The Senate Finance Committee tax bill is not supply side and it’s not even a tax cut; it’s a gimmick-ridden policy mongrel that smells to high heaven of political desperation and cynicism.
Contrary to the Donald’s delusional promise that the American people will get some tax cut sugar plums for Christmas, we are reasonably confident that this misbegotten exercise in reverse-robin hood economics won’t reach his desk. But whether it passes in some diluted form or not, we are entirely sure that what the American people are actually getting is a giant lump of fiscal coal—-courtesy of the craven capitulation of McConnell & Co to the K-Street lobbies and Wall Street.
And we do mean craven in the very fullest sense of beltway mendacity. Come to think of it, we have witnessed few exercises in raw partisan brinksmanship that were as meretricious and fiscally irresponsible as the current GOP campaign to pass a tax bill—any tax bill— merely for the sake of posting a legislative victory.
This post was published at David Stockmans Contra Corner on Monday, November 20th, 2017.