Do Tax Cuts for the Wealthy Help the Economy?
Donald Rumsfeld used to say that people are entitled to their own opinions but they are not entitled to their own facts. Catastrophically, especially when it comes to Republican economics, that is no longer true.
Only liars and idiots believe Republican claims that their proposed tax cut is about helping the middle class. Everyone else understands it for what it is: a payoff by the Republicans to their wealthy masters.
Did the massive tax cuts and their concomitant debts produce the robust growth Republicans promised, and still claim? They did not. Here’s the data.
"Did the massive tax cuts and their concomitant debts produce the robust growth Republicans promised, and still claim? They did not."
Over the twelve years of Reagan/Bush, GDP grew at an average of 2.8% per year. Bill Clinton raised taxes on the wealthy. The result? The economy grew at an average of 3.5% per year over his eight-year tenure, 25% faster per year than under Reagan/Bush.
But if you are interested in facts, the facts are undeniable. Massive tax cuts for the wealthy produce middling growth and massive debt. They are a prescription for economic disaster.