Congrats, we spent $2T on a tax cut for the rich to get us back to almost exactly the average pace of growth from Obama’s second term
The mechanism by which the tax cut was supposed to supercharge GDP growth was by boosting business investment.
Business investment has instead *fallen* for the past three consecutive quarters.
Business investment has instead *fallen* for the past three consecutive quarters.
Is that decline because of the tax cut? Unlikely. But whatever very modest boost the tax cut offered was clearly not enough to offset Trump’s trade wars. CBO forecast this week that tariffs could reduce GDP by 0.5% in 2020
