Subject: Re: BBB will reduce the deficit!
Six Nobel laureate economists denounce the Trump tax bill because it will add to the debt and redistribute wealth and income from the middle-class and the poor to the wealthy.
But Dope says by his calculations it probably will not.
It can be hard to know who to believe.

An open letter from six Nobel laureate economists:
"U.S. structural deficits are already too high, with real debt service payments approaching their historic highs in the past year. The House bill layers $3.8 trillion in additional tax cuts ($5.3 trillion if all provisions are made permanent) on top of these existing fiscal gaps—and these tax cuts are overwhelmingly tilted toward the highest-income households. Even with the safety net cuts, the House bill leads to public debt rising by over $3 trillion in coming years (and over $5 trillion over the next decade if provisions are made permanent rather than phasing out). The higher debt and deficits will put noticeable upward pressure on both inflation and interest rates in coming years.

The combination of cuts to key safety net programs like Medicaid and SNAP and tax cuts disproportionately benefiting higher-income households means that the House budget constitutes an extremely large upward redistribution of income. Given how much this bill adds to the U.S. debt, it is shocking that it still imposes absolute losses on the bottom 40% of U.S households."

Of course facts can be inconvenient, so feel free to ignore them if they make your head hurt.

https://www.epi.org/publicatio...