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

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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.
 
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 ...
 
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?
 
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?
 
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.
 
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.
 
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?
 
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