Donald Trump talked up his new tax cut proposal recently. Robert Reich, former President Clinton’s Labor Secretary, was paired with a Right Wing economist whose points he summarily dismissed. It wasn’t a contest at all as he completely outmatched Moore.
Robert Reich schooled Former Trump economic advisor Stephen Moore on economics 101 as Moore tried to sell GOP tax cuts using the debunked trickle-down economics.
Robert Reich schools Right Wing economist
“Congressional Budget Office, Robert Reich, “said Stephen Moore. “Which is not a friend of the Republicans by any means as you saw the healthcare debate. They say 65% of the benefit of cutting the business tax rate goes to workers middle-class workers.
“I will believe that when you tell me that actually, workers have had a rise in real terms over the last years of all these tax cuts these big these big trickle-down tax cuts that you’ve been advocating for all these years Stephen Moore,” Robert Reich said. “But let me just say the corporations are now flush with cash. They don’t even know what to do with all their money. They’ve never had this much money as a percentage of the total national product. They’re buying back their own stocks because they don’t even know what to do with it. The wealthy in this country have never been as wealthy. They have never taken home as large a percentage of the total economy as they’re now taking home. You know the top 1/10 of 1% have more wealth than almost the bottom 90% of Americans. Why are we talking about a corporate and business and wealthy tax cut at a time like this? It makes no sense at all.”
“Because, Bob, you need businesses for jobs,” Stephen Moore said. “It’s that simple without an employer you don’t have a job. So we want to help those employers expand their businesses.”
“You are wrong about one thing that’s very very fundamental,” Reich said. “It is the middle-income and poor people who actually through their spending create jobs. Businesses are not going to invest in new jobs unless there are people who are purchasing. That’s one of the problems we’ve had over the last 25 years. This recovery has been as sluggish as it was because the middle class and the poor don’t have the money.”
And that is the knockout punch.