Is U.S. House Speaker Paul Ryan ‘Living In A Fantasy World’?
In a major victory for President Trump, and for the first time in 31 years, the House and the Senate have passed a major overhaul of the U.S. tax code. This will mostly benefit our country's wealthiest 1%.
I remember watching "Ferris Bueller's Day Off" as a teenager and hearing Ben Stein's character talking about "VooDoo Economics", and how it failed. At the time I had no idea what he was talking about, but here we go again in 2017. Why does the GOP keep trying to defy the economic odds of big tax breaks for corporate America and the wealthy?
Check this out from nytimes.com
The pattern of short-term promise followed by disappointment is one that other presidents have experienced. President Ronald Reagan in 1981 and President George W. Bush in 2001 and 2003 both passed tax cuts that delivered temporary bumps to the economy followed by slowdowns and rising deficits.
Not all, but many CEOs, say they don't plan to reinvest, ie, give higher wages, but rather, do stock buybacks and grease the palms of investors. Billionaire Mike Bloomberg said it is "pure fantasy" to think this tax code overhaul will lead to higher wages and overall economic growth.
Savannah Guthrie from NBC's "Today" recently asked Speaker Paul Ryan if he was, "living in a fantasy world." Ryan also mentioned that even though there are corporations sitting on "a ton of cash", that money is tied up over seas and can't be reinvested back in the U.S. because of our current tax laws.