The tax cuts for the wealthy have done nothing for the economy and instead have helped slow it down.
The government’s latest economic scorecard arrived on Thursday, offering fresh evidence that the economy continues to grow, but at a frustratingly slow pace.
Gross domestic product, which measures the value of goods and services produced inside the United States, grew at a 2.1 percent annual rate between October and December, the same as the previous three months, according to preliminary data released by the Commerce Department. As for 2019 as a whole, the report shows that the economy turned in a weaker annual showing than it did in 2017 and 2018.
The whole idea behind giving tax cuts to the wealthy that it would create more jobs and stimulate economic growth has been rendered null and void no matter how many times Peter Navarro and Larry Kudlow claim otherwise or invoke the "optimism fairy."
Trump's tax cut scam of 2018 hoodwinked the American public while giving himself a huge tax break along with the billionaires, while leaving most of of America to pay the bill.
Business Insider writes:
It's official: Trump's tax cuts were an economic bust
Thus far, however, none of the links on the supply-side chain are anywhere to be seen. To the contrary, as the new GDP report showed real business investment has declined for three quarters in a row, the worst such stretch since the last recession.
To be clear, the wealthiest of this country do not simply reinvest their money when they receive incredible tax breaks just because Art Laffer goes on Fox Business Network and proclaims it so. They hoard it for stock buybacks and to purchase new villas -- because they can.
