Trump’s Tax Cuts Are Reagan’s Voodoo Economics

In The Big Con, his seminal work on American grifting, and the book that was responsible for most of the best chatter in The Sting, linguist David Maurer provided a handy encyclopedia of the lingo used for the purpose of extracting a mark’s cash from his possession. One of these terms was “the office,” which Maurer defined as, “…a cluck with the tongue or velar fricative used as a signal for the mob while the mark was being played.”

Advertisement – Continue Reading Below

In the crooked casino now in operation in the national legislature, as various con men and grifters prepare to pillage whatever of the national wealth they have not shoved upwards already, the office is not sub-verbal. The office for this mob is a set of very precise phrases of which you will hear a lot over the next few months.

“Middle class,” is one. “Small business” is another. Here is another, exhaled by Trump economic guru Steve Cohen this morning on CNBC.

Tax cuts will pay for themselves through growth.

No, for the love of the everloving, eternal god, they don’t. They never do. We’ve tried this twice and the deficit went to Neptune both times and wretched recessions resulted. If you don’t believe me, believe the guy who first promulgated this nonsense to President Ronald Reagan, and who appeared in Thursday’s Washington Post.

Based on this logic, tax cuts became the GOP’s go-to solution for nearly every economic problem. Extravagant claims are made for any proposed tax cut. Wednesday, President Trump argued that “our country and our economy cannot take off” without the kind of tax reform he proposes. Last week, Republican economist Arthur Laffer said, “If you cut that [corporate] tax rate to 15 percent, it will pay for itself many times over. … This will bring in probably $1.5 trillion net by itself.” That’s wishful thinking. So is most Republican rhetoric around tax cutting. In reality, there’s no evidence that a tax cut now would spur…

Read the full article at the Original Source..

Back to Top