Thank You, Captain Obvious
Guys, I know this is going to come as a stunning shock to you, but ….
President Donald Trump and the Republicans’ tax cut is proving to be vastly more generous for corporate America, and vastly more expensive for taxpayers, than expected.
Bloomberg is estimating that the S&P 500 companies will save $600 billion, adding that to the national debt or squeezing it out of taxpayers.
They are talking a “13 digit savings” for big business if this continues. This is what 13 digits looks like. 0,000,000,000,000 They have to say “13 digit” because there is no term to put after it and wowzillion sounds stoopid.
Not a Wowzillion, actually, but only trillions.
Yeah. “ONLY”.
1Deficit hawks are an odd migratory breed. They take flight when the Cons run Congress and the WH, then return like carrion vultures when there’s a Democratic president. Until the electorate wakes up to the fact we cannot afford these alleged fiscal conservatives and give Democrats a solid twenty plus years of governing, we’re stuck in this rinse, repeat cycle of a nightmare of exploding debt. Did Einstein have Con in-laws who were the inspiration for his Theory of Insanity?
2Well, color me shocked and surprised by this news, y’all.
(BTW, if you believe that, I have some land in Arizona that might interest you…)
3Jane & PKM-
I also have a theory about the strange appearance and disappearance of the Deficit Hawk.
I believe they become so exhausted during the frenzy of their Democratic Administration breeding & feeding season, that they slump into a somnambulant hibernation during the long Republican Winter. The few that remain in sight are picked off during a special session of a Deficit Hawk Hunting Season when the first snow flurries flutter from the sky, called as a Conservative Conservation measure (which keeps the population in check, and healthy) and only the oldest, infirm or off-message Hawks are targeted by shooters on a designated Republican Platform. A weekend of shotguns, beer, and brandy which gets everyone on target and on message.
4Some clarification is needed. The thirteen digit tax break correctly states the ten year cost of these business tax breaks to us. In other words a trillion plus. The 600 billion is the amount by which the tax breaks exceeded what we were told they would cost. The most significant side light of the linked story at Bloomberg is that the predicted stimulus effect has collapsed. The tax break will not pay for itself in any degree. Color me shocked!
5the entire GDP is something in the neighborhood of $20T. so is the national debt (not coincidentally).
the entire federal budget is something like $5T.
to just give corporations over $1T is the equivalent of giving them a tax cut – and thus adding to the debt – equal to 20% of the entire federal government, or 5% of the debt.
6They have a dandy plan – cutting Medicare and Social Security.
7The Republican smash and grab robbery of our country’s income echos the MO of Russian oligarchs plundering Russian coffers. If we ever rid ourselves of these thieves, our economy may take years to recover.
8*** not safe for work***
But a really good read from Wonkette on the ‘economics’ of the really st00pid Con tax cuts. The phony “fiscal conservatives” struck again to blow our economy into dumba$$ Donnie’s golden seat. Tax cuts for the .01% are just that: tax cuts. Tax reform would be those greedy MoFos actually paying their fair share.
https://www.wonkette.com/trumps-big-fat-tax-cuts-cost-over-half-a-trillion-bucks-more-than-estimated-oops
2020. Senator Elizabeth Warren and Representative AOC as VP! That would be progressive with the accent on progress.
9Jane & PKM, while I like the idea in your last paragraph, AOC is unfortunately not of eligible age. Yet.
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