Forbes, of all places, has published a damning piece on the GOP tax bill. This is not economics, this is manifest corruption and the result of selling our politicians to the highest bidder.
“There’s 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.”
The GOP tax cut now working its way through Congress will be the start of a decades-long fiscal policy disaster unlike any others that have occurred in American history.