American Elephants


Another Great Jobs Report, Leaving Democrats in Despair by The Elephant's Child

Nancy Pelosi presser

The big news from the Labor Department was that 600,000 workers re-entered the work force. Manufacturing jobs increased by 36,000, The 4 week average of continuing  unemployment claims was the lowest in 45 years.

1.03 million workers have returned to the work force.  The June economy added 213.000 new jobs, 22,000 more than economists had expected. 155,576,000 Americans are working.

Naturally, Democrats are distraught.

Nancy Pelosi, minority leader, tweeted:

The June shows what is at stake from the brewing storm of rising health costs, spiraling trade uncertainty & an economy being hollowed out to enrich big corporations & the wealthiest 1 percent. Americans deserve better than the GOP’s raw deal.

Democrats do not believe in tax cuts. It is a matter of faith. Taxes are supposed to go up, not down, and give the Democrat Party more money to play with, to buy votes and buy supporters. Naturally, they blame big corporations, but not rich corporate executives upon whom they depend for donations.

Brian Riedl, of Economics 21 wrote in the E21 Commentary:

The 2017 Tax Cuts and Jobs Act (TCJA) remains controversial, with public opinion evenly split and many Democrats campaigning on repeal. However, the Democratic critique of the tax cuts has grown increasingly incoherent. The party excoriates the “tax cuts for the rich” while trying to tilt them even further to the wealthy. Democrats slam the deficit effect of the tax cuts while working to worsen budget deficits. In addition, they erroneously describe the law as a “middle-class tax hike” while proposing policies that would truly raise middle-class taxes.

And about the “Tax cuts for the Rich”

The most aggressive liberal complaint was that the TCJA represented a giveaway to the wealthy at the expense of the middle class. In reality, the tax cuts nudged the distribution of federal taxes in a more progressive direction. The bottom 80 percent of families had previously paid 33 percent of all combined federal taxes, yet received 35 percent of the tax cuts. By contrast, the top one percent had previously paid 27 percent of all federal taxes, but received just 21 percent of the tax cuts. Since upper-income earners received a lower share of the tax cuts, their share of federal taxes paid will slightly rise.

Do read the whole thing. I know, economics??? The more you understand, the better off you will be. At least that’s what I always tell myself, and it certainly doesn’t leave me approving of former Speaker Pelosi and her crew.

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