’s tax scam for the rich has exploded the debt, hasn’t produced revenue and didn’t pay for itself. The Trump economic boom is a fraud as Trump has taken the good economy that Obama left him and put it on the cusp of recession.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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