I never thought they would. It was a scam to give money to Republican donors and other rich people.
As usual, Trump blames someone else. In this case, he attacks the Federal Reserve again.
The whole theory of the tax cut was that it was going to boost business investment and all kinds of people said "There's no reason to think that at all," and the critics were, of course, correct. https://t.co/cyZewUHCt3
— Chris Hayes (@chrislhayes) July 26, 2019
Bottom line on Q2 GDP: Business investment was terrible. It came in at -0.6%, the worst since early 2016.
— Heather Long (@byHeatherLong) July 26, 2019
The US consumer is powering this economy. #economy pic.twitter.com/y2arOltVXH
More interesting: WHY did growth fall below 3%? Answer: "largely due to lower business investment and exports than previously estimated" – ie the Trump tax cut has failed and the Trump trade war is accumulating casualties https://t.co/FveVrn16un
— David Frum (@davidfrum) July 26, 2019
Revised government data show the economy grew 2.5 percent last year even by the measure preferred by the White House, not the 3 percent previously estimated, nor anywhere near the “4, 5 and even 6 percent” Trump has promised. https://t.co/xrKQnIwZws
— Peter Baker (@peterbakernyt) July 26, 2019
And yet our debt is surging due to this agenda, income inequality is growing, and our country’s air, water, and environment is being poisoned…. https://t.co/uzT61Gybsj
— Garrett M. Graff (@vermontgmg) July 26, 2019
This is remarkable. Consumers and government spending are sustaining the growth, not biz investment. And it's all happening under a GOP administration that passed a historically large tax cut framed as a means to spur business spending https://t.co/YbsX8o7k9n
— Sam Stein (@samstein) July 26, 2019
Seems pretty notable that the president can no longer claim even one year of 3+% growth, with last year’s GDP numbers revised down to 2.5%. After all the tax cuts and deregulation, growth is still plugging along about where it was under Obama.
— Victoria Guida (@vtg2) July 26, 2019
"The economy now has hit 3 percent. Nobody thought we'd be anywhere close. I think we can go to 4, 5, and maybe even 6 percent." – Donald Trump, Dec. 16, 2017
— Keith Boykin (@keithboykin) July 26, 2019
The Commerce Department announced today that GDP growth slowed to 2.1% in the second quarter.pic.twitter.com/C36HiPT9Tb
Kudlow to @CNBC, July 2018: "We are getting 3 [percent GDP growth] and it may be 4 for a quarter or two."#GDP since:
— Carl Quintanilla (@carlquintanilla) July 26, 2019
* Q3 2018: 2.9%
* Q4 2018: 1.1%
* Q1 2019: 3.1%
* Q2 2019: 2.1%https://t.co/IWhyChrBfD
GDP's out and big downward revisions to 2018: 2.2% down to 1.1% in Q4, 4.2% down to 3.5% in Q2, 3.4% down to 2.9% in Q3. https://t.co/4P9EOBeaAB
— Lydia DePillis (@lydiadepillis) July 26, 2019
#BREAKING US slashes 2018 GDP growth to 2.5%, below Trump's target pic.twitter.com/zXI8cAzw7Y
— AFP news agency (@AFP) July 26, 2019
Q2 GDP Up 2.1% Not bad considering we have the very heavy weight of the Federal Reserve anchor wrapped around our neck. Almost no inflation. USA is set to Zoom!
— Donald J. Trump (@realDonaldTrump) July 26, 2019
I was assured that the GOP tax cut would pay for itself and lead to higher wages in large part due to the business sector’s response. https://t.co/Gh5cQoMXIj
— Bobby Kogan (@BBKogan) July 26, 2019
According to a study by the London School of Economics, 50 years worth of tax cuts contributed absolutely nothing to boost the GDP and employment rates across 18 nations that tried trickle down economics since the wealthy hoard far more than they spend. https://t.co/uxi60nmWbC
— Greg Fish (@GregAFish) February 1, 2021
To get an idea of the types of people who would benefit from carving out passthrough income from a surtax that does not kick in until income exceeds $10 MILLION — this is a must-read from @propublica:https://t.co/RIRmmm65oz
— Chuck Marr (@ChuckCBPP) July 1, 2022
Sad! 