As many progressive economists anticipated, the GOP tax-cut bill—thought to primarily benefit the wealthy—has failed to stimulate the economy in a way that benefits the rest of Americans.
On MSNBC Tuesday, host Ali Velshi explained why so far the tax cuts appear to have succeeded in ballooning the deficit.
CNBC editor-at-large and policy analyst John Harwood then explained why, even though it seems counterintuitive, the deficit has grown under Republican presidents, and shrunk during the Democratic administrations of Bill Clinton and Barack Obama.
“What gives?” Velshi asked.
“Well, what gives is we have a very consistent pattern,” Harwood said. “It’s gone all the way back to Ronald Reagan.”
“Why is that? The Republicans cut taxes,” Harwood observed.
He pointed out that Trump administration officials, including Steve Mnuchin, promised that the deficit would not rise if they cut taxes.
“Well guess what?”
Trump’s strategy isn’t working in Pennsylvania — a state the president can’t afford to lose: report
Pennsylvania, Michigan, Wisconsin and Ohio are the four states that GOP strategists have been describing as President Donald Trump’s “Rust Belt firewall” — states that went to President Barack Obama in both 2008 and 2012 but favored Trump over Democratic nominee Hillary Clinton in 2016. But that “firewall” has not been holding up for the president. Trump’s reelection campaign has "temporarily" suspended its advertising in Michigan, although it continues to advertise in the other three — all of which are clearly in play for former Vice President Joe Biden, the presumptive 2020 Democratic presidential nominee. And Philadelphia-based reporter Holly Otterbein, in an article published in Politico on August 2, stresses that so far, Trump’s attacks on Biden have not been resonating in Pennsylvania.
A 2020 ‘Blue Wave’ could badly cripple the Republican Party for years: Dem strategist
In a column for New York magazine, Democratic strategist Ed Kilgore claimed that a "Blue Wave" election in 2020, like the one that switched the balance of power in the House to the Democrats, could have a far-reaching impact on congressional representation in elections to come.
In 2018, distaste for Donald Trump -- who was not on the ballot -- led voters to take out their wrath on Republican lawmakers, handing Democrats a net gain of 40 seats in the House and making Rep. Nancy Pelosi (D-CA) the House Speaker.
‘Worse than I could have imagined’: Epidemiologists rain hell on Trump’s ‘appalling’ pandemic performance
Several professional epidemiologists have told The Atlantic that they've been shocked at the Trump administration's failed response to the novel coronavirus pandemic, which so far has killed 155,000 Americans in just five months.
In the story, journalist Ed Yong writes that he has spoken with more than 100 different infectious disease experts over the last several months and has "learned that almost everything that went wrong with America’s response to the pandemic was predictable and preventable."