Roll us over and do it again!
Our Congress is once again on a break (is there ever a time when this isn’t so?) They have tried health issues and failed…..they are talking abut some sort of gun regulations…..and since nothing is sticking to the wall then they will go to the ever popular tax reform.
And since the GOP is in control then we will try their fix for the economy…..supply-side solutions.
This solution has not been a answer for 30+ years….hey, why not try it again?
Our president has decided the “voodoo economics” will solve all the ills of our economy….
Billionaire US President Donald Trump wants to reform the US tax system, like others before him. But his plan looks more like tax cuts for America’s wealthiest and some of the world’s biggest corporations.
Although it’s yet to be fleshed out, it’s based on the idea that the cuts will pay for themselves, with the economic growth they generate in years to come. Yet, that’s never happened in the history of US tax cuts.
In economics jargon: this is a classic supply-side response to a demand-side problem. But why help companies and investors if workers are the ones in trouble?
It’s been done before and George HW Bush famously called it “voodoo economics” to discredit the notion that cutting tax rates will increase revenues.
An IST factoid: Tax cuts have NEVER paid of themselves!
But you will be asked to buy into the dream anyway…..you cannot drain the swamp and keep the crap in place.
I have written on this subject before and pointed to the fallacy……..
A laughable solution that the population falls for almost every time.