Sep 19, 2023Liked by Nicholas Grossman

I'll never forget Bob Corker insisting that the Tax Cuts and Jobs Act wasn't going to add a single penny to the deficit. It was one of the wildest things I'd ever heard. Right up there with Trump insisting the sun was shining during his inaugural when we all saw the rain. To my knowledge, no one has ever gone back and asked him if he still thinks the tax cuts didn't add to the deficit. I'm not even sure why I think it's important to get his answer, but it feels important.

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A claim like "these tax cuts will generate such a boost to economic growth that they'll end up paying for themselves in the long-run" makes sense. Maybe it doesn't pan out—and since it's never panned out, maybe people should stop expecting it to—but at least there's a logic to it.

"These tax cuts won't increase the deficit" is ridiculous. Unless they're paired dollar-for-dollar with spending cuts—and the Trump tax cuts sure weren't—then they increase the deficit by definition.

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I wish I could get some of the Trumpers in my family to read this. I keep hearing the economy was great under Trump and now it's terrible. No sources for these opinions, just belief.

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