With the national debt hitting record-breaking highs, Axios chief financial correspondent Felix Salmon had bad news for MSNBC on Wednesday: President Donald Trump’s tax cuts would never pay for themselves.
Host Stephanie Ruhle brought up the president’s insistence that his tax cut will generate enough economic growth to pay for itself. “We know it takes time for that to happen,” she said. “But why aren’t we seeing it yet?”
“Because it’s not going to happen,” replied Salmon as Ruhle groaned audibly. “No one believed that when they insisted it. No one believes it now.”
“That’s not true,” she shot back sarcastically. “Republicans did.”
“We have seen actually that national debt increasing much faster than even the pessimists thought it would when the tax cut was passed,” Salmon continued, pointing to “massively” slower corporate earnings. “All of this amazing new growth we were promised from the tax cuts isn’t happening. It’s like a single one-shot sugar high which increases the debt in perpetuity without really giving us anything sustainable.”
“The CBO is saying the deficit will keep rising topping $1 trillion annually beginning in 2022,” Ruhle said to fellow panelist and former investment banker William Cohan. “Do you see any evidence that the tax cuts are going to pay for themselves?”
“There’s certainly no evidence yet,” said Cohan, who added that he agreed with Salmon’s pessimistic take. “This was a president who as candidate said he was going to eliminate the national debt and in fact, he’s done pretty much just the opposite going from $19 to $22 trillion in record time, trillion dollar budget deficits.” He added that United States is “awash is debt”, citing trillion in student loans, credit card debt, and auto loans. The country was so saddled with debt, Cohan added, that “a serious problem in the near term” was inevitable.
Watch the video below.
Harvard’s Laurence Tribe nails Alan Dershowitz for mischaracterizing what ‘abuse of power’ actually means
President Donald Trump's lawyer Alan Dershowitz took to the Senate podium Monday to explain that the president absolutely did what he's being accused of, he just shouldn't be impeached for it.
Dershowitz argued that Trump cares so much about corruption that his actions in Ukraine were about foreign policy, not for Trump's own personal purposes. It's a fact that doesn't hold up to evidence, as Trump has never once indicated in all of his years in office or in the campaign that he cared about corruption in the Ukraine or anywhere else.
In fact, according to a new book, Trump advocated the opposite.
Alan Dershowitz’s ‘sleight of hand’ Trump defenses blown to bits by legal analyst
On Monday, as former Harvard Law professor Alan Dershowitz delivered his defenses of President Donald Trump to the Senate, legal analyst Elie Mystal fact-checked and debunked his "sleight of hand" arguments in real time:
All right let's do this: Sleight of hand #1: Dersh says he will analyze why the Framers chose the words they did as "the sole criteria for impeachment."
Nope, nothing in the doc says "SOLE CRITERIA." That's a trick he learned from FedSoc, requiring textual fealty.
— Elie Mystal (@ElieNYC) January 28, 2020
New Bolton bombshell implicates Bill Barr in Trump’s corruption with China and Turkey: report
Yet another huge bombshell was revealed to be included in manuscript for the upcoming book by former National Security Advisor John Bolton titled The Room Where it Happened.
"John R. Bolton, the former national security adviser, privately told Attorney General William P. Barr last year that he had concerns that President Trump was effectively granting personal favors to the autocratic leaders of Turkey and China, according to an unpublished manuscript by Mr. Bolton," New York Times correspondents Micheal Schmidt and Maggie Haberman reported Monday evening.