[#NowMoreThanEver | #WhatTheyVotedFor]
So, like, wow. Ezra Klein, circa
2011↱:
there's nothing in this plan that hasn't been in a thousand other plans. When I asked David Autor, an economist at the Massachusetts Institute of Technology and a specialist on labor markets, to take a look at the substance, he pronounced it a classic case of "what Larry Summers would call 'now-more-than-everism.'"
"Here's how it works," Autor wrote in an e-mail. "1. You have a set of policies that you favor at all times and under all circumstances, e.g., cut taxes, remove regulations, drill-baby-drill, etc. 2. You see a problem that needs fixing (e.g., the economy stinks). 3. You say, 'We need to enact my favored policies now more than ever.' I believe that every item in the GOP list that you sent derives from this three-step procedure.
"That's not to say that there are no reasonable ideas on this list. But there is certainly no original thinking here directed at addressing the employment problem. Or, to put it differently, is there any set of economic circumstances under which the GOP would not actually want to enact every item on this agenda? If the answer is no, then this is clearly now-more-than-everism."
If you read Autor's answer and then guessed at what's included in the plan, you'd probably get it about right. The GOP wants a separate congressional vote on every significant regulation. It wants to cut taxes for corporations and small businesses led by individuals. It wants a tax break on profit that corporations earn overseas ....
.... But it's not just that you could read this jobs plan without knowing the financial crisis ever happened. You could read it without knowing the past decade ever happened. As Mishel says, "If lower taxes and less regulation was such good policy, then George W. Bush's economy would have been a lot better. But under Bush, Republicans cut taxes on business and on investors and high-income people, and they didn't add many regulations, and that business cycle was the first one in the postwar period where the income for a typical working-class family was lower at the end than at the beginning."
That, however, is the agenda the House GOP thinks we need. And now more than ever.
It wasn't a new idea, even then. When we
discussed it, here↗, we could look back to a political cartoon from the previous year, and so on. And it's never really been something
right-wingers↗ deal with very well.
To the other, what do we care? I mean, shit, that was then, right? This is how many years later?
BREAKING: Trump officials discuss tax cuts, other emergency measures in hopes of tackling coronavirus fallout ....
(@damianpaletta↱)
Oh.
Well, then.
Or, rather, the lede from
Stein and Parker↱, for the
Washington Post:
Trump administration officials are holding preliminary conversations about economic responses to the coronavirus, as the stock market fell sharply again on Friday amid international fears about the outbreak, according to five people with knowledge of the planning.
Among the options being considered are pursuing a targeted tax cut package, these people said. They have also discussed whether the White House should lean even harder on the Federal Reserve to cut interest rates, though the central bank on Friday afternoon said it would step in if necessary.
Yeah, y'know, we couldn't possibly see that one coming.
____________________
Notes:
@damianpaletta. "BREAKING: Trump officials discuss tax cuts, other emergency measures in hopes of tackling coronavirus fallout, by @JStein_Wapo and @AshleyRParker". Twitter. 28 February 2020. Twitter.com. 28 February 2020. http://bit.ly/2VIaoBd
Klein, Ezra. "GOP jobs plan: Old ideas, fancy new clip art". The Washington Post. 26 May 2011. WashingtonPost.com. 28 February 2020. https://wapo.st/2ToBAlF
Stein, Jeff and Ashley Parker. "Trump officials discuss tax cuts, other emergency measures in hopes of tackling coronavirus fallout". The Washington Post. 28 February 2020. WashingtonPost.com. 28 February 2020. https://wapo.st/3aisihV