General Discussion

spanone

(135,841 posts) Sat Dec 16, 2017, 01:44 AM Dec 2017

Fareed Zakaria: This Might Be the Worst Major Bill in a Generation

The Republican Party’s proposed tax plan would ultimately starve America of much-needed investment and hobble future generations’ ability to compete, Fareed writes in his latest Washington Post column. Indeed, it might be the “worst piece of major legislation in a generation.”

“The medium- and long-term effects of the plan will be a massive drop in public investment, which will come on the heels of decades of declining spending (as a percentage of gross domestic product) on infrastructure, scientific research, skills training and core government agencies. The United States can’t coast on past investments forever, and with this legislation, we are ushering in a bleak future,” Fareed writes.

“[D]uring the Depression, World War II and much of the Cold War, a sense of crisis and competition focused America’s attention and created a bipartisan urgency to get things done. Ironically, at a time when competition is far more fierce, when other countries have surpassed the United States in many of these areas, America has fallen into extreme partisanship and embraced a know-nothing libertarianism that is starving the country of the essential investments it needs for growth.

“Those who vote for this tax bill — possibly the worst piece of major legislation in a generation — will live in infamy, as the country slowly breaks down.”

https://mail.google.com/mail/u/0/#inbox/1605c2dea8443185

12 replies

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Fareed Zakaria: This Might Be the Worst Major Bill in a Generation (Original Post) spanone Dec 2017 OP

The slowly breaks down has already happened.... pbmus Dec 2017 #1

A day late Nevernose Dec 2017 #2

Business taxes are high to encourage companies to spend their cash and create jobs. Kablooie Dec 2017 #3

and so we go... world wide wally Dec 2017 #4

your link goes to your email inbox :) steve2470 Dec 2017 #5

So, what this is is... America cashes in its chips for all of our past successes... world wide wally Dec 2017 #6

Yet the Republicans will approve this.... SergeStorms Dec 2017 #7

spanone, could you correct your link Skittles Dec 2017 #8

k and r Achilleaze Dec 2017 #9

GOP Game Plan Peaceful Protester Dec 2017 #10

Not being discussed: no_hypocrisy Dec 2017 #11

It's pretty clear we're headed down the usual path - Republicans ruin the economy and Democrats Vinca Dec 2017 #12

pbmus

(12,422 posts)

1. The slowly breaks down has already happened....

Reply to spanone (Original post)

Sat Dec 16, 2017, 01:53 AM

Dec 2017

It will disintegrate into protests everywhere everyday....

Nevernose

(13,081 posts)

2. A day late

Reply to pbmus (Reply #1)

Sat Dec 16, 2017, 02:19 AM

Dec 2017

And two trillion dollars short.

Kablooie

(18,634 posts)

3. Business taxes are high to encourage companies to spend their cash and create jobs.

Reply to spanone (Original post)

Sat Dec 16, 2017, 04:15 AM

Dec 2017

They get tax deductions for business expenses so the high taxes encourage them to use their cash and keep it circulating, creating jobs and growth for the country.

With low taxes to start with there will be no incentive to do anything but spread the cash out among share holders and executives.
It will become a huge drag on the country's economy.

world wide wally

(21,744 posts)

4. and so we go...

Reply to spanone (Original post)

Sat Dec 16, 2017, 04:17 AM

Dec 2017

steve2470

(37,457 posts)

5. your link goes to your email inbox :)

Reply to spanone (Original post)

Sat Dec 16, 2017, 04:27 AM

Dec 2017

https://fareedzakaria.com/2017/12/15/gop-tax-bill-would-usher-in-a-bleak-future/

this link works

and

https://www.washingtonpost.com/opinions/the-gop-tax-bill-may-be-the-worst-piece-of-legislation-in-modern-history/2017/12/14/c1def814-e119-11e7-bbd0-9dfb2e37492a_story.html

world wide wally

(21,744 posts)

6. So, what this is is... America cashes in its chips for all of our past successes...

Reply to spanone (Original post)

