L-in-C (Liar-in-Chief) Strikes Again: One Word Describes Trump-GOP Tax Cut: DUCK

My yet unreleased tax return will fit on these two beautiful cards you say

(Don't hold your breath Mr. and Mrs. Amerika)

As the late great Paul Harvey used to say about the news – “Now the rest of the story.” Still applies in the era of Trump la-la land.

To wit:

BALTIMORE (The AP and other sources) — President Donald Trump has elevated his tax cuts to an act of biblical proportions, misleadingly claiming at a White House speech Friday that they triggered an “economic miracle.” 

(I note: Nope, not quite).

Trump’s top economics aide, Larry Kudlow, appeared on the Fox Business Network (Kudlow’s ole stomping grounds) to address one of the major problems with the tax cuts — that they'll heap more than $1 trillion onto the national debt.

Kudlow falsely countered that the budget deficit was falling because of growth generated by the tax cuts. The deficit is actually rising.

(I note: Another nope, now the facts).

For example:

TRUMP: “Six months ago, we unleashed an economic miracle by signing the biggest tax cuts and reforms ...the biggest tax cuts in American history.”

THE FACTS: Trump is exaggerating, if not being outright deceptive, e.g., rather than achieving a miracle, his tax cuts have helped stoke additional growth in an economic expansion that was already approaching its tenth year.

The additional growth is largely fueled by government borrowing, as the federal deficit rises because of the tax cut. The pace of growth is expected to taper off after next year, according to the CBO, the Federal Reserve, and outside analysts. And while the $1.5 trillion worth of tax reductions over the next decade are substantial, they're far from the largest in U.S. history as a share of the overall economy. 

Actually, the Trump tax cut ranks behind Ronald Reagan's in the early 1980s, post-World War II tax cuts and at least several more, according to the Committee for a Responsible Federal Budget, which advocates for deficit reduction.

(I note: Why doesn’t Trump know fact, more importantly why is his W/H staff and the so-called best experts so mum on this? Oh, seems they never want to correct his lies and blatant exaggerations out of fear of his anger and reaction – that is pretty dishonest to the public I have to say).

Trump then proudly went through a list of economic achievements that (in reality) simply build on the progress begun under former President Obama.

(I note: A historical fact which Trump would admit – he’s too busy erasing “everything Obama – that’s what racists do: they attempt and try to change history to fit their own agenda, but for Trump: Sorry and oops – history has been written on Obama’s record vis-à-vis yours).

For example the 3.8% unemployment rate and the historically low level of requests for jobless aid are both the result of a steady and gradual recovery from the worst economic meltdown since 1929.

Several hundred companies responded to the tax cuts by paying workers bonuses or hiking hourly wages, but any significant income growth has yet to surface in the overall economy.

The tax cuts have added on average $17 a month to people's incomes, according to an analysis by Ernie Tedeschi, head of fiscal policy analysis at the investment firm Evercore ISI and a former Treasury Department economist. The analysis is based off consumer spending, income and inflation data released Friday.

That $17 monthly gain is helpful, but it's far from miraculous.

KUDLOW: “As the economy gears up, more people working, better jobs and careers, those revenues come rolling in, and the deficit, which is one of the other criticisms, is coming down, and it's coming down rapidly.”

THE FACTS: Nope.

Since the fiscal year started in October, Treasury Department reports show the federal government has recorded a $385.4 billion deficit, a 12 percent jump from the same period in the previous year. The CBO recently was even blunter in a long-term assessment just released: It estimates that the national debt — the sum of yearly deficits — will be $2.2 trillion higher in 2027 than it had previously forecast, largely a consequence of Trump's 10-year, $1.5 trillion tax cut.

The size of the debt could be even higher if provisions of the tax cut that are set to expire are, instead, renewed.

End of the AP piece.

My 2 Cents: If for no other reason this midterm should have a historical turn out to stop Trump and his obvious agenda: break America down anyway he can.

The reason is obvious to send a message to Trump that We the People do not want a serial liar as our president – not well-documented over 3,000 lies since January 20, 2017 – the day he took the oath office – now, enough is enough.

Thanks for stopping by.