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Americans Got Screwed: After Trump's Tax Cuts, Companies Eliminated More Jobs Than They Created

Sunstone

De Diablo Del Fora
Premium Member
One of President Trump’s major campaign promises, both in his original presidential campaign and during his midterm stump speeches, was the idea that he was going to “bring back jobs” to Americans who have been pushed out of work by globalization and automation. Republicans pitched their tax cuts as another way to do that, by giving corporations more money to indirectly fund their hiring. According to a new examination of the policy’s effects by the New York Times, that strategy didn’t work. In fact, companies actually cut more jobs more enthusiastically after the tax cuts.

Much of the “growth” promised by the tax cuts has taken the form of companies like Google, Facebook, and Goldman Sachs investing their money in technology. As a way to boost hiring, the tax cuts have unequivocally been a bust.

>>>snip<<<

Most disappointing, and least surprising, is the effect that the tax cuts have had on actual workers. Even at the companies who promised to give some of their new wealth to their employees, the actual benefits workers saw were minor. Nonprofit researchers Just Capital estimate that a typical worker saw a salary increase or bonus totaling just $225 for the year.

But what about the jobs?!? Just Capital reports that since the tax cuts, the 1,000 biggest public companies have cut 140,000 jobs, which is double the 73,000 they say they created. The analysis found that most of those cuts came from the service industry. Wages, meanwhile, grew by only .5 percent, one point slower than the .6 percent growth of the economy as a whole.

[Source]

You can find the original story here (but it might be behind a paywall for some people):

Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.


Basically, Trump and Republicans promised you more jobs and pay raises if you supported Trump's tax cut. Even several large corporations got into the act and said they'd use the money to hire more people and give raises to their employees.

But what really happened?

Corporations have laid off more people than they've hired, and -- on average -- given at best only tiny raises to their employees.

Instead of doing what they promised to do, the corporations have used the tax cuts mainly to make their senior executives and shareholders richer.

Moreover, the tax cuts for the middle class were made to expire in a few years while the tax cuts for the corporations and uber-rich were made permanent.

And now, Mitch McConnell and other Republican leaders are saying they must make cuts to social security, medicare, medicaid, and food stamps to pay for Trump's tax cut. Those are services the rich don't need --- so why not cut them rather than cut multi-billion dollar subsidies to corporations? That's how the Republicans are reasoning.

Questions? Comments?
 

tytlyf

Not Religious
Well duh, don't expect corporate policies to help the middle class. Millions of people in the lower middle class vote for republican corporate policies. They haven't realized they're lied to. If anyone had a little common sense, you could just look to the wealthiest areas in the country. All blue.
 

Quintessence

Consults with Trees
Staff member
Premium Member
Corporations not serving the interests of the general public? You don't say! This is shocking news right up there with the earth revolving around the sun!

I wonder when pitchfork and torches time will come?
 

Sunstone

De Diablo Del Fora
Premium Member

I wonder when pitchfork and torches time will come?

I give political stability in this country -- such as it is -- about one more decade -- maybe two at the most. On top of what we're already experiencing, artificial intelligence and robotics are going to create Great Depression levels of unemployment within the next twenty years. People will be faced with starvation or political "agitation" -- a euphemism for revolt.
 

Sunstone

De Diablo Del Fora
Premium Member
ethe GOP were warned, tax cuts do NOT help those at the lower income end. Trickle down does not happen
But the GOP doesn't understand history, next thing you know they'll be starting trade wars...

I take your point, but I think the Republicans understand history quite well. They understand how tax cuts have benefited them -- the party of the rich. And they also understand how so many Americans can be duped into supporting tax cuts for the rich by claiming the cuts will trickle down to them.

It's shameful so many Americans fall for that time and time again.
 

Daemon Sophic

Avatar in flux
Whaaaaat?? No way!!
Trump said, and he was the more honest candidate.
And all of the unbiased economists on Fox News said, and they are more brilliant than any of you.
And.....and I did a gut check and everything! :tearsofjoy::tearsofjoy:
200.gif
 

Twilight Hue

Twilight, not bright nor dark, good nor bad.
Trumpettes are strangely quiet...
Not really. Just that none of the facts will really be known until 2019. It's just fun watching a lot of you ramble on....and on...and on.....

