Former Secretary of Labor Robert Reich blasted the proposed GOP tax bill as a “give away” based on “Republican right-wing amnesia” in his latest economics debate with Donald Trump economic advisor Stephen Moore on CNN’s “Out Front with Erin Burnett” Friday night.
“So, Steven, break out the champagne? You’ve got to be overjoyed,” Burnett expected.
“I’m a pretty happy camper today,” Moore admitted. “I believe — I know Robert Reich disagrees, but I believe this will be very powerfully pro-growth. I think it’s good for businesses, I think it’s good for workers, I think it’s families.”
“This is a huge give away, a trillion dollars to corporations when corporations don’t need it, don’t want it, are not going to spend it on investment,” Reich noted. “This is not pro-growth at all, Steven Moore, there’s no relationship between a tax cut like this and growth.”
Reich suggested the bill was “immoral” by costing 13 million Americans their health insurance.
“Why? So you can give more tax breaks to people who have never been as rich in their lives,” Reich explained. “People at the top and also big corporations that already are flooded with profits.”
“Look, I think the number one aim of this bill is to make America number one,” Moore noted. “What’s wrong with being pro-American business?”
“This is a case of collective Republican right-wing amnesia,” Reich reminded. “In 2004 — hello Steve Moore — this was tried. The George W. Bush administration did exactly this.
“What happened? Zero. We got nothing except stock buybacks and executive pay increases,” Reich predicted. “That’s all you’re going to get.”