Forbes federal budget expert condemns GOP tax bill: The end of all economic sanity in Washington

Forbes contributor Stan Collender, an expert who has spent his career working with the federal budget, warned over the weekend that the Republican tax bill would be a disaster for the American economy.

In a piece published on Sunday, Collender argues that “the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.”

According to Collender, there is “no economic justification whatsoever for a tax cut at this time.”

U.S. GDP is growing, unemployment is close to 4 percent (below what is commonly considered “full employment”), corporate profits are at record levels and stock markets are soaring. It makes no sense to add any federal government-induced stimulus to all this private sector-caused economic activity, let alone a tax cut as big as this one.

Collender, who worked on both the House and Senate Budget Committees, says that the economy is ripe for raising additional tax revenue.

“The GOP tax bill will increase the federal deficit by $2 trillion or more over the next decade (the official estimates of $1.5 trillion hide the real amount with a witches brew of gimmicks and outright lies) that, unless all the rules have changed, is virtually certain to result in inflation and much higher interest rates than would otherwise occur.”

https://www.rawstory.com/2017/11/forbes-federal-budget-expert-condemns-gop-tax-bill-the-end-of-all-economic-sanity-in-washington/

This is economic insanity!