Trump/Russia Tax Cut results in lower wages for most workers

[LV426]

Per CBS:

Worker wages drop while companies spend billions to boost stocks
Six months after the Tax Cut and Jobs Act became law, there's still little evidence that the average job holder is feeling the benefit.

Worker pay in the second quarter dropped nearly one percent below its first-quarter level, according to the PayScale Index, one measure of worker pay. When accounting for inflation, the drop is even steeper. Year-over-year, rising prices have eaten up still-modest pay gains for many workers, with the result that real wages fell 1.4 percent from the prior year, according to PayScale. The drop was broad, with 80 percent of industries and two-thirds of metro areas affected.​

We told you this would happen.

 

[Legion]

Six months after the Tax Cut and Jobs Act became law, there's still little evidence that the average job holder is feeling the benefit. Worker pay in the second quarter dropped nearly one percent below its first-quarter level, according to the PayScale Index, one measure of worker pay. When accounting for inflation, the drop is even steeper. Year-over-year, rising prices have eaten up still-modest pay gains for many workers, with the result that real wages fell 1.4 percent from the prior year, according to PayScale. The drop was broad, with 80 percent of industries and two-thirds of metro areas affected. We told you this would happen.

Did you "forget" to cite this text from the same report for a reason?

...economic confidence has been good, we're in a strong economy, GDP is growing..." said Katie Bardaro, vice president of data analytics at PayScale.

... economists have cautioned against judging the tax cuts too quickly, saying it could take up to four years before their full effects are felt ...

 

[cawacko]

You told us prices would rise? When did you tell us this?

 

[LV426]

Did you "forget" to cite this text from the same report for a reason?

...economic confidence has been good, we're in a strong economy, GDP is growing..." said Katie Bardaro, vice president of data analytics at PayScale.

... economists have cautioned against judging the tax cuts too quickly, saying it could take up to four years before their full effects are felt ...

We were promised by Conservatives that it would have "an immediate effect". That's what Kudlow, Trump, and Paul Ryan all said in December of last year. In fact, Ryan said that workers would get about $4,000 in wage increases. But, wages declined and after-tax income only grew about $300 a year.

So let's see:

• GDP growth slowed in Q1 2018 by 0.9%, bringing the growth rate down to a paltry 2.0% from 2.9% in Q4 2017
• Worker wages have declined
• More companies are outsourcing jobs (BMW, Harley)
• Oil prices skyrocketed
• 4 million people lost health insurance
• Health insurance premiums this fall will be the highest in years, according to insurance companies
• The deficit is back to $1T

That last point is a bit baffling too, since you're the people who stapled teabags to your faces 8 years ago and pretended to care about trillion dollar deficits.

So why were the deficits and debt such a big deal for you 8 years ago, but not today?

 

[Legion]

We were promised by Conservatives that it would have "an immediate effect". That's what Kudlow, Trump, and Paul Ryan all said in December of last year. In fact, Ryan said that workers would get about $4,000 in wage increases.

You were?

Can you cite these alleged promises?

 

[LV426]

You were? Can you cite these alleged promises?

Sure, but what's in it for me? If I do the work of feeding a sea-lion, I expect to get something in return. So what do you have to offer?

 

[Legion]

Sure, but what's in it for me? If I do the work of feeding a sea-lion, I expect to get something in return. So what do you have to offer?

I don't see those citations.

Get busy.

 

[LV426]

You were? Can you cite these alleged promises?

Ouch. How embarrassing for you. So I expect a full-throated apology from you for acting like a sea-lion and forcing me to do the work you could very easily do for yourself. So not only are you incredibly partisan, but you're incredibly lazy. Do you contribute anything to society, or are you just a leech on it?

What was promised: "My Council of Economic Advisers estimates that this change, along with a lower tax rate, will likely give the typical American household a $4,000 pay raise," Trump said.

Reality: Year-over-year, rising prices have eaten up still-modest pay gains for many workers, with the result that real wages fell 1.4 percent from the prior year, according to PayScale.

 

[dukkha]

the Fed is raising rates,, Q3 and Q4 are supposed to be big GDP

 

[LV426]

You were? Can you cite these alleged promises?

Double ouch.

What was promised: "My Council of Economic Advisers estimates that this change, along with a lower tax rate, will likely give the typical American household a $4,000 pay raise," Drumpf said.

Reality: During the three months following passage of the tax bill, the average American saw a $6.21 increase in average weekly earnings. Assuming 12 weeks of work during the three months following passage of the corporate tax cuts, this equates to a $75 increase. Assuming a full 52 weeks of work, the $6.21 increase in weekly earnings would result in a $323 annual increase, nowhere near the minimum $4,000 promised and $9,000 potential annual increases projected by President Drumpf and Speaker Ryan if significant cuts were made to corporate tax rates.

 

[LV426]

You were? Can you cite these alleged promises?

Triple ouch:

What was promised: Paul Ryan: "Profound" Change To Tax System, Americans Will See Larger Paychecks Beginning In February.

"On January 1, Americans are going to wake up with a new tax code. On February 1, they are going to see withholdings go down, so they are going to see bigger paychecks. And April 15 will be the last day they have to comply with the old, bad system. "


Reality: Worker pay in the second quarter dropped nearly one percent below its first-quarter level, according to the PayScale Index, one measure of worker pay.

 

[LV426]

I don't see those citations. busy.

So where's your apology?

I fed a sea-lion, I expect an apology and acknowledgement from you now.

 

[Legion]

Paul Ryan: "Profound" Change To Tax System, Americans Will See Larger Paychecks Beginning In February.

Did federal withholding amounts decline as promised?

"On January 1, Americans are going to wake up with a new tax code. On February 1, they are going to see withholdings go down, so they are going to see bigger paychecks. And April 15 will be the last day they have to comply with the old, bad system. "

Is any of that untrue?

 

[Legion]

So where's your apology?

Apology for what? Asking you for citations?

 

[Legion]

Double ouch.

Are you in pain?

Wasn't this your initial claim?

We were promised by Conservatives that it would have "an immediate effect". That's what Kudlow, Trump, and Paul Ryan all said in December of last year. In fact, Ryan said that workers would get about $4,000 in wage increases.

 

[LV426]

Did federal withholding amounts decline as promised?

WAGES HAVE DECLINED

 

[Legion]

the Fed is raising rates,, Q3 and Q4 are supposed to be big GDP

Who told you that?

 

[LV426]

Is any of that untrue?

Yes, because worker wages have declined.

Worker wages drop while companies spend billions to boost stocks

 

[LV426]

Are you in pain?

Wasn't this your initial claim?

Maybe you don't know how to read, but I answered all those points in my links.

So now you're in sea-lion territory because of your fragile ego.

 

[Legion]

WAGES HAVE DECLINED

They have? Everyones wages?