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.
New evidence that an extraterrestrial collision 12,800 years ago triggered an abrupt climate change for Earth
What kicked off the Earth’s rapid cooling 12,800 years ago?
In the space of just a couple of years, average temperatures abruptly dropped, resulting in temperatures as much as 14 degrees Fahrenheit cooler in some regions of the Northern Hemisphere. If a drop like that happened today, it would mean the average temperature of Miami Beach would quickly change to that of current Montreal, Canada. Layers of ice in Greenland show that this cool period in the Northern Hemisphere lasted about 1,400 years.
This climate event, called the Younger Dryas by scientists, marked the beginning of a decline in ice-age megafauna, such as mammoth and mastodon, eventually leading to extinction of more than 35 genera of animals across North America. Although disputed, some research suggests that Younger Dryas environmental changes led to a population decline among the Native Americans known for their distinctive Clovis spear points.
Morning Joe drops bomb on Trump about impeachment support in states he desperately needs in 2020
Kicking off Tuesday's "Morning Joe" on MSNBC, hosts Joe Scarborough and Mika Brzezinski busted out the latest polling numbers about support for impeachment in key battleground states and let Donald Trump know he is deeply underwater.
Jumping right into it, the Brzezinski said, "Half of voters in six states that helped carry Trump to victory in 2016 say they support the House Democrats' impeachment inquiry into the president. According to the latest New York Times/Siena College poll put that support at 50 percent of voters in Pennsylvania, Florida, Michigan, Wisconsin, North Carolina and Arizona -- 45 percent say they oppose."
Britain’s Johnson races Brexit clock as deadline looms
British Prime Minister Boris Johnson faces two crucial Brexit votes Tuesday that could decide if he still has a reasonable shot at securing his EU divorce by next week's deadline.
The UK is entering a cliffhanger finale to a drama that has divided families and embittered politics ever since voters backed a split from Britain's 27 EU allies and trading partners in 2016.
Johnson has set himself a very high bar by promising that he will get Brexit done -- "do or die'" -- by the twice-delayed October 31 departure date.
The Conservative leader now hopes parliament gives initial support to a Brexit bill that translates the revised withdrawal agreement he struck with Brussels last week into UK law.