It's not a surprise about the restaurant industry either pursuing automation. At least in New York , it was a direct result of the raising of the minimum wage to $15 an hour by the Democrats. In fact the McDonald's next to me just ripped out their interior and installed kiosks.

Had nothing to do with the tax cuts, nothing to do with corporations. Corporations never had to pay taxes in the first place.
The consumer does.

This has all to do with the issue of an already bloated government losing revenue. That's what all the tripe is about coupled with a convenient stab at corporations.
 

Audie

Veteran Member
[Source]

You can find the original story here (but it might be behind a paywall for some people):

Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.


Basically, Trump and Republicans promised you more jobs and pay raises if you supported Trump's tax cut. Even several large corporations got into the act and said they'd use the money to hire more people and give raises to their employees.

But what really happened?

Corporations have laid off more people than they've hired, and -- on average -- given at best only tiny raises to their employees.

Instead of doing what they promised to do, the corporations have used the tax cuts mainly to make their senior executives and shareholders richer.

Moreover, the tax cuts for the middle class were made to expire in a few years while the tax cuts for the corporations and uber-rich were made permanent.

And now, Mitch McConnell and other Republican leaders are saying they must make cuts to social security, medicare, medicaid, and food stamps to pay for Trump's tax cut. Those are services the rich don't need --- so why not cut them rather than cut multi-billion dollar subsidies to corporations? That's how the Republicans are reasoning.

Questions? Comments?

What really happened was that the tax cut
provided a sugar high, a shot of ether
into the engine (economy).

It may wear off.

The utter betrayal of the very valid conservative
concerns about an ever expanding national debt
is something hard to reconcile, but, few seem
to be concerned about it.
 
I give political stability in this country -- such as it is -- about one more decade -- maybe two at the most. On top of what we're already experiencing, artificial intelligence and robotics are going to create Great Depression levels of unemployment within the next twenty years. People will be faced with starvation or political "agitation" -- a euphemism for revolt.
Isn't that being too pessimistic?
I really don't care much what happens there, but I do have family in the USA so I just hope what you mention won't actually happen.. idk I find it frightful.
 

fantome profane

Anti-Woke = Anti-Justice
Premium Member
What really happened was that the tax cut
provided a sugar high, a shot of ether
into the engine (economy).

It may wear off.

The utter betrayal of the very valid conservative
concerns about an ever expanding national debt
is something hard to reconcile, but, few seem
to be concerned about it.
Actually a lot of people seem to be very concerned about it. It is just that those people are Democrats.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Not really. Just that none of the facts will really be known until 2019. It's just fun watching a lot of you ramble on....and on...and on.....

It's not a surprise about the restaurant industry either pursuing automation. At least in New York , it was a direct result of the raising of the minimum wage to $15 an hour by the Democrats. In fact the McDonald's next to me just ripped out their interior and installed kiosks.

Had nothing to do with the tax cuts, nothing to do with corporations. Corporations never had to pay taxes in the first place.
The consumer does.

This has all to do with the issue of an already bloated government losing revenue. That's what all the tripe is about coupled with a convenient stab at corporations.
Economics is a complex thing.
It's easy for anti-Trumpers to blame any downturn on him (since he's top dog),
but deny credit for any upturn (claiming inheritance from Obama's reign).
Have they credited Trump for the recent increase in federal tax revenue?
I don't think the tax changes are easily causily correlated with employment levels.
Bigger factors are coming into play, especially automation, which is fundamentally
different & more powerful than ever before.

Btw, I've noted that the deficit has increased under Trump. And I give him responsibility
for this. (Sure, sure, Congress makes the budget, but Trump has influence & veto power.)
I'm surprised the left hasn't criticized this. Too busy criticising him personally, eh?
I say it's more important to object to bad fiscal policies, especially increased spending.

Ref....
Opinion | Tax Revenues Are Higher
 
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Father Heathen

Veteran Member
Well, the GOP were warned, tax cuts do NOT help those at the lower income end. Trickle down does not happen
But the GOP doesn't understand history, next thing you know they'll be starting trade wars...

They know full well who really benefits, which is exactly their intent. They just have to dupe dopes into voting against their own interest, which is clearly easy enough to do.
 
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