Even Wall Street thinks this tax bill is a loser

[AntonToo]

According to Goldman Sachs, this tax bill will only increase growth by 0.3% for 2018-19 and then either flat-line, or contract the economy beginning in 2020.

That's a loser.

According to Goldman Sachs, this tax bill will only increase growth by 0.3% for 2018-19

Oh no! Increased growth.

Oh no! Increased growth at time of growth. paid for with DEFICITS that ALREADY look disastrous.

Can ANYONE supporting these tax cuts explain to me why this is a good idea?

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

did you just brain fart?

Yes, reducing deficits is generally contractionary. There is no free lunch.

Given ALREADY deep fiscal hole we are in today's tax-cuts are just tomorrow's taxes plus interest, minus growth.

 

[Toddsterpatriot]

According to Goldman Sachs, this tax bill will only increase growth by 0.3% for 2018-19

Oh no! Increased growth.

Oh no! Increased growth at time of growth. paid for with DEFICITS that ALREADY look disastrous.

Can ANYONE supporting these tax cuts explain to me why this is a good idea?

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

How are tax hikes contractionary?

In the same way spending cuts are....except worse.

 

[Toddsterpatriot]

According to Goldman Sachs, this tax bill will only increase growth by 0.3% for 2018-19

Oh no! Increased growth.

Oh no! Increased growth at time of growth. paid for with DEFICITS that ALREADY look disastrous.

Can ANYONE supporting these tax cuts explain to me why this is a good idea?

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

did you just brain fart?

Yes, reducing deficits is generally contractionary. There is no free lunch.

Given ALREADY deep fiscal hole we are in today's tax-cuts are just tomorrow's taxes plus interest, minus growth.

Looks like a good time to cut government spending.

 

[Winston]

Oh no! Increased growth at time of growth. paid for with DEFICITS that ALREADY look disastrous.

Can ANYONE supporting these tax cuts explain to me why this is a good idea?

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

How are tax hikes contractionary?

In the same way spending cuts are....except worse.

illogical. The government spends all the tax revenue it takes in. Tax hikes are not contractionary.

 

[Toddsterpatriot]

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

How are tax hikes contractionary?

In the same way spending cuts are....except worse.

illogical. The government spends all the tax revenue it takes in. Tax hikes are not contractionary.

The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks

By Christina D. Romer and David H. Romer*

This paper investigates the impact of tax changes on economic activity. We use the narrative record, such as presidential speeches and Congressional reports, to identify the size, timing, and principal motivation for all major postwar tax policy actions. This analysis allows us to separate legislated changes into those taken for reasons related to prospective economic conditions and those taken for more exogenous reasons. The behavior of output following these more exogenous changes indicates that tax increases are highly contractionary. The effects are strongly significant, highly robust, and much larger than those obtained using broader measures of tax changes. (JEL E32, E62, H20, N12)

https://eml.berkeley.edu/~dromer/papers/RomerandRomerAERJune2010.pdf

 

[AntonToo]

Oh no! Increased growth at time of growth. paid for with DEFICITS that ALREADY look disastrous.

Can ANYONE supporting these tax cuts explain to me why this is a good idea?

Looks like a good time to cut government spending.

Nope, good time to cut spending is BEFORE you fuck up already fucked up budget even further.

And here is another thing about cutting spending - IT IS CONTRACTIONARY. If we cut one trillion dollar in 2027 from government spending economy will contract by around 5% GDP and put us into recession.

And here is another thing about cutting spending - IT IS CONTRACTIONARY.

So are tax hikes. Why do you love deficits?

did you just brain fart?

Yes, reducing deficits is generally contractionary. There is no free lunch.

Given ALREADY deep fiscal hole we are in today's tax-cuts are just tomorrow's taxes plus interest, minus growth.

Looks like a good time to cut government spending.

So go ahead, cut the spending, post a surplus AND ONLY THEN pass the tax cuts.

