Drudge Retort: The Other Side of the News
Tuesday, October 24, 2017

All that magical growth never actually materializes.

Call it the refusal of "trickle-down economics" to die.

Ever since Ronald Reagan introduced the idea, Republicans have clung to a very mistaken concept ― that tax cuts always pay for themselves.

Though proven false again and again, this is the fallback Republican position when trying to hoodwink the American public into massive tax cuts for those at the tippy-top of the income scale.

"Don't worry," the GOP tells the public, "these tax cuts will generate so much new growth that they will pay for themselves!" As always, the reality turns out to fall far short of this lofty goal.

Exposing the GOP's "big lie" about tax cuts is easy ― all you have to do is look at the last time they tried it (or, for that matter, the time before that, or the time before that...)

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A new report by the Center on Budget and Policy Priorities (C.B.P.P.) examines exactly what happened the last time this snake oil was sold to the American public, in detail.

Titled "The Legacy of the 2001 and 2003 ‘Bush' Tax Cuts," it clearly shows what an empty promise "tax cuts always pay for themselves" truly is. The very first paragraph sums it up:

"High-income taxpayers benefited most from these tax cuts, with the top 1 percent of households receiving an average tax cut of over $570,000 between 2004-2012 (increasing their after-tax income by more than 5 percent each year).

Despite promises from proponents of the tax cuts, evidence suggests that they did not improve economic growth or pay for themselves, but instead ballooned deficits and debt and contributed to a rise in income inequality."

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"Evidence suggests that the tax cuts ― particularly those for high-income households ― did not improve economic growth or pay for themselves, but instead ballooned deficits and debt and contributed to a rise in income inequality."

"In the real world, however, we look at the evidence and draw conclusions. And the conclusions are the exact opposite of what Republicans fervently believe. The study concludes with a comparison between the Bush tax cut years and what happened in the 1990s under Bill Clinton, after Congress raised taxes: see link

"In the upcoming debate over tax cuts, you'll hear quite a few Republicans argue that the numbers they are forced to use (from the Congressional Budget Office) are not "dynamic" enough, and that their own private calculations show a rosy future where massive borrowing isn't required in order to slash taxes on the wealthy and Wall Street.

But there's a reason the C.B.O. doesn't use Republican math ― because it never seems to add up in the real world.

All that magical growth never actually materializes. Over and over again, trickle-down economics is proven to be nothing short of a Stalinesque Big Lie. But that never seems to stop Republicans from going to this particular well one more time."

#1 | Posted by Corky at 2017-10-24 01:26 AM | Reply

Yeah, Republicans are Evil (the Laffer Curve of Voodoo Economics), everybody knows that. Of course, Democrats are insane ("Cultural appropriation?"). So it's kind of like picking between a giant douche and a turd sandwich.

To make it worse, both sides are owned by Big Money. So really, nobody represents we the people (although Bernie says he's going to run as an independent in 2020. Yay!)

The oligarchs are running up the debt as fast as they can while they steal all the money, knowing full well that they are going to destroy America (I give us maybe ten years before the Big Bankruptcy takes everybody's pensions) and our government collapses as troops fill the streets to quash the starving hordes.

But look on the bright side: you will get to try new dishes, like Ratatouille and Long Pig.

Because that is exactly what is coming if we continue on our present course.

#2 | Posted by HeliumRat at 2017-10-24 01:55 AM | Reply

Except in one plan Medicare and Medicaid get a $1,500,000,000,000 funding cut that will hurt the most vulnerable in our society so your "both sides are to blame" doesn't really fit.

One side is spending the annual funding of meals on wheels to go golfing every weekend while cutting funding for meals on wheels.

Again, doesn't really fit.

The GOP budget is finally their deepest desires come true... a massive increase to an already bloated military budget, gutting of social services and a huge tax cut for the 1% while adding trillions to the debt and they will cram it through with 50 votes.

#3 | Posted by 726 at 2017-10-24 07:42 AM | Reply | Newsworthy 1

#2

Trump voters are such total dumbasses.

#4 | Posted by Corky at 2017-10-24 12:57 PM | Reply

Democrats are just as much to blame, since they have been unable to create a simple pie chart to show Americans explaining where money will come from, and where it will go.

#5 | Posted by SheepleSchism at 2017-10-24 01:21 PM | Reply

#5 Yeah right. The Dems are not to blame for ------- greed.

#6 | Posted by squinch at 2017-10-24 04:29 PM | Reply

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