Skewering of Leftist Economic "Conventional Wisdom"

[whell]

Originally Posted by finnbow

I don't doubt that $1.5 trillion in tax cuts for corporations and the wealthy will have some positive impacts for corporations or the wealthy and will trickle down somewhat on the less privileged. The issue is whether this tax package was the right thing to do at the time in terms of equity, the deficit and inflation. A couple of anecdotes don't make it so.

It didn't simplify the tax code or close loopholes, nor will it pay for itself (as promised). What it will do is increase interest rates as well as concern from our creditors about the credit-worthiness of US treasuries (just yesterday China expressed grave concern about US treasuries) and bonds are reportedly entering a bear market. Increased interest rates will ultimately have a negative impact upon the economy. Meanwhile, enjoy your sugar high.

We're clearly beyond anecdotes at this stage, my stubborn friend. The China bond story has also been debunked a bit, now classified as a leak aimed at influencing trade policy rather than any serious concerns over China's US bond holdings. And if bonds are entering a "bear market", it's because there are more attractive investments out there...like stocks.

https://www.ft.com/content/924e4c88-...7-5465a6ce1a00

You claim it won't pay for itself, with your fixed pie economy point of view. Others, including the former CBO Director Douglas Holtz-Eakin, thinks it will. I'll take Mr. Holtz-Eakin's Ph.D in Economics from Harvard - informed opinion on this.

[Dondilion]

Originally Posted by finnbow

I don't doubt that $1.5 trillion in tax cuts for corporations and the wealthy will have some positive impacts for corporations or the wealthy and will trickle down somewhat on the less privileged. The issue is whether this tax package was the right thing to do at the time in terms of equity, the deficit and inflation. A couple of anecdotes don't make it so.

Well put!

[nailer]

Originally Posted by whell

Meanwhile, and back on topic:

https://www.cnbc.com/2018/01/10/bill...or-stocks.html

Even Warren Buffett thinks the Corp tax rate reduction is positive.

So, one of America's richest investors, pretty sure it's in corporate wealth, thinks corporate tax rate reductions are good.

[whell]

Originally Posted by nailer

So, one of America's richest investors, pretty sure it's in corporate wealth, thinks corporate tax rate reductions are good.

Yup. Right after saying they weren't needed.

https://www.washingtonpost.com/graph...=.a857e071f86e

[Chicks]

So, Whell, you trust the experts when they agree with you, but when they don’t, they’re ignorant “lefties”. You’re hilarious.

[whell]

Originally Posted by Chicks

So, Whell, you trust the experts when they agree with you, but when they don’t, they’re ignorant “lefties”. You’re hilarious.

You'd know, Chickie.

[barbara]

Short memory, Zero?
When Obama took office he brought us out of a recession .... do you not remember?

[whell]

The skewering continues. Apple announces expansion, new jobs and repatriation of billions of dollars while also paying 38 billion in taxes for the privilege of repatriating those billions. Why? The new tax law.

https://www.cnbc.com/2018/01/17/appl...r-5-years.html

Yeah, it's just anecdotal.

[nailer]

Originally Posted by whell

The skewering continues. Apple announces expansion, new jobs and repatriation of billions of dollars while also paying 38 billion in taxes for the privilege of repatriating those billions. Why? The new tax law.

https://www.cnbc.com/2018/01/17/appl...r-5-years.html

Yeah, it's just anecdotal.

And as the article clearly states, president-elect Trump said he'd get Apple to do this.

[Chicks]

Originally Posted by whell

The skewering continues. Apple announces expansion, new jobs and repatriation of billions of dollars while also paying 38 billion in taxes for the privilege of repatriating those billions. Why? The new tax law.

https://www.cnbc.com/2018/01/17/appl...r-5-years.html

Yeah, it's just anecdotal.

U.S. Cash Repatriation Plunges 50%, Defying Trump's Tax Forecast

Oops. Once again, Whell’s undying belief in his master’s supremacy hits the wall of reality. Beginning to think Whell was just a Russian troll, after all.

https://finance.yahoo.com/news/u-off...133001066.html