Democrats see booming economy as their golden chance to expand big government

President Trump's tax cuts and tax reform bill, passed 100% by Republicans in Congress, has been a resounding success.  Along with fewer regulations, its other byproduct is expanding economic growth, along with more plentiful job opportunities, and soaring consumer and business confidence.  So what have Democrats learned from those good results?

In their strange case, they're emboldened to go back to big government, higher taxes, and more regulations.  When you have good results, their only idea is to go back to what gave us the slowest economic recovery in seventy years.  That is pure genius.  Only Democrats, when the economy is winning, search for a way to slow down the economy, to throw people out of those nice new jobs, and to make more people dependent on government.  Democrats will be supported in this stupidity by the mostly complicit media, who just repeat talking points.  Analysis and investigative reporting are no longer necessary for journalists to succeed.

Just look at what is being reported with a straight face in the Washington Post:

Democrats have spent years working to counter Republican attacks on them as big-spending liberals, from passage of the last balanced budget during the Bill Clinton years to Barack Obama's insistence that the Affordable Care Act pay for itself.

But now that Republicans have blown up the deficit with a $1.5 trillion tax cut and other high-cost policies, many Democrats feel freed.

In recent months, Democratic lawmakers and candidates have endorsed plans allowing anyone to buy in to Medicare, to make college effectively debt-free, to replace the payday loan industry with small government banks and to provide a "job guarantee" that would spend to put people to work.

In the above article, the writers continually use the original $1.5-trillion cost projection of the tax cuts even though as of March, the Congressional Budget Office already had adjusted the cost to $1 trillion, and in April, the CBO also underestimated revenues by $40 billion.  So in four months, its ten-year projections have been off by $540 billion, but somehow the journalists, who always tout that they report facts, continually use the original projections.

When will journalists admit that the cost is not $1.5 trillion and that previous across-the-board tax cuts have generated significantly higher revenues, not lower?  The answer is never, because the facts don't match the Democrat agenda and talking points.

Investor's Business Daily is an exception, writing:

When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number.  But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

Last June, the CBO said GDP growth for 2018 would be just 2%.  Now it figures growth will be 3.3% – a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%.

"Underlying economic conditions have improved in some unexpected ways since June," the CBO says.  Unexpected to the CBO, perhaps, but not to those of us who understood that Trump's tax cuts and deregulatory efforts would boosts growth.

In any case, the CBO now expects GDP to be $6.1 trillion bigger by 2027 than it did before the tax cuts.

The CBO report also makes clear that this faster-growing economy will offset most of the costs of the Trump tax cuts.

In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027.

But it goes on to say that higher rate of GDP growth will produce $1.1 trillion in new revenues.  In other words, 65% of the tax cuts are paid for by extra economic growth.

Read the whole thing here.

Image credit: 401(K) 2012, via Flickr, CC BY-SA 2.0

President Trump's tax cuts and tax reform bill, passed 100% by Republicans in Congress, has been a resounding success.  Along with fewer regulations, its other byproduct is expanding economic growth, along with more plentiful job opportunities, and soaring consumer and business confidence.  So what have Democrats learned from those good results?

In their strange case, they're emboldened to go back to big government, higher taxes, and more regulations.  When you have good results, their only idea is to go back to what gave us the slowest economic recovery in seventy years.  That is pure genius.  Only Democrats, when the economy is winning, search for a way to slow down the economy, to throw people out of those nice new jobs, and to make more people dependent on government.  Democrats will be supported in this stupidity by the mostly complicit media, who just repeat talking points.  Analysis and investigative reporting are no longer necessary for journalists to succeed.

Just look at what is being reported with a straight face in the Washington Post:

Democrats have spent years working to counter Republican attacks on them as big-spending liberals, from passage of the last balanced budget during the Bill Clinton years to Barack Obama's insistence that the Affordable Care Act pay for itself.

But now that Republicans have blown up the deficit with a $1.5 trillion tax cut and other high-cost policies, many Democrats feel freed.

In recent months, Democratic lawmakers and candidates have endorsed plans allowing anyone to buy in to Medicare, to make college effectively debt-free, to replace the payday loan industry with small government banks and to provide a "job guarantee" that would spend to put people to work.

In the above article, the writers continually use the original $1.5-trillion cost projection of the tax cuts even though as of March, the Congressional Budget Office already had adjusted the cost to $1 trillion, and in April, the CBO also underestimated revenues by $40 billion.  So in four months, its ten-year projections have been off by $540 billion, but somehow the journalists, who always tout that they report facts, continually use the original projections.

When will journalists admit that the cost is not $1.5 trillion and that previous across-the-board tax cuts have generated significantly higher revenues, not lower?  The answer is never, because the facts don't match the Democrat agenda and talking points.

Investor's Business Daily is an exception, writing:

When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number.  But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

Last June, the CBO said GDP growth for 2018 would be just 2%.  Now it figures growth will be 3.3% – a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%.

"Underlying economic conditions have improved in some unexpected ways since June," the CBO says.  Unexpected to the CBO, perhaps, but not to those of us who understood that Trump's tax cuts and deregulatory efforts would boosts growth.

In any case, the CBO now expects GDP to be $6.1 trillion bigger by 2027 than it did before the tax cuts.

The CBO report also makes clear that this faster-growing economy will offset most of the costs of the Trump tax cuts.

In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027.

But it goes on to say that higher rate of GDP growth will produce $1.1 trillion in new revenues.  In other words, 65% of the tax cuts are paid for by extra economic growth.

Read the whole thing here.

Image credit: 401(K) 2012, via Flickr, CC BY-SA 2.0