The only thing that will significantly move the economy is more cash in the hands of the poor and middle classes. You want a stimulus, do something like forgiving all student loans. The economy would go absolutely bonkers.
Tax cuts for the wealthy do absolutely nothing. It's the worst possible investment with the smallest return on investment from a stimulus perspective.
Remember when Trump said this:
"Here's what we do. We're going to grow. The numbers just came out for Obama's last year. 1.6 GDP. That means nothing. That's, like, 1% GDP. So I have gotten to know as you know, I really get along with a lot of other countries. So I talk to the heads of countries. ‘How are you doing?’ ‘Not well, not well.’ ‘Why?’ ‘GDP is 8%. GDP is 9%. We are doing poorly.’ GDP — Our GDP is, like, 1%."
Ignoring the fact that 1.6% doesn't round to 1% and also ignoring the fact that developed countries do not have GDP growths that are similar to developing countries....How's that 0% growth increase?
It's Goldman Sachs. They're practically obligated to bow down before the tax cut god. It's telling that their optimistic analysis only shows 0.2%.
False. They will cause a collapse of the market after a little while...
That's false. It would cause the middle class to lose more ground over time.
Not only that, but look at this list and then tell me what countries Trump was talking to that had 8-9% GDP growth in 2016.
He literally just made this shit up, not that that should surprise anyone who's been paying attention for the last few years.
Also note that other developed countries with objectively strong economies (Germany, Switzerland, Norway, Denmark, Canada) all had GDP growth rates that were either lower or just slightly higher than the US.
You're thinking with math and numbers and statistical and historical research. Who needs that when you can have Paul Ryan's patented Magic Asterisk* ! Just throw a few of those in there and you can turn 0.2% GDP growth into 2% GDP growth* .
Need a little more oomph to get your numbers to work? Use Grandpa Cheney's "Deficits Don't Matter" earplugs. When someone says your plan makes no sense and will add another few trillion onto the US national debt, shove 'em in your ears and soothing patriotic music will calm your nerves. Don't think about the possibility of collapse of the economy that upholds the global financial system and how it would make the 2008 Recession look like dropping a dollar down a storm drain, they just hate job creators!
*Will not actually boost growth, is not magic as much as magical thinking.
Talking in percentages doesn't quite do this justice.
Goldman Sachs is saying that the GOP's budget is adding in well over a trillion dollars that is not real. This is HUGE. I hope this gets the attention that it deserves and GOP's tax reform gets torpedoed.
GS is GOOD at what they do. 0.2% is damning against the GOP claim that these cuts will be good for the economy. Growth is good, but to justify cuts you need to grow enough to mitigate the total amount brought in. 0.2% isn't even close