Who could have predicted! The Republican tax law is not sending the economy into the stratosphere, as only partisan Republicans claimed to believe it would do. The Wall Street Journal has all sorts of reasons that might possibly maybe explain why the U.S. economy slowed down in the first quarter, but if you were a true believer in the Republican tax law, well, here’s the bottom line:
Still, the first quarter was when the tax cut took effect, raising the take-home pay of many Americans in addition to sharply reducing corporate taxes. That ought to have boosted consumer spending, but apparently it wasn’t enough to offset the temporary factors weighing on the economy in the first quarter.
That’s a hilarious “ought to have,” since most Americans don’t see an impact on their paychecks and most corporations are turning their giant tax cut into stock buybacks and other means of enriching the already-rich rather than boosting their workers.
Republican tax policies don’t work as advertised, water is wet, and the sun is bright.