Sat Dec 16, 2017, 05:07 AM

Dec 2017

and then we drop out of the game. Trump claims the yuuuugest victory ever and then we spend all that money ( at least a few of us) And then we are broke again.
Depression II

SergeStorms

(19,201 posts)

7. Yet the Republicans will approve this....

Reply to spanone (Original post)

Sat Dec 16, 2017, 05:13 AM

Dec 2017

walking in lockstep, as always. Either they don't understand the political suicide they're committing at this moment, or they don't care. And if they don't care, why don't they care? Do they know something that none of the rest of us know? I'm at a complete loss as to why they're so adamant about signing their names to something that will undoubtedly kill their careers.

Does anyone have any ideas about this?

Skittles

(153,164 posts)

8. spanone, could you correct your link

Reply to spanone (Original post)

Sat Dec 16, 2017, 06:14 AM

Dec 2017

thanks

Achilleaze

(15,543 posts)

9. k and r

Reply to spanone (Original post)

Sat Dec 16, 2017, 06:24 AM

Dec 2017

Peaceful Protester

(280 posts)

10. GOP Game Plan

Reply to spanone (Original post)

Sat Dec 16, 2017, 07:04 AM

Dec 2017

When republicans are NOT in power, they condemn and protest all spending by democrats. But, when republicans are in power, they borrow and spend money on massive tax cuts for the wealthy and military.

To pay for the money they have borrowed, they make cuts to social safety net programs and call it "entitlement reform". The agenda is a vicious cycle of borrowing and spending for the wealthy and draconian cuts for the poor.

The GOP game plan has been called Robin Hood in reverse. And as the argument goes, they abuse the original intent and spirit of the budget reconciliation process to do it.
__________________________________________________________________________________________________

Would a new Senate majority abuse the budget reconciliation process?
National Constitution Center (November 3, 2014 by Richard A. Arenberg)

Read more: https://constitutioncenter.org/blog/would-a-republican-majority-abuse-the-budget-reconciliation-process

"Republicans have repeatedly used the budget reconciliation process to pass major legislation that gives massive tax cuts to the wealthy while cutting welfare, medicare, and social security for everyone else."

"Reconciliation bills were not intended to include comprehensive, programmatic legislation. Abuse led to the adoption of the Senate’s “Byrd rule” by which non-budgetary items can be stripped from reconciliation bills."

"The reconciliation process with its potential for abuse threatens the Senate's unique balance of majority rights and minority protections."

__________________________________________________________________________________________________

The Rule That Broke the Senate
POLITICO Magazine (October 15, 2017 by Jeff Davis)

Read more: https://www.politico.com/magazine/story/2017/10/15/how-budget-reconciliation-broke-congress-215706

"Once a tool to ease partisan gridlock, reconciliation has become part of the problem, used to reinforce the very problems it was designed to help fix."

"Reconciliation initially represented a pragmatic approach to governance. Over time, its original use has been shoehorned as legislators seek to use its expedited processes to enact almost any kind legislation that affects spending or taxes—regardless of whether reconciliation is a suitable or responsible fit."

"Instead of the majority using reconciliation to rewrite policies that will fit within certain financial boundaries, it’s now used to implement policy changes in search of a majority—with the numbers falling where they may."

no_hypocrisy

(46,117 posts)

11. Not being discussed:

Reply to spanone (Original post)

Sat Dec 16, 2017, 07:48 AM

Dec 2017

The American Economy is mostly based on consumerism. Not agriculture. Not manufacturing. Buying stuff made by other countries.

The tax bill will remove money (not capital) from the masses who SUBSIDIZE the economy by buying stuff. The money will still exist but it will be re-directed to the corporations who will not invest it, will not expand their businesses, will not hire more employees, will not increase the pay of their current employees -- and of course, the 1%.

The tax bill will literally starve the economy -- and that's WITHOUT A RECESSION. (OTOH, perhaps we'll skip a recession and go straight to a depression.)

Vinca

(50,273 posts)

12. It's pretty clear we're headed down the usual path - Republicans ruin the economy and Democrats