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Dennis Donovan

(18,770 posts) Thu Jan 30, 2020, 10:01 AM Jan 2020

"We spent $2T on a tax cut for wealthy to get us back to average pace of growth under Obama"

Link to tweet

Catherine Rampell ✔ @crampell

Congrats, we spent $2T on a tax cut for the rich to get us back to almost exactly the average pace of growth from Obama’s second term …

The Washington Post ✔@washingtonpost

U.S. economy grew 2.3 percent in 2019, the slowest of Trump's presidency, held back by trade fears and global slowdown https://wapo.st/36Kf23v

Catherine Rampell ✔ @crampell

The mechanism by which the tax cut was supposed to supercharge GDP growth was by boosting business investment.
Business investment has instead *fallen* for the past three consecutive quarters.

8:48 AM - Jan 30, 2020

4 replies

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Highlight:

"We spent $2T on a tax cut for wealthy to get us back to average pace of growth under Obama" (Original Post) Dennis Donovan Jan 2020 OP

Investment. Iggo Jan 2020 #1

Very succinct way of describing it NewJeffCT Jan 2020 #2

The economy has been and still is slowing . . Iliyah Jan 2020 #3

Tariffs cost the average household $830 underpants Jan 2020 #4

Iggo

(47,537 posts)

1. Investment.

Reply to Dennis Donovan (Original post)

Thu Jan 30, 2020, 10:04 AM

Jan 2020

We gave them the money and they’re not spending it.

Who saw that coming?

NewJeffCT

(56,828 posts)

2. Very succinct way of describing it

Reply to Dennis Donovan (Original post)

Thu Jan 30, 2020, 10:09 AM

Jan 2020

I've seen her on TV before - very smart and excellent overall.

Iliyah

(25,111 posts)

3. The economy has been and still is slowing . .

Reply to Dennis Donovan (Original post)

Thu Jan 30, 2020, 10:13 AM

Jan 2020

WH suggesting another tax cut for the wealthy. Come tax time this year, the USA will fall short of tax revenues. Part time jobs and low wage jobs just will not support the wealthy this time around.

underpants

(182,634 posts)

4. Tariffs cost the average household $830

Reply to Iliyah (Reply #3)

Thu Jan 30, 2020, 10:33 AM

Jan 2020

Per the Fed. Shipping is slowing down quite a bit - from my friend who works in that industry.

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