Fox News’ Chris Wallace had the most riveting interview of Donald Trump’s Budget Director Mick Mulvaney. Wallace destroyed his argument for tax cuts. None of the other networks were as good in pressing the budget director.
Chris Wallace in this uncharacteristically aggressive interview of a close Trump official was thorough and provided an interviewing clinic.
Chris Wallace did not allow Mick Mulvaney to spin
Fox News Chris Wallace slams lying Trump budget director, tax cuts don't work (VIDEO) pic.twitter.com/eV1ex2SX1b
— Egberto Willies (@EgbertoWillies) October 1, 2017
“There is no evidence that tax cuts pay for themselves,” Chris Wallace said. “Reagan’s tax cuts back in 1981 added $208 Billion to the deficit over four years. The Bush tax cuts in 2001 & 2003 added one and a half trillion dollars to the debt over ten years. Mr. Mulvaney, you can argue whether or not tax cuts spur economic growth. I think that is a perfectly legitimate argument. There is no evidence that they pay for themselves.”
Mulvaney came back with a bloviating argument that he based on absolutely no facts as did Chris Wallace.
“Just look at the facts,” a visibly shaken Mulvaney replied. “And you can go back Chris and make an assumption, and you can run some numbers. You have to make a couple assumptions about growth rates and so forth. But if we had 3% growth, which is what we are trying to get to, where we are at by the way right now. We are trying to maintain that 3% growth. If had been at 3% growth over the last ten years, the budget very nearly would be balanced this year. That is how big a difference it makes when you grow the American economy that additional one percent over ten years. Over the next ten years, if we can grow it at 3% instead of the 1.8% the non-partisan Congressional Budget Office says we are going to grow and has been the average over the previous administration. If we can get to that 3%, it is two to two and a half trillion worth of more government revenues. It’s 12 million additional jobs, 12 million jobs paying into Medicare, 12 million jobs paying into social security. Growth is really what is driving all of this. And growth is what our focus is. Which is why we are willing to accept increased short-term deficits in exchange for that long-term payoff.”
That was a bunch of crap. In effect, he said if you cook the books, one could show that tax cuts pay for themselves.
Chris Wallace gave Mulvaney the facts. Every Republican tax cut has increased the size of the deficit. The Conservative experiment of cutting taxes failed in Kansas. Intelligent tax increases in California grew the California economy. And lest we forget, Bill Clinton increased taxes and oversaw one of the most robust economic growth and job creation in this nation’s history.
Chris Wallace continued his grilling of the budget director.
“That’s the point I want to make,” Chris Wallace said. “And you seem to be agreeing with me. Growth is the right thing. And there is no question, tax cuts can produce growth. … In fact, in the 90s Bill Clinton had a tax increase and we had the biggest growth we had in any decade in recent history. There are a lot of other factors I think you would agree other than government fiscal policy. The chairman of the Council of Economic Advisors for Ronald Reagan said the benefit, the payback from a tax cut is 35 cents on the dollar. In other words, he is saying if you cut taxes a dollar, you add 65 cents to the debt.”
It was clear Wallace stumped the budget director.
“I am sorry,” Mulvaney said. “I am not familiar with that.”
Sadly, a party that succeeded in electoral politics by lying, ignoring science, and facts, is a party who would say anything to pass their provably insane laws. We must resist lest they destroy what is left of the real middle-class.