A top economist believes,Trumps tax bill will help the economy

[Kidlicious]

With tax reform in the news and Thursday’s release of the Senate version of the Tax Cuts and Jobs Act, Americans are trying to understand how changes to the tax code will affect their families. The Senate’s plan would grow the economy while simplifying the tax code and reducing marginal rates.

Using the Tax Foundation’s Taxes and Growth (TAG) macroeconomic model, our analysis found that “the plan would significantly lower marginal tax rates and the cost of capital, which would lead to a 3.7 percent increase in GDP over the long term [and] 2.9 percent higher wages.”

The economy is like the weather. Economists can be like climate scientists. I should you the statistics of what tax cuts do.

[Proteus_MST]

The economy is like the weather. Economists can be like climate scientists. I should you the statistics of what tax cuts do.

I trust climate scientists a thousand times more than members of the Trump administration, when it comes to making informned statements about the climate

Likewise I will trust economists more than the people of the Trump administration
(especially as it is quite obvious that their main role is not, to actually advise the president, but rather, to sell those things to the public, that Trump wants to have accomplished ... like the tax reform, that, among other things, also will profit his family and his company )

What makes you believe that Trumps tax cuts will have less desastrous long term effects on economy than Bush jrs did?
(which wasn't all too good for the american state, because people didn't invest in revenuie generating things, but instead into status symbols like houses (housing bubble) and which also made US companies prefer to invest their money in building factories in other countries, where the workforce is cheaper (and where you don't have to adhere to so many regulations that are there to protect the health of the workforce (security standards, minimum wages, maximum work hours, minimum age of the workers and so on)))

[Proteus_MST]

On an additional note:
Here a little bit more about the tax bill ... why it will only be the rich who will profit from it and why it will increase the US debts even more than the GOP predicts:

https://www.vox.com/policy-and-politics/2017/11/24/16689998/penn-wharton-budget-model

[Kidlicious]

Some is going to be saved and some is going to be spent. The tax cuts didn't cause the economic crash. Problems in the banking system did.

[Ben Kenobi]

So who exactly are these economists? I assume they have names and credentials.

[Ben Kenobi]

As mentioned before, 41 of the 42 top business scientists (who answered the survey) answered that the tax reform won't hhelp the US economy.
Only one of them answered positively.

Well, now you have 41 of 43. I think Trump's tax cuts will help the American economy. The corporate tax rate is so high that other countries are eating America's lunch.

[Proteus_MST]

Well, now you have 41 of 43. I think Trump's tax cuts will help the American economy. The corporate tax rate is so high that other countries are eating America's lunch.

Well, I am sure that your credentials wouldn't be sufficient to get invited to Boston universities IGM panel ... therefore it remains at 41 : 42

As for the survey and its experts ... easy to find, here it is, together with each experts credentials, their vote for the question/s and the comments they left regarding their vote:

http://www.igmchicago.org/surveys/tax-reform-2

[Kidlicious]

Proteus. Economists are wring just as often as they are right. The fact is that W's tax cuts may have prevented another depression. There is no way if knowing either way.

[giblets]

WH.gov

Wow, the White House, I wonder who's in charge of that?

[Proteus_MST]

Proteus. Economists are wring just as often as they are right. ...

That's the interesting thing about the economists panel ... i.e. that it isn't a single economist who makes a prediction, but that it is several economists who are surveyed about the topic. Akin to wisdom of the (expert) crowds.

And if all surveyed economists answers point roughly into the same direction (and that is that the tax bills, as planned by the GOP are a bad idea and that the predicted economic growth projection is utopistic, if looked at it from a long term (several years) perspective), than this is more trustworthy in my eyes, than the predictions that are made by the snakeoil peddler in chief (and those who work for him (and are ordered to sell the tax reform to the public, for the snakeoil peddler in chiefs benefit and that of his rich friends))

[-Jrabbit]

In the interest of keeping things simple, all I ask is one thing: After 8 years of pounding every Obama proposal with the core requirement of revenue neutrality, what is it about "tax reform" that allows the GOP to add $1.5 Trillion to the debt?

Effing hypocrites.

[giblets]

I haven't witnessed any drama about raising the debt ceiling this year.

[Kidlicious]

That's the interesting thing about the economists panel ... i.e. that it isn't a single economist who makes a prediction, but that it is several economists who are surveyed about the topic. Akin to wisdom of the (expert) crowds.

And if all surveyed economists answers point roughly into the same direction (and that is that the tax bills, as planned by the GOP are a bad idea and that the predicted economic growth projection is utopistic, if looked at it from a long term (several years) perspective), than this is more trustworthy in my eyes, than the predictions that are made by the snakeoil peddler in chief (and those who work for him (and are ordered to sell the tax reform to the public, for the snakeoil peddler in chiefs benefit and that of his rich friends))

You are being ridiculous. Claiming that cutting taxes causes economic growth is about the most sound judgement you can make with economics. No one is selling snake oil. Stop hacking.

[Dinner]

Kid, you are a truly ignorant and foolish person. We just tried this in Kansas and they were a complete dismal failure. The economy went from middle of the pack performance to worst in the country performance while state level debt ballooned to unstable levels. The reason is this tax breaks for the rich ended up causing massive vudget deficits so the state had to fire so many teachers, firemen, policemen, and other public servants that unemployment spiked and the whole state economy went to ****. So, no, tax cuts do not automatically do anything.

If you didn't have feces for brains you would listen to actual economists who are all universally saying this is bad economics.

[Kidlicious]

Please tell me why I should talk to you about economics when you don't know the difference between fiscal policy for a tiny state like Kansas and the federal government.