It’s worth remembering that the conservative Heritage Foundation made exactly the same argument about the 2001 tax cut that Secretary Mnuchin is making today. It issued a report on April 27, 2001 forecasting that by 2011, federal revenues would be higher with the tax cut than they would have been without it, due to higher economic growth, greater investment, and lower unemployment. In fact, real G.D.P. growth was half of what Heritage predicted and the unemployment rate was 50 percent higher. It predicted that federal revenues would equal $3.3 trillion in 2011 including the effect of the tax cut; revenues actually were $1 trillion less, $2.3 trillion.
US economy has weakest quarterly performance in three years: So…is this still a part of the Obama economy?
Mr. Obama, who recently accepted a very lucrative speaking engagement on Wall Street, now looks like just one of the fortunate members of historically depressed minorities who mistake their own upward mobility for collective advance.