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Saturday, March 23rd, 2019

Trump’s own economists now agree: GOP tax cuts are failing to spark growth

Author:     IGOR DERYSH
Source:     Salon
Publication Date:     March 21, 2019 | 9:30 p.m. (UTC)
 Link: Trump’s own economists now agree: GOP tax cuts are failing to spark growth
Stephan:   It is now obvious, even to Republicans that the ill-conceived tax cut they passed has not done any of the good things for the middle class and the poor that were promised. Republicans, on the data, cannot govern to produce wellbeing, because they are owned by the uber-rich, and their policies always serve the interests of their masters. The tax cut makes the point with trumpets.

But what about YOUR pay raise?
Credit: Cherise May/NurPhoto

President Trump’s hand-picked Federal Reserve chairman and White House economic advisers admitted this week that the Republican tax cuts are failing to deliver the economic growth the president promised.

Trump repeatedly claimed that the Republicans’ $1.5 trillion tax cut primarily aimed at corporations and the rich would pay for itself with annual economic growth above 3 percent. Trump went as far as to claiming the cuts might lead to a GDP growth of 6 percent.

Trump’s White House Council of Economic Advisers (CEA) released an analysis in 2017 showing that slashing corporate taxes by 15 percent would lead to GDP growth of 3 to 5 percent.

On Tuesday, the CEA released a revised report showing that the economic gains will fall far short of their initial forecast.

According to the CEA, growth is projected to slow to 2.5 percent by 2022 and then decline to 2 percent by 2026. Even that estimate is rosy, according to most economists, the 

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