Nobel Prize-winning economist and New York Times columnist Paul Krugman is warning Trump's tax cuts are worse than what is being reported, and what was promised is not happening.
“Its proponents made big promises about soaring investment and wages, and also assured everyone that it would pay for itself; none of that has happened,” wrote Krugman.
Adding that “the tax cut induced some accounting maneuvers, but did nothing to promote capital flows to America.”
“No money has, in fact, been brought home, and the tax cut has probably reduced national income. Indeed, at least 90 percent of Americans will end up poorer thanks to that cut."
Along with saying that the tax cut “certainly made most Americans poorer.” Krugman also said that "it’s a near-certainty that the vast majority of Americans will be worse off thanks to Trump’s only major legislative success.”
This makes sense for a lot of reasons, but one of those reasons is that it was reported that Donald Trump didn't even know what was in the GOP tax bill (click on the headliner to read):
“I reached him last night, he said he wanted to help, I said the first thing you could do is you could take away that tax provision in his tax bill that gives a company a 50 percent off coupon on their taxes,” said Sen. Sherrod Brown while appearing on CNN.
“If you’re producing in Lordstown you pay a 21 percent tax rate, if you move to Mexico you pay a 10.5 percent tax rate, and I told the president to get rid of that tax break that encourages jobs to move overseas.”
So, it comes as no surprise that Trump would tweet these:
Only an imbecile knows that low gas prices usually means that the economy isn't doing well, and it certainly isn't a good thing for U.S. oil producers, but you can't expect Donald Trump to know basic economics.
A few responses to Trump:
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