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.
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BUSTED: National Archives caught doctoring exhibit to remove criticism of President Trump from women
The National Archives were caught editing an artifact from the Trump administration to remove criticism of the president, according to a bombshell new report in The Washington Post.
The newspaper reported on a "large color photograph" at the National Archives exhibit marking the centennial of women's suffrage.
"The 49-by-69-inch photograph is a powerful display. Viewed from one perspective, it shows the 2017 march. Viewed from another angle, it shifts to show a 1913 black-and-white image of a women’s suffrage march also on Pennsylvania Avenue. The display links momentous demonstrations for women’s rights more than a century apart on the same stretch of pavement. But a closer look reveals a different story," the newspaper noted.
Dershowitz is running a ‘bizarro defense’ of Trump: Harvard Law colleague says ‘Alan is just completely wacko’
Two of the most famous names associated with Harvard Law School had competing appearances on MSNBC on Friday.
It began when Alan Dershowitz, a professor emeritus, was interviewed MSNBC chief legal correspondent Ari Melber about his new role officially representing President Donald Trump during the Senate impeachment trial.
Dershowitz claimed that neither abuse of power nor obstruction of Congress count as "high crimes" under the constitution.
Professor Alan Dershowitz, who has also been associated with Harvard Law for five decades, was asked about Dershowitz's argument during an interview with Chris Hayes.
Why was Lev Parnas wearing a ‘Presidential Service Badge’ awarded to troops who serve in the White House?
Pulitzer Prize-winning New York Times journalist Maggie Haberman posted a fascinating update about a photo of impeachment figure Lev Parnas.
The photo shows Igor Fruman -- who, like Parnas, is under federal indictment -- sitting closely next to Rudy Giuliani and Parnas.
Haber said a source informed her that in the picture, Parnas can be seen wearing a "Presidential Service Badge," linking to the Wikipedia entry on the pin.
"The Presidential Service Badge (PSB) is an identification badge of the United States Armed Forces which is awarded to members of the U.S. Army, U.S. Navy, U.S. Air Force, U.S. Marine Corps, and U.S. Coast Guard as well as other members of the Uniformed Services, such as the U.S. National Oceanic and Atmospheric Administration Commissioned Corps and the U.S. Public Health Service Commissioned Corps, who serve as full-time military staff to the President of the United States," Wikipedia explained.