Instead, what conservatives prioritize is easy tax-cuts-on-credit above all else, do not keep their Republicans to their spending cuts rhetoric and we end up in bigger and bigger fiscal hole.

Reality is you you know damn well that the sort of cuts required to finance this mostly-giveaway to corporations and the rich is going to be highly unpopular.

Maxing out credit cards to give out candy is easy - PAYING FOR IT is the hard part nobody is interested in and this is not going to end well for us.

 

[The Derp]

We both know the so called popular vote is meaningless in our presidential elections

"So-called"? Why did you qualify the popular vote like that? Are you trying to deligitimize the popular vote because then you don't have to admit your guy is unpopular because he didn't win it?

I get why you on the left cling to that out of desperation after losing the House, Senate, White House, after we stole a SCOTUS nomination from Obama, and took nearly 1,000 Dem seats from you nationally. Ouch!

Yes, but politics is a pendulum, and the swing hard to the right will result in a hard swing to the left that will permanently break the pendulum. That's what happens when an entire political ideology sells itself out to Russia.

 

[The Derp]

Wow, growth projections 10 years out!
What's your previous 10 year prediction success rate?

Pretty fuckin' good, actually. Obama and the CBO predicted a reduced deficit during his term and that's exactly what happened. Goldman Sachs came to that judgment based on models that are favorable to you. Even with those favorable models -effectively putting your thumbs on the scale- you still can't achieve the growth you promise.

All 34,000 of their employees?
Or maybe just a couple of economists?

So now comes the part where the conservative liar searches for any red herring in order to gaslight the Wall Street bank, who the current Chief Economic Adviser worked for prior to joining the Russian-Trump Administration, when they throw cold water on your trickle down fantasy.

 

[The Derp]

That's funny, every time I get a dividend my net worth increases.
If you received a dividend, would you bury it, spend it, invest it.....send it back?

1. No one believes for a second that you, personally, get dividends on anything. This is just you pretending to be something you're not, which is something all Conservatives do, in order to support a bullshit argument with bullshit anecdotes no one believes.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all. So your trickle-down beliefs are bullshit.

 

[Weatherman2020]

According to Goldman Sachs, the former employer of Trump's chief economic adviser, this tax bill will only increase growth 0.3% for 2018 and 2019 before either flat-lining, or producing negative growth beginning in 2020.

Goldman Sees U.S. Tax Cut Boosting Growth 0.3% Point in 2018-19
The U.S. Congress will probably pass tax-cut legislation within the next two weeks, ushering in reductions that will boost economic growth by around 0.3 percentage point for next year and 2019, according to estimates by Goldman Sachs Group Inc.

Goldman Sachs doesn't think the Republican tax bill would be a big boost to the US economy
We note that the effect in 2020 and beyond looks minimal and could actually be slightly negative," the Goldman economists wrote.​

Even Wall Street thinks this bill sucks.

Another record high this morning. You are like that idiot Paul Krugman who said the market will never go up after election night only to have it go up a thousand points.

 

[miketx]

According to Goldman Sachs, the former employer of Trump's chief economic adviser, this tax bill will only increase growth 0.3% for 2018 and 2019 before either flat-lining, or producing negative growth beginning in 2020.

Goldman Sees U.S. Tax Cut Boosting Growth 0.3% Point in 2018-19
The U.S. Congress will probably pass tax-cut legislation within the next two weeks, ushering in reductions that will boost economic growth by around 0.3 percentage point for next year and 2019, according to estimates by Goldman Sachs Group Inc.

Goldman Sachs doesn't think the Republican tax bill would be a big boost to the US economy
We note that the effect in 2020 and beyond looks minimal and could actually be slightly negative," the Goldman economists wrote.​

Even Wall Street thinks this bill sucks.

Stock market in orbit, lol

 

[miketx]

That's funny, every time I get a dividend my net worth increases.
If you received a dividend, would you bury it, spend it, invest it.....send it back?

