Posting for my friend IB
"The consensus is that the tax cut changed almost nothing. It was like throwing a boulder into a lake: A big splash, some waves, but very little change in the water level once things settled down. Jason Furman, Barack Obama’s chief economist, says he and his co-author Robert Barro think the long-term impact of the tax cut will be to raise GDP by 0.04% per year.
That’s very little bang for a $1 trillion tax cut. It gets us one-hundredth of the way to 6% growth.
Despite evidence that the tax cut hasn’t been the game-changer it promised, the White House is sticking to its forecast of 3% growth for the next 10 years.
But what do others say?
The American Enterprise Institute, a conservative think tank in Washington, is hosting an online bipartisan symposium (#TCJANowWhat) on the impact of the tax cut, with blog posts and papers from economists, tax and fiscal policy experts, and various other wonks culminating in a face-to-face event on Oct. 22.
So far, about all the conservatives in the debate can say is: Don’t give up on the TCJA yet!"
