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[credit: Joel Pett, Lexington, KY Herald]
Wackdoodle sez, "I herd of ettin' yer cake too, but this is ridiklis!" |
The Economic Policy Institute released a
memorandum earlier this month examining the economic effects of the Charlatan's tax cuts for the rich on their tenth anniversary, June 7th. In a sentence, the authors Fieldhouse and Porter, conclude that the cuts are expensive, ineffective and unfair. The tax cuts were billed by their captured legislative supporters as a program for job creation. But the economic expansion attributed to them has the worst wage and salary growth for any postwar expansion despite an increase in productivity of 15.4%. Total employment increased less than 1%, barely keeping pace with population growth. However, the top one tenth of a percent income earners (above $9.5 million) captured 24% of the income gains while the bottom 90% earned just 13% of total income gains. Real wages for men in the bottom 50th percentile actually fell 0.5%. The national unemployment rate has never returned to precession levels, and the US has spent $400 billion in additional interest to finance the cuts.
