Forbes Federal Budget Expert Stan Collender ran the numbers on the GOP Tax Bill recently approved by the house, and it doesn’t look good. In his expert opinion, passing the plan would mean the end of all economic sanity in Washington.
Collender, who served on both the House and the Senate Budget Committees and published the Guide to the Federal Budget issued every year from 1982 – 2000, said that the passage of the GOP tax bill would “be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.”
Though you’d never know it the way the Republicans tell it, (Remember Trump’s Inauguration speech? All that “American Carnage?”) things are really going better than ever, economically speaking.
According to Collender, the GDP is growing, we’re beyond full employment, and stocks and corporate profits are way up. The private sector is doing just fine on its own and there’s no earthly reason for a government-induced stimulus right now.
Collender condemns the GOP for charging ahead with the plan without having any idea of the impacts it will have. Official estimates that put the resulting increase of the deficit at $1.5 trillion hide the truth: that it’ll be more like $2 trillion.
So all the debates going on in the House and the Senate are for show. Their talking points are based on lies, because no one has any reliable data to work off of to begin with. All the debates happened before the Congressional Budget Office ever released an official assessment of the plan.
“In other words, the GOP tax bill may be enacted without anyone who votes for it having any understanding of the damage it could do to the economy. They have wishes, hopes and prayers but in reality nothing beyond the economic equivalent of pagan superstition.”
GOP promises to the middle class about tax relief and dealing with staggering income inequality obviously shouldn’t be trusted. Republicans all have their fingers crossed behind their backs.