Added to the mix of major economic blunders by incompetent con man Donald "Only I Can Fix It" Trump, most prominently the trade and tariff war with China and numerous other countries, add the tax giveaway for the one percent and corporations. As reported by Americans for Tax Fairness yesterday, instead of reducing the Federal deficit by a trillion dollars, as robotic foreclosure villain Treasury Secretary Steve "Mnuttin'"Mnuchin promised two years ago, the deficit has grown by $1.067 trillion just in the first 11 months of this fiscal year which ends tomorrow.
It was a classic trickle down / supply side grift to benefit the Republican donor class and corporations, who ended up using the tax savings to buy back stock. The Republicans hoped to con the public by promising more jobs, investment, etc., hoping that they'd notice the slightest increase in their paychecks. What they will also notice in the coming months are Republican -proposed reductions in social safety net programs:
"As the deficit swells because of the tax cuts mostly benefitting the wealthy and corporations, which will cost $1.9 trillion over 10 years, Trump and his allies in Congress are proposing cuts in critical services – Medicare, Medicaid, Social Security, etc. – to cover the cost." (our emphasis)Some less- swift Republicans have said that quiet part out loud. If Dems can't run on this issue and raise the alarm, then they're guilty of gross political malpractice.
