Posted on Dec 20, 2017
Savannah Guthrie to Paul Ryan: ‘Are you living in a fantasy world?’
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Companies are already sitting on record earnings and we're not seeing the gift of wage hikes. This tax break will NOT trickle down. #FantasyWorld
Savannah Guthrie to Paul Ryan: ‘Are you living in a fantasy world?’
Posted from thehill.com
Economy
Economics
Political Correctness
American History
Posted 7 y ago
Responses: 10
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Not to worry Savannah - all registered democrats are still free to pay their Federal taxes at the current rate while the rest of us will enjoy a Tax Cut. After all - given the propensity for altruism with other peoples money that Democrats possess - you and your more enlightened colleagues should have no problem, paying more taxes. However, I will enjoy spending my reduction in taxes on consumer items and travel. Bravo Madam I salute your altruism.
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SGT Mark Halmrast
As Maggie Thatcher said, "The problem with socialism is you eventually run out of other people's money."
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And again, lack of knowledge regarding basic management is evident. Businesses exist to be profitable, the more profitable, the profitablity creates expansion. You don’t become profitable by paying your employees more than the competitors. Increases salaries come about due promotions and COL increases. The primary reason for salary increases, other than those I noted is lack of qualified people to fill the open positions, competition again. The labor participation rate is still low and that means between 25-30% of the workforce is available for all but the highly educated STEM workers. That, along with an average of 150,000 new job entrants per month and the illegals add to the down ward pressure on pay.
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MCPO Roger Collins
Start up a business and show us how your altruistic business can be successful. My explanation has made the USA the economic powerhouse that we are.
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As someone that served at the top of General Motors providing the Executives with Technical and Decision support. Executives do not make large spending decisions in advance of policy implementation or until they start to see positive impacts of such. Because they have been burned repeatedly in the past when Congress has promised something and never delivered. Once money is spent it can never be recovered. So they are very cautious before they spend money.
So what I am saying it is a little premature to be looking for the positive impacts of Tax Cut Legislation even before it becomes official law. You need to wait at least 8-12 months after passage. Additionally, we are not even at 3% unemployment yet, which we are probably going to need to hit to see real upward pressure on wages. We have only had three consecutive quarters of 3% or above GDP growth, we really need approx 12-18 months more of that GDP growth as well as to absorb the millions that have given up looking for decent paying jobs. So that will take a while as well. The first item you will see is increased tax revenues and you will probably see that with the 2018 tax year as more people enter the workforce and start to pay taxes on their wages.
So what I am saying it is a little premature to be looking for the positive impacts of Tax Cut Legislation even before it becomes official law. You need to wait at least 8-12 months after passage. Additionally, we are not even at 3% unemployment yet, which we are probably going to need to hit to see real upward pressure on wages. We have only had three consecutive quarters of 3% or above GDP growth, we really need approx 12-18 months more of that GDP growth as well as to absorb the millions that have given up looking for decent paying jobs. So that will take a while as well. The first item you will see is increased tax revenues and you will probably see that with the 2018 tax year as more people enter the workforce and start to pay taxes on their wages.
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SFC Chad Sowash
SFC Jim Ruether - I'll give you that one... We will see - I hope for the best but don't expect it.
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SPC Erich Guenther
SFC Chad Sowash - Either way I think this is a good learning experience for Economists and the Country and we need to find out if it works or doesn't work before we discount it. I just wish they would go a step further and experiment with a Soverign Wealth Fund as a means to raise revenue outside the taxpayers in CONUS.
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SPC Erich Guenther
MSgt Steve Sweeney - The two biggest differences between Kansas and the United States is Kansas is largely Agragarian state made up of small to large farms. United States is a lot more industrial with larger companies. Additionally Kansas is not competing on a global level as is the United States is for investment. Democrats love to mention Kansas as an example of where this has failed but they also fail to mention North Corolina, which is a state in which it succeeded. Why the difference? Kansas allowed huge loopholes to be taken advantage of each year for tax avoidance. Both the United States plan and the North Carolina plan closes a lot of the loopholes. Other than that I will say Governor Brownback has always struck me as exceedingly stupid with his simpleton analysis of variious issues and items. How he got into the Governors office is probably another good case study in what went wrong in Kansas.
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SPC Erich Guenther
MSgt Steve Sweeney - I don't approach Economics and Finance via short and curt slogans. I look at what has worked in the past and what hasn't regardless of who was in power at the time. Fact is this worked in the past on a National Level under JFK and back then it was not called trickle down Economics. Both political parties have used a program of tax cuts similar to this to inject growth into the Economy. Just depends on your frame of time reference to see it. It is only bad this time because the Republicans are involved........in 20 years when the Democrats try it, it will be good again. Bottom line is this: Over time our tax code becomes outdated and needs massive change or reform, this happens like once every 20-30 years and that has been the cycle for a major overhaul (need to clean house). So you can choose to view this as partisan because the Democrats want to play political games or you can choose to view it objectively as a natural recurring event.........which it actually is. And it really does not matter what the Republicans passed while they have the majority all that much because in 12 to 16 years I am sure the Democrats will get the majority again and flip some items back or roll out another revision. It's a natural back and forth. Not sure why people are getting all worked up about this, each party has it's turn changing the tax code.
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