Friday, November 24, 2017

Top Economists Agree About Two Outcomes From GOP Tax Plan

Republican politicians claim that their tax plan will stimulate economic growth.  They also claim that the tax cuts will stimulate enough growth to pay for the cuts.  A poll of 42 top economists shows that there is little support among economists for their claims.  They don't believe that the tax cuts will produce substantial economic growth, and they agree that the tax cuts will add substantially to the national debt.  That won't have much impact on Republican politicians, or on many of their followers.  The benefactors from the tax cuts don't really care about anything but a reduction in their taxes.  They are also the paymasters for their Republican supporters.  Furthermore, many low income Republicans don't really care much about what "elite intellectuals" have to say about tax policies.  They get most of their information from sources that are aligned with the Republican Party who claim that they offer "fair and balanced" news. They have a strange concept of fair and balanced news.  They exclude the views of top economists and they promote the views of paid hacks at conservative "think tanks" which are funded by the folks who benefit from the tax cuts.

The GOP tax plan also shows what Republicans really think about budget deficits and the national debt.  Budget deficits and increases in the national debt have been how they have paid for tax cuts in previous Republican administrations.  They prefer to pay for government by borrowing instead of taxing the income of wealthy Republicans. They also get to collect the interest on the debt by buying US treasuries.

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