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Budget Expert Calls Tax Bill “The End Of All Economic Sanity In Washington”
“If it’s enacted, the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.” So says Stan Collender, who knows of what he speaks.
Collender is one of the few people who has served on the staffs of both the House and Senate Budget Committees, and the author of “The Guide to the Federal Budget,” which was published annually from 1982 to 2000. He also founded and edited Federal Budget Report, a newsletter that was published for almost two decades.
Collender made that blunt statement in an editorial published in the respected financial magazine Forbes, which likes to refer to itself as a “Capitalist Tool.” He does not mince words in the rest of what he writes in opposition to what the GOP House calls the Tax Cuts & Jobs Bill. In his alarming essay published on Sunday, he scourges the bill on a number of fronts..
“This is actually the ideal time for Washington to be doing the opposite” of ramming though a tax cut, Collender insists. “But by damning the economic torpedoes and moving full-speed ahead, House and Senate Republicans and the Trump White House are setting up the U.S. for the modern-day analog of the inflation-producing guns-and-butter economic policy of the Vietnam era.
“The GOP tax bill will increase the federal deficit by $2 trillion or more over the next decade (the official estimates of $1.5 trillion hide the real amount with a witches brew of gimmicks and outright lies [as The New York Times detailed last week]) that, unless all the rules have changed, is virtually certain to result in inflation and much higher interest rates than would otherwise occur,” Collender writes.
“The GOP’s insanity is compounded by its moving ahead without having any idea of what this policy will actually do to the economy.” Collender cites “estimates like this one from the University of Pennsylvania’s Wharton School” – yes, the college Trump brags about attending – “showing that the tax bill won’t do what the GOP is promising.
“In other words, the GOP tax bill may be enacted without anyone who votes for it having any understanding of the damage it could do to the economy. They have wishes, hopes and prayers but in reality nothing beyond the economic equivalent of pagan superstition,” he concludes.
Be scared… very scared.