1. No one believes for a second that you, personally, get dividends on anything. This is just you pretending to be something you're not, which is something all Conservatives do, in order to support a bullshit argument with bullshit anecdotes no one believes.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all. So your trickle-down beliefs are bullshit.

You guys know so much about people you have never met. How is that possible? Or, perhaps you're just another lying pos? Our stock has gained considerably since 2016 elections.

 

[Toddsterpatriot]

That's funny, every time I get a dividend my net worth increases.
If you received a dividend, would you bury it, spend it, invest it.....send it back?

1. No one believes for a second that you, personally, get dividends on anything. This is just you pretending to be something you're not, which is something all Conservatives do, in order to support a bullshit argument with bullshit anecdotes no one believes.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all. So your trickle-down beliefs are bullshit.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all.

Link?

 

[The Derp]

Stock market in orbit, lol

It was also in orbit in 2008, 1999, 1989, and 1929...until it wasn't.

 

[The Derp]

You guys know so much about people you have never met. How is that possible? Or, perhaps you're just another lying pos? Our stock has gained considerably since 2016 elections.

What I know is that Conservatives constantly invoke unverifiable anecdotes to paper over the fact deficits that exist in all their arguments.

 

[The Derp]

That's funny, every time I get a dividend my net worth increases.
If you received a dividend, would you bury it, spend it, invest it.....send it back?

1. No one believes for a second that you, personally, get dividends on anything. This is just you pretending to be something you're not, which is something all Conservatives do, in order to support a bullshit argument with bullshit anecdotes no one believes.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all. So your trickle-down beliefs are bullshit.

The wealthy got a massive tax cut during Bush, didn't increase their spending at all.

Link?

I've posted it dozens of times.

America’s Wealthy Save Tax Cuts Rather Than Spend, Moody’s Says
Give the wealthiest Americans a tax cut and history suggests they will save the money rather than spend it.
​

 

[The Derp]

Another record high this morning. You are like that idiot Paul Krugman who said the market will never go up after election night only to have it go up a thousand points.

The Dow reached record highs in 2008, 1989, and 1929 too.

Then it didn't.

 

[miketx]

You guys know so much about people you have never met. How is that possible? Or, perhaps you're just another lying pos? Our stock has gained considerably since 2016 elections.

What I know is that Conservatives constantly invoke unverifiable anecdotes to paper over the fact deficits that exist in all their arguments.

You don't know shit! You hypocrites claim a guy that say he gets dividends is lying and you never even met him! Talk about hypocritical liars!

 

[The Derp]

You don't know shit! You hypocrites claim a guy that say he gets dividends is lying and you never even met him! Talk about hypocritical liars!

Here's what we know: because there is no actual data to support any of the arguments you're making here about taxes, you fall back on saying you personally experienced something and thus, that informs and lends credibility to your argument when the facts don't. There's no way for you to prove anything you say about yourself, unless you unmask yourself on these boards and step out from the shadow of anonymity so you can be fact-checked. But you don't do that because you're a coward and because if you were to no longer remain anonymous, you wouldn't be able to lie about yourself on the boards anymore, and thus, lose your qualifiers.

 

[miketx]

You don't know shit! You hypocrites claim a guy that say he gets dividends is lying and you never even met him! Talk about hypocritical liars!

Here's what we know: because there is no actual data to support any of the arguments you're making here about taxes, you fall back on saying you personally experienced something and thus, that informs and lends credibility to your argument when the facts don't. There's no way for you to prove anything you say about yourself, unless you unmask yourself on these boards and step out from the shadow of anonymity so you can be fact-checked. But you don't do that because you're a coward and because if you were to no longer remain anonymous, you wouldn't be able to lie about yourself on the boards anymore, and thus, lose your qualifiers.

Clown, I haven't made any arguments about taxes. You lie when the truth sounds better, hypocrite.