Mike Bloomberg: “It’s pure fantasy to think that the tax bill will lead to significantly higher wages and growth.”
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Speak of the House Paul Ryan may have had what he and the GOP see as a legislative win on Tuesday, but Wednesday morning he was forced to face reality, and its messenger came in the form of a question from of NBC’s Savannah Guthrie.Â
The Republican tax cuts for the rich bill will add $1.5 trillion to the debt, while doing little to add jobs to the economy, despite a promise from Speaker Ryan and his fellow “trickle-down economics” associates on the right. And that’s in an economy that is, thanks to the work of the Obama administration – already at the lowest unemployment rate in 17 years.Â
Many Americans, especially those who can least afford it, will see their taxes increase, not decrease, under the GOP tax bill. Others will barely notice any tax cut. The richest Americans, and corporations, are the ones that will be getting that massive tax cut “Christmas gift” President Trump brags about.
On NBC’s “Today” show, Guthrie confronted Ryan with a few facts, including “a list of CEOs who have said, ‘We don’t plan to reinvest'” the corporate tax cuts into their businesses or their workers.
“What they’re planning to do is to do stock buybacks, to line the pockets of shareholders,” Guthrie reminded Ryan.
She then quoted billionaire Mike Bloomberg, who said, “It’s pure fantasy to think that the tax bill will lead to significantly higher wages and growth.”
“I’ll ask you plainly,” Guthrie concluded. “Are you living in a fantasy world?”
Speaker Ryan responded by touting a survey from the National Association of Manufacturers, a business lobbying group that has a PAC that donates solely to Republicans. And they clearly like Speaker Ryan:
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