Comment by stjeanluc

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stjeanluc
December 6th, 2017 at 9:04 am

Even conservative economists predict a disaster:

http://talkingpointsmemo.com/dc/political-pressure-trumped-fiscal-responsibility-in-gop-tax-cut-crusade

“There is no historical evidence that any tax cut in history comes anywhere near paying for itself,” he said bluntly. “At the most you get back a third of the revenue you lose, but that might be overly optimistic.”

Bartlett, who also served as a Treasury Department official under George H.W. Bush, added that most previous tax cuts were enacted during economic downturns with high unemployment, and argued this bill will have far less positive impact because the economy is already doing well.  

“When there is more slack in the economy, you get more bang for the buck,” he explained. “But there’s no reason to think that now, when we’re at a cyclical peak, that we’ll see any stimulative effect at all. If I were a corporate executive, I wouldn’t be building new factories for all the new sales I’m going to get.”