Joseph Zeballos-Roig - Dec. 22, 2019
> President Trump accomplished his signature legislative achievement two years ago: the Tax Cuts and Jobs Act, which permanently slashed the corporate tax rate.
> Supporters of the law argued it would improve worker productivity, raise wages, and supercharge economic growth.
> But the law achieved none of the ambitious goals Republicans put forward, and there are few signs they ever will.
> Here are seven charts that show why the tax cuts were not the economic "rocket fuel" that Trump promised.
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GDP growth has averaged 2.4% since Dec. 2017, short of the 3% estimate that the Trump administration repeatedly touted.
Job growth has kept steady, but the tax cuts had a limited impact.
The tax cuts didn't dramatically ramp up what workers earn in an average hour.
Consumer confidence fluctuated through 2019 — and the tax cuts had little to do with it.
Capital spending has steadily decreased in the last two years, mainly the product of uncertainty of Trump's ongoing trade wars.
The tax cuts didn't reverse the decline in manufacturing activity.
Stock buybacks, however, set records in 2018, the first full year of the Trump tax law — and they're higher than before the law was enacted.
Entire report HERE.
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