According to my guest on today’s BradCast, last minute GOP maneuvering on the U.S. Senate versions of the tax bill, in hopes of buying off holdouts within their own caucus, definitively proves that so-called ‘trickle-down’ economic theory doesn’t actually work — and that Republicans know it. [Audio link to show follows below.]
But first up on today’s show, U.S. House Minority Leader Nancy Pelosi (D-CA) calls for long-serving Democratic Rep. John Conyers of Michigan to resign in the wake of sexual misconduct allegations by a series of women, and long-serving Republican Rep. Joe Barton of Texas announces he will not run for re-election, after admitting to sexual misconduct with a series of women.
Those are just two of a flood of powerful men in politics, entertainment and journalism to be called out of late. However, how many women are still facing sexual assault and harassment from men who aren’t as high-profile and, therefore, not being exposed by the mainstream media? And, how many others, even powerful ones like President Donald Trump and, perhaps, Alabama’s Republican U.S. Senate nominee Roy Moore — whose poll numbers are back up over Democrat Doug Jones in advance of the Dec. 12th U.S. Senate special election, even after multiple allegations of sexual assault with under-aged girls — still get away without any accountability at all? We discuss.
Then, while Republicans claim their massive $1.5 trillion tax cut scheme for corporations and the wealthy (and tax increases for most everyone else) will magically pay for itself, history and all independent analysis suggest otherwise. So does evidence from large corporations, most of which indicates that companies have no plans to use their expected windfall profits from tax cuts to increase employment or raise worker wages.
With that in mind, in order to get the massive tax measure passed at all, some Republicans in the U.S. Senate are demanding a ‘trigger’ in the legislation that would automatically kick in to reverse some of the tax cuts if the GOP and Trump Administration’s rosy scenarios that tax cuts pay for themselves do not actually come to pass.
We’re joined today by financial journalist DAVID DAYEN who explains why such a trigger is the GOP’s worst idea yet for their already terrible scheme. “You could let monkeys bang on typewriters for several millennia and not come up with an idea as profoundly stupid,” he reports at The Nation this week.
The result, he tells me, would be that taxes would potentially be automatically increased and/or spending reduced, at the worse possible moment for doing so. “Austerity in the midst of an economic slowdown is economic suicide. It would intentionally destabilize the economy if it slowed down. It would turn recessions into depression,” he warns. “I cannot stress enough how stupid this idea is.”
He also notes how opposition to such a trigger from so-called “conservatives”– other members of the Senate, as well as right-wing advocacy groups like the Koch Brothers’ Americans for Prosperity, Grover Norquist’s Americans for Tax Reform and the US Chamber of Commerce — “gives the game away” that ‘trickle-down’, and this bill as a whole, are all “all a scam”…and Republicans know it.
Please tune in for another very insightful conversation with Dayen, revealing just how hypocritical, dangerous and misleading the entire scam is, how much it will cost the American people in real terms, whether the GOP and Trump will be able to get it passed at all, and how the American electorate are likely to react if so, in 2018 and beyond.
Finally, a quick reminder that Open Enrollment for the Affordable Care Act (‘ObamaCare’) at Healthcare.gov is still under way until December 15th in most states and, while sign-up numbers have been very high so far this year, they are very low as a percentage compared to last year, since Trump has cut the period for enrollment in half from previous years.
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[audio:http://bradblog.com/audio/BradCast_BradFriedman_SexualMisconduct_DavidDayen_GOPTaxCutTrigger_113017.mp3]
(Snail mail support to “Brad Friedman, 7095 Hollywood Blvd., #594 Los Angeles, CA 90028” always welcome too!)
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With “trickle down” economics, the rest of us are pee-ons.
Neo-feudalism.
“I hear those tribes a moanin’ …” – Dylan @ Blind Willie McTell
Cultural dementia is real (Etiology of Social Dementia – 18).
Don’t let conservatives dumb down our universities
https://tiahrtfolly.blogspot.com/2017/11/dont-let-conservatives-dumb-down-our.html
Too bad we don’t have a like button in our comment section. I would have clicked it for the clever comment provided by Mark Robinowitz @1.
“We’re joined today by financial journalist DAVID DAYEN who explains why such a trigger is the GOP’s worst idea yet for their already terrible scheme. ‘You could let monkeys bang on typewriters for several millennia and not come up with an idea as profoundly stupid,’ he reports at The Nation this week.”
Thank you for making me laugh about this monstrosity, Mr. Dayen.
“The result, he tells me, would be that taxes would potentially be automatically increased and/or spending reduced, at the worse possible moment for doing so. ‘Austerity in the midst of an economic slowdown is economic suicide. It would intentionally destabilize the economy if it slowed down. It would turn recessions into depression,’ he warns. ‘I cannot stress enough how stupid this idea is.'”
And speaking of stress, I need a neck brace for all the violent headshaking.