Almost no one believes the neoliberal lies anymore
As Congressional Republicans work hard to cut corporate taxes in order to boost economic growth (which is "totally not a huge giveaway to the wealthy elite and ownership class at the expense of the working class" wink, wink), a new poll came out concerning who still believes in trickle-down economics.
Conservative economists have long argued that cutting taxes on businesses would lead to faster economic growth. In recent weeks, however, backers of the Republican plan have emphasized a related claim: If companies paid less in taxes, they would pay their workers more.
The White House Council of Economic Advisers, for example, released a report last month that estimated that the proposed corporate tax cut would increase a typical household’s income between $3,000 and $7,000 a year — a claim many independent economists have dismissed as unrealistic.
The public appears to have similar doubts, and its skepticism stretches across the political spectrum.
After three decades of broken promises of money trickling down, it's not a surprise that most people have stopped falling for it.
What is a surprise is who else no longer believes it - CEOs.
VIDEO: CEOs asked if they plan to increase their company's capital investments if the GOP's tax bill passes.
A few hands go up.
"Why aren't the other hands up?" Gary Cohn asks.#WSJCEOCouncil pic.twitter.com/TD2oAlN27S— Natalie Andrews (@nataliewsj) November 14, 2017
Corporate executives are flat out saying that a cut in their taxes isn't going to make them invest more in their companies (which would translate into jobs and wages).
Where would that money go? Stock buybacks.
While economists, politicians and media pundits try to tell us how great the labor market is, workers are telling a very different story.
In fact, studies say that workers aren't getting any raises at all.
Over the past 12 months, 52% of American employees did not see their wage increase either through a pay raise or by getting a new job. For workers ages 53 and older, the percentage was even higher (64%), compared to 47% of younger people in the labor force, the study by Bankrate.com said.
Today's numbers show that this trend is not getting any better.
Comments
I've got an idea
How about all the comments to this essay actually apply to the topic of this essay.
Sorry if that sounds a little pissy, but yesterday's comments annoyed me.
Has that been happening a lot?
But hey, she can now afford to pay off her student loans for the next two years so there's that.
"You can't just leave those who created the problem in charge of the solution."---Tyree Scott
Been there, done that.
Corporations are little more than slush funds for executives at this point.
Modern education is little more than toeing the line for the capitalist pigs.
Guerrilla Liberalism won't liberate the US or the world from the iron fist of capital.
Slush funds for executives
Only a fool lets someone else tell him who his enemy is. Assata Shakur
@Steven D Hey Steven D. , mines
It's sad and ridiculous
I wish yours better luck soon.
"You can't just leave those who created the problem in charge of the solution."---Tyree Scott
The corporate fascist oligarchy is in full control
Saw this comment over a NC, it stuck with me.
"Instead of the Todt Organization and “Work sets you free,” we have the WalMart Organization and “Work for nearly free and sleep in our parking lot.”
I never knew that the term "Never Again" only pertained to
those born Jewish
"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"
Heard from Margaret Kimberley
Capitalists got what they wanted
They managed to gut labor unions and convince workers that a dog-eat-dog society would make us all rich. No more solidarity.
Well, without labor unions the workers lost all of their leverage. Wages stagnated or fell.
And now even corporations won't invest in building the economy because they know that consumer demand isn't coming back.
Capitalists got what they wanted, and it screwed the economy.
Not the WalMart out here.
Idolizing a politician is like believing the stripper really likes you.
Hey, if we give the rich and their corporations more money
they will share it and we will all prosper!
What, few believe that anymore? Well mercy me, we might be making progress.
Although it doesn't matter because they're going to do what they fucking want.
Oh, c'mon!!
Hasn't every single penny of the savings from outsourcing, H-1B visas, offshoring, and "Double Irish with a Dutch Sandwich" style tax strategies gone into massive wage increases for employees?!?!
Headlines from the past year
U.S. Wages Rising At The Fastest Pace In Years Amid Solid Hiring
The Most Underrated Story About the U.S. Economy
Income growth is faster at the bottom than at the top. Thank a growing economy, falling unemployment, and minimum-wage hikes across the country.
US wages are rising, maybe faster than you think
As wages rise, CEOs are starting to complain
So what's the problem with you? You must be the exception because everything is awesome!
I'd love to see a breakdown by Trump supporters
Those poor dumb Schmucks will believe anything that comes out of Pres Douchebag's pie hole. Hahaha.
But yeah, the general public seems to be smartening up, yet they are still voting for the two parties that couldn't give a flying f*** about them.
Donnie The #ShitHole Douchebag. Fake Friend to the Working Class. Real Asshole.
It would be revealing, I think...
It would be revealing, I think, to see that last chart (Real Average Hourly Earnings MoM) broken out over income groups (0-10%, 10-20%, etc., etc...). My guess is that the 90-100% (and maybe the 80-90%) is significantly propping-up the numbers.
Compensated Spokes Model for Big Poor.
Took 'em long enough.
Federal and state governments have been cutting taxes, and defunding themselves, since Reagan.
If tax cuts really did improve the lives of the people we'd be living in a Utopia by now.
We wanted decent healthcare, a living wage and free college.
The Democrats gave us Biden and war instead.
Anybody remember wage increases with Bush tax cuts?
Neither do I.
I certainly do.
CEO compensation increased 120% between 2003 and 2007.
Dang. I am humbled. Missed that one.
A most fitting song.
[video:https://youtu.be/I1wg1DNHbNU]
Regardless of the path in life I chose, I realize it's always forward, never straight.
Consumers are the "job creators".
Consumer demand is what creates jobs. We could remove ALL of the corporate taxes and ALL of the corporate regulations, if CEOs look across the general economy and don't see sufficient consumer demand, they will STILL not expand, hire new people or raise wages.
They're not going to throw money into a fire, even if it's free money. There must be sufficient consumer demand for them to invest in expansion, hiring more people etc.
COMSUMERS ARE THE "JOB CREATORS".
This is very basic economics, but we never hear democrats make this simple point.
Just like with the Reagan tax-cuts, the Bush tax-cuts etc., DC democrats will find some way to go along with them.
My prediction is that the republican budget will include the Obamacare CSRs (because the insurance co.s want them), yet still contain most of the tax-cuts for the rich, but they will also attach DACA to the budget, the democrats will go along with it, then accuse anyone who opposes the budget as being "racist".
This is really not a hard prediction to make.
Mike Taylor
@Mike Taylor
Hey, if corporations wanted consumer demand and a healthy economy, they'd hire and pay enough for people to be able to afford their products/services. Money for nothing is better, at least until the public purse runs dry and they have to start cannibalizing each other at an accelerated rate.
As long as they're (each, lol, apparently) the last one to die with the most toys, who cares if they do so on a dead and industrially/militarily poisoned world where money has become meaningless because they have it all now - and there's nothing left out there to buy and nobody remaining to sell it to them anyway?
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.