- The Associated Press (AP) is doing their damnedest to drive down approval numbers for the tax bill as they did with the Reagan Tax bill (which even had lower approval ratings)*
- We believe the actual experience of people with the new tax bill’s provisions will propel Trump to a landslide reelection victory as Reagan’s did to him
The headline is unobjectionable but if people read the story it is loaded with the AP’s own biased interpretations. It refers to tax-payer benefits in a skewed way as if the rich and corporations benefit inordinately, no objective comparison scales are offered, just their word for it. The article refers to unnamed sources saying the deficit will increase by “at least $1 trilliuon more than it would without the tax measure, according to projections” without admitting that the projection they probably have in mind is from the Congressional Budget office which is a static analysis (no accounting for economic grow bringing in more revenues) and even at that the amount refers to a period of ten years. Obama increased the deficit by trillions more in seven years. Even this Google search attests to that. Although the figures vary, it is accurate to say Obama policies increased the deficit by many trillions more than the projections resulting from from the current tax bill.
The AP was relentless in its injection of everything negative they could leading up to passage, and no doubt will continue to be. Today, after what amounted to test votes on the measure (final passage in both Houses and signing likely to be this week) the AP offered up this crapola:
They answer essentially in the negative, certainly to cast doubt. Never mind that as reported on Rush’s program this morning that the American Manufacturer’s Association says the provisions of the entire bill will result in more hiring and wage increases — but the AP offers the dumbfounding analysis that repatriation of billions and billions , even trillions of dollars to US shores will not result in increases in many jobs and investment. It is incredible.
Here is a news flash for the economic writers at AP. Money is fungible. Corporations that distribute such money in the form of stock buybacks as they suggest will happen, or what ever they do with it here, will still ultimately cause more money to be invested as their investors now reinvest their gains from the transfers, investing in other companies or start-ups. Even banking it provides fund availability to other companies and star-ups for loans. Heaven forbid, if owners spend it, — increasing consumption means the suppliers / producers of that consumption continue the multiplication of economic activity benefiting, “growing” the economy. That is the result of repatriated money whether or not corporations expand their own businesses. It can’t help but help directly or indirectly.
*as reported on Rush Limbaugh radio program this morning. We will look for and link to the transcript