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A devastating analysis of the tax cut shows itís done virtually no economic good (barf alert)
Los Angeles Times ^ | 5/29/2019 | MICHAEL HILTZIK

Posted on 06/01/2019 8:40:47 PM PDT by Beave Meister

You may remember all the glowing predictions made for the December 2017 tax cuts by congressional Republicans and the Trump administration: Wages would soar for the rank-and-file, corporate investments would surge, and the cuts would pay for themselves.

The nonpartisan Congressional Research Service has just published a deep dive into the economic impact of the cuts in their first year, and emerges from the water with a different picture. The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

The negligible (at best) economic impact of the cuts shouldn’t surprise anyone, the CRS says. “Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend,” its analysts write. “Fiscal stimulus is limited in an economy that is at or near full employment.”

The CRS findings aren’t all that novel. The service, which is an arm of the Library of Congress, reports that the tax cuts contributed to a record-breaking surge in corporate stock buybacks, which has been documented by many other analyses. The continued stagnation of rank-and-file wages is visible in monthly data computed by the Bureau of Labor Statistics.

(Excerpt) Read more at latimes.com ...


TOPICS: Chit/Chat
KEYWORDS: bureauoflabor; california; congress; democrats; djt; dnctalkingpoint; dnctalkingpoints; economy; fakenews; gop; incometaxes; irs; latimes; liberals; losangeles; losangelesslimes; losangelestimes; mediawingofthednc; michaelhiltzik; partisanmediashills; presstitutes; republicans; smearmachine; taxcuts; taxcutsandjobsact; taxes; taxreform; tcja; trump; unemployment; wages
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That's interesting....I guess they don't view employment in their analysis or the stock market or additional expendable income...
1 posted on 06/01/2019 8:40:47 PM PDT by Beave Meister
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To: Beave Meister

I look at the real world and I say, “Something good has definitely been done. Something made a difference.”

I thought it was the tax cuts. But if not that, then what?


2 posted on 06/01/2019 8:42:29 PM PDT by ClearCase_guy (If White Privilege is real, why did Elizabeth Warren lie about being an Indian?)
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To: Beave Meister

On the other hand, you may remember all the gloom and doom predicted...


3 posted on 06/01/2019 8:43:56 PM PDT by BradyLS (DO NOT FEED THE BEARS!)
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To: Beave Meister

Then, why is unemployment rate so low?


4 posted on 06/01/2019 8:44:16 PM PDT by Kazan
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To: Beave Meister

CRS- Can’t Remember Sh**


5 posted on 06/01/2019 8:46:10 PM PDT by headstamp 2
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To: Beave Meister

The media praised JFK when he cut taxes.


6 posted on 06/01/2019 8:48:24 PM PDT by Texas resident (Democrats=Enemy of People of The United States of America)
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To: Texas resident

If it’s in the Times it must be true.


7 posted on 06/01/2019 8:48:54 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

The economic growth is like women who can fake themselves into orgasm during sex. Same theory.


8 posted on 06/01/2019 8:50:27 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: Beave Meister

“Listen Hiltzik, Trump’s gonna win in 2020 unless you come up with something to stop him. Now get busy and it better be good!”


9 posted on 06/01/2019 8:53:30 PM PDT by IncPen ("Inside of every progressive is a Totalitarian screaming to get out" ~ David Horowitz)
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To: Beave Meister

Government revenues were recently at a record high. Wages are up all over the board. Employment is at record highs. Yup. Guess they did no good at all.


10 posted on 06/01/2019 8:58:08 PM PDT by DouglasKC
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To: ClearCase_guy

“But if not that, then what?”

It seems like a lot of business execs are crediting deregulation.


11 posted on 06/01/2019 8:58:41 PM PDT by be-baw
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To: Beave Meister

Pure unadulterated crap from the LA Slimes. They can hype false news yet fail to show all the homeless living outside their gates. The old owner got out in time, the new owner has learned nothing and is a fool, continuing the idiocy of this rabid leftist rag.


12 posted on 06/01/2019 8:58:59 PM PDT by Fungi
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To: Beave Meister

Michael Hiltzik must be on drugs. Or insane. Or clueless. Or a fool. Or (e) all of the above.


13 posted on 06/01/2019 9:14:10 PM PDT by july4thfreedomfoundation (President Trump IS The Resistance!)
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To: Beave Meister
In my lifetime I never saw so many business establishments closing up as they did during the eight long years of obama hell. Before then they'd just have a big sale and six months or so later a new establishment would move in and open for business. In the last couple years I've been seeing those empty buildings being leveled and replaced immediately with new ones.

If hiltzik cannot see any economic improvements, he's either blind, living in pelosiland or both.
14 posted on 06/01/2019 9:23:48 PM PDT by clearcarbon
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To: Beave Meister

Re higher income people who are less likely to spend. BS. THe Crs is near Penn ave and the capital. Those aren’t poor people who eat there, live there, and shop there.
Rich people buy homes, boats, cars, take vacations, etc. They also invest in businesses to make more money and that creates more jobs, taxes and wealth. Period.


15 posted on 06/01/2019 9:29:31 PM PDT by MadMax, the Grinning Reaper
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To: DouglasKC

We are using deficit spending to help mask the economy. We have been doing that for years. We need to make large cuts to freebies to ensure ‘real’ growth.


16 posted on 06/01/2019 9:30:40 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: Beave Meister
I guess consumer spending just doesn't help the economy at all.

United States Consumer Spending

Consumer Spending in the United States increased to 13075.11 USD Billion in the first quarter of 2019 from 13032.30 USD Billion in the fourth quarter of 2018. Consumer Spending in the United States averaged 5818.18 USD Billion from 1950 until 2019, reaching an all time high of 13075.11 USD Billion in the first quarter of 2019 and a record low of 1403.69 USD Billion in the first quarter of 1950.


17 posted on 06/01/2019 9:35:29 PM PDT by TigersEye (This is the age of the death of reason.)
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To: Beave Meister

Then do it again.


18 posted on 06/01/2019 9:55:25 PM PDT by Berlin_Freeper
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To: ClearCase_guy

Well, the economy is soaring cause Ebola’s work all finally kicked in.


19 posted on 06/01/2019 10:20:35 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Beave Meister

Bkmrk - time warp


20 posted on 06/01/2019 10:39:25 PM PDT by ptsal
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