{"id":1003992,"date":"2019-03-19T17:47:48","date_gmt":"2019-03-19T21:47:48","guid":{"rendered":"https:\/\/democrats.org\/?p=1003992"},"modified":"2024-05-23T20:07:56","modified_gmt":"2024-05-23T20:07:56","slug":"trumps-economy-only-benefits-corporations-and-it-could-get-worse","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-economy-only-benefits-corporations-and-it-could-get-worse\/","title":{"rendered":"Trump\u2019s Economy Only Benefits Corporations — And It Could Get Worse"},"content":{"rendered":"

The economy is not growing at the rate Trump and his advisers promised it would after their massive tax breaks for the rich and big corporations. Now, as workers are losing their jobs and experts are predicting an economic slowdown, Trump\u2019s top advisers want to double down on even more corporate tax cuts.<\/p>\n

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The Trump administration\u2019s own economic report acknowledges the economy won\u2019t reach the 3 percent growth Trump and his advisors repeatedly promised we\u2019d surpass if they passed their tax law.<\/p>\n

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Washington Post<\/a>: \u201cPresident Trump has promised an economic boom that will last for years to come, but he\u2019s unlikely to get one without the help of Congress to pass major new legislation, according to estimates by Trump\u2019s own economic team. To achieve about 3 percent growth for the next decade, Trump would need a big infrastructure bill, more tax cuts, additional deregulation, and policies that transition more people off government aid and into full-time jobs, according to the 2019 Economic Report of the President, released Tuesday by Trump\u2019s Council of Economic Advisers.\u201d<\/p>\n

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Trump\u2019s top economic advisers are saying that Trump\u2019s massive corporate tax cuts have been so successful that they want to give corporations even more handouts.<\/p>\n

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Kevin Hassett<\/a>: \u201cThere\u2019s a lot of noodling going on in the White House thinking about what taxes 2.0 might really look like, when we get to that point, because I think that tax cuts, especially on the corporate side, have been so successful.\u201d<\/p>\n

 <\/p>\n

Larry Kudlow<\/a>: \u201c21 percent\u2019s a nice number. We want it 15. I\u2019m not done with that yet by the way. 15. Maybe there\u2019s a tax cut 2.0, maybe not.\u201d<\/p>\n

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But Trump\u2019s tax cuts incentivized corporations like General Motors to offshore jobs. Now, thousands of workers have lost their jobs, which Trump vowed to save.<\/p>\n

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GM Lordstown local union leader<\/a>: \u201cThe GOP tax cut gave corporations like General Motors an incentive to build products outside the state\u2026. We just wanted to make sure he understood that, \u2018A)\u2019 the regulations that are on the book aren\u2019t really helping working people, it\u2019s not helping companies that actually employ people, and a lot of people here voted for him. You know, he came here and told folks don\u2019t sell your house, that those jobs are coming back, and we\u2019ve seen job losses.\u201d<\/p>\n

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And a new survey shows that economic growth will likely slow sharply this year and next.<\/p>\n

 <\/p>\n

CNBC<\/a>: \u201cUS economic growth is likely to slow sharply this year and next, according to CNBC’s Fed survey\u201d<\/p>\n

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CNBC<\/a>: \u201cThe average forecast for gross domestic product growth this year is just 2.3 percent, down from 2.44 percent expected in the January survey and a further slowing from the actual 3.1 percent year-over-year pace for the fourth quarter of 2018. Economic growth is seen stepping below 2 percent in 2020, according to the survey.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The economy is not growing at the rate Trump and his advisers promised it would after their massive tax breaks for the rich and big corporations. Now, as workers are losing their jobs and experts are predicting an economic slowdown, Trump\u2019s top advisers want to double down on even more corporate tax cuts.   The […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1003992","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s Economy Only Benefits Corporations - And It Could Get Worse - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trumps-economy-only-benefits-corporations-and-it-could-get-worse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-19T21:47:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T20:07:56+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-economy-only-benefits-corporations-and-it-could-get-worse\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-economy-only-benefits-corporations-and-it-could-get-worse\/\",\"name\":\"Trump\u2019s Economy Only Benefits Corporations - 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