Taxes

Ryan: “Nobody Knows” if We’ve Been Lying All Along

JM Ashby
Written by JM Ashby

The GOP tax cut bill will pay for itself, right?

We know it won't, but Speaker Paul Ryan apparently isn't sure either. Ryan appeared on CNN this morning where he said "nobody knows" if it will pay for itself.

“Are you saying that the growth you’re going to get from this tax cut will equal the amount it would cost on the deficit side, so that it’s a wash?” Savannah Guthrie asked Ryan in an interview Wednesday.

Nobody knows the answer to that question, because that’s in the future,” Ryan said. “But what we do know is that this will increase economic growth.”

See, he said this after the bill was already passed.

Even the conservative analysis we've seen in recent weeks tells us the bill won't pay for itself. The conservative Tax Foundation found that the bill will add to the national debt even if all the economic growth prophesied by Ryan materializes.

Ryan knows it won't pay for itself even if he says so publicly. That's why he wants to cut Medicaid, Medicare, and Social Security; to pay for the tax cut bill that won't pay for itself.

Ryan noted separately that, in addition to Republicans’ tax cut bill, “we’ve got to control our spending. That, we have more work to do.”

“We clearly have to go after spending control.”

Of course.

  • Scopedog
  • Draxiar

    I hope that Iron Stache Randy Bryce mashes this weasel into the ground.

  • Badgerite

    This is a give away to the ultra rich done to necessitate spending cuts to the programs that Ryan has been after since his college days. Medicare, Medicaid and Social Security. This has been the GOP agenda for at least two decades.
    The ‘growth’ will be marginal at best and Ryan knows that. They will impoverish the middle class and that is where the engine of a modern economy lives.

    • Christopher Foxx

      the programs that Ryan has been after since his college days. Medicare, Medicaid and Social Security

      I wonder why Ryan has such a pathological obsession with getting rid of those. Did some girl who had benefited from those turn him down in college? And now, by god!, he’s gonna show her!??

      Seriously, this level of unbalanced obsession has to come from somewhere.

      • Badgerite

        Yeah. I don’t know. I know that this recent bill is the result of ultra rich GOP contributors getting back the investment on their contributions to the GOP.
        They were tired of giving them all that money and not getting in back in terms of the legislation they wanted to rob the country blind.

  • muselet

    TPM commenter “dood”:

    If we look at the historical economic performance of these boondoggles, we have a pretty good idea.

    I think Dems should adopt the mantra when we start hearing the inevitable proposals to cut entitlements. “Wait–you said that it would bring in revenue. Why not just wait a bit, and then the increased revenue will take care of the cost of entitlements at the same time that it pays for the tax cuts. Don’t you have any faith in your economic policy?”

    The answers to those entirely reasonable questions would be entertaining, I’m sure, but less than enlightening.

    –alopecia

    • Badgerite

      We can’t really wait that long. The reason this was so important to the ultra rich is because they don’t quite own everything in this country yet. Now they will. And that includes, most especially, the government.
      Once the money is spent, and the debt incurred, simple rules of finance will dictate cuts and then the only question is where. Defense? Won’t happen. They will claim that ‘entitlements’ is the only answer. And they will shake their heads and will be very sad but they will just have to do this because……finances. It is a classic scam.
      The jobs stuff is just a pretense and they know it. There will be marginal growth initially but in the long run the economy will stagnate and constrict because there will not be sufficient money in the middle class to buy things.
      And you cannot run a modern economy on luxury items and private jets.
      We have seen this kind of corruption play out in third world countries all the time. And the people get stuck with the bill. And pay a terrible price.

    • Christopher Foxx

      That would require the Democrats actually try calling the Republicans on their bullshit. Which is about as likely as the Republicans stopping with the bullshit.