The Senate Tax Bill Will—Oh, You Know Already, Don’t You?

I still feel like crap today. On the bright side, I feel slightly less like crap than yesterday. Nevertheless, that probably means I should stick to nice, easy subjects. I think I managed to screw up yesterday’s post about the income of the top 1 percent five or six times before I finally got it right.¹

The Republican tax bill is always good for an easy post. Let’s try that. Here’s the latest Penn Wharton estimate of the effects of the bill all the way through 2040²:

There you go. By 2040, more than two decades from now, the Senate bill will create an extra $2 trillion in debt. At the same time, it will increase both GDP and labor income by 0.5 percent. That’s 0.02 percent per year, which is basically noise level. We can’t even come close to measuring GDP that accurately. For all practical purposes, the likely effect of the bill on GDP and labor income is zero.

No one in the Republican Party seems to care about that, and charts full of numbers don’t have any impact on the average voter. Still, just for the record, I figure it’s worth posting this stuff. Someone ought to.

¹It’s now correct, and probably fairly understandable too. Thanks, readers!

²The Penn Wharton folks produce both high and low estimates. I’ve averaged them here to get a single number for each category.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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