Turns out the GOP’s always-popular tax cuts for the wealthy, trickle-down, job creation ruse actually only benefits the wealthy. Who would’ve thought!
Think Progress: A new study… indicates that tax cuts for the wealthiest earners fail to generate economic growth at the same pace as tax cuts aimed at low- and middle-income earners.
[...] the effect of tax cuts for the rich was “insignificant statistically,” as Reuters’ David Cay Johnston reported: “Almost all of the stimulative effect of tax cuts… results from tax cuts for the bottom 90%. A one percent of GDP tax cut for the bottom 90% results in 2.7 percentage points of GDP growth over a two-year period. The corresponding estimate for the top 10% is 0.13 percentage points and is insignificant statistically.”
And then we have the GOP’s austerity cuts for the rest of us, which would pay for the tax cuts for the wealthy (and more wars, more profits). But things aren’t working out the way they planned with the upcoming sequester.
Think Progress: It’s an article of faith amongst Republicans that government can’t create jobs, and that cutting government spending will lead to job growth. Republicans even pushed the nation to the brink of a debt default in order to secure cuts in federal spending in 2010. [...] House Majority Leader Eric Cantor (R-VA) is seemingly having a change of heart. On Thursday he tweeted that the sequester would hurt federal spending in key areas, and thus kill jobs.
[...] Earlier this week, Cantor was unable to name a single deal Republicans would be willing to make to prevent the slew of cuts — cuts that Cantor himself voted for. Plus, as the Bipartisan Policy Center reports, the House Republican budget that Cantor supported cuts “more than double the amount” of the sequester. This budget would sink domestic spending to its lowest level in 50 years. Meanwhile it prevents cuts to military spending already endorsed by military leaders.
These career politicians don’t care about the national economy, the deficit, or the herds of eaters who roam the countryside (you and me — the working and middle class). They want to get rich by making rich people richer, and they’re able to bamboozle enough “conservative” base voters to get re-elected again and again and again on failed ideologies.
The simple solution is to vote them out in two months. Elect people who want to make the government work for We, The People — not people who want more for the Romneys and the Kochs and the Adelsons and their various, secret, US tax evading offshore bank accounts.