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Thread: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

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    Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill


    By Jonathan C. Lipson and Andrea Monroe
    Dec. 21, 2017

    This week, Congress passed the bill formerly known as the “Tax Cuts and Jobs Act” with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences. It is even harder to imagine that Republican deficit hawks would support such a fiscally reckless and unprincipled bill. Yet almost every Republican member of Congress did precisely that, taking a lesson from President Trump’s playbook: Buy extravagantly today, and leave someone else to foot the bill tomorrow. If this sounds familiar, it should: this is how the president ran his infamous Atlantic City casinos through a record four bankruptcies. We know how that story ended — Trump’s casinos were shuttered after years of losses. While the United States cannot, technically, declare bankruptcy, the GOP tax bill promises to saddle the nation with unsustainable debt based on implausible promises. While his casinos performed worse, on average, than their Atlantic City competitors — losing 40% more jobs and a third more revenue between 1997 and 2010 — Trump did exceedingly well for himself, bragging to the New York Times that “the money I took out of [Atlantic City] was incredible.”

    Trump could not have put his casinos through so many bankruptcies without creditor support. In order to gain that support, he made extravagant and unsubstantiated promises about the wealth and jobs the reorganized casinos would create. None of those promises came true. The same can be said about the GOP tax bill. Congressional Republicans would certainly deny that they are modeling their tax legislation on Trump’s business failures. Yet, the resemblance to his mismanagement of the casinos — his only other real experience with large, public organizations — is unavoidable: run up huge debts based on implausible promises in order to benefit the few at the expense of the many. If Trump’s bankruptcy past is prologue, Republicans will eventually try to distance themselves from the future pain caused by their rushed and deeply misguided effort at tax reform. But the GOP tax bill’s passage means that the 278 congressional Republicans who supported this irresponsible tax legislation are all bankrupt Trumpists now.
    It will take a long, long time, to pay off the obligations the GOP has now saddled America with.


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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by Rogue Valley View Post
    Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill




    It will take a long, long time, to pay off the obligations the GOP has now saddled America with.
    I have always said that NEITHER party cares about the deficits. The only difference is what they want to spend the money on.

    That being said trying to tie this to Trump's business failures is pure silliness. Not even sure we know the assumptions the CBO used to calculate the fiscal impact of this bill.

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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by Rogue Valley View Post
    Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill
    I'm wondering how a few chapter 11's out of hundreds of businesses is a pathetic record.

    It will take a long, long time, to pay off the obligations the GOP has now saddled America with.
    It wasn't the GOP that bloated the debt by 8 trillion, so spare us the false outrage. How long do you think it'll take us to pay off the 8 trillion Obama added? Or have you bothered to give it a second thought?

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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by washunut View Post
    That being said trying to tie this to Trump's business failures is pure silliness. Not even sure we know the assumptions the CBO used to calculate the fiscal impact of this bill.
    It's political opportunism wrapped as false outrage.

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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by washunut View Post
    That being said trying to tie this to Trump's business failures is pure silliness.
    It is a bit of hyperbole. But it is also true that fiscal conservatism does not exist within the White House nor among the 115th Congress.

    Spend. Spend. Spend. Let some other generation pay for our "win".


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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by worksforpigs View Post
    I'm wondering how a few chapter 11's out of hundreds of businesses is a pathetic record.



    It wasn't the GOP that bloated the debt by 8 trillion, so spare us the false outrage. How long do you think it'll take us to pay off the 8 trillion Obama added? Or have you bothered to give it a second thought?
    Tell us then exactly how Obama "bloated the debt by 8 trillion."










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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by worksforpigs View Post
    It's political opportunism wrapped as false outrage.
    Seems to me the point is Trump campaigned as a business genius, a deal maker, who was the only person who had the knowledge and experience to end budget deficits while everyone in America prospered.

    Shall we start with Trump being a business genius? Or would you like to go straight to sliming into the New York real estate market on his father's coattails, using his father's money and using his father's well established contacts? We could talk about his long history of business connections with organized crime in New York and New Jersey if you'd like. Or if you want we can discuss the lengthy connections to organized criminals from Russia and the former Soviet Union countries.

    Will Trump be using all of the above and more as President of the United States? We can certainly say he may well be doing just that. He certainly cannot remove his lips from Putin/Russian butts. Did they teach that at Wharton, when he went to class?










    "When Faith preaches Hate, Blessed are the Doubters." - Amin Maalouf

    When trouble arises and things look bad, there is always one individual who perceives a solution and is willing to take command. Very often, that person is crazy. ~Dave Barry



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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by Rogue Valley View Post
    It is a bit of hyperbole. But it is also true that fiscal conservatism does not exist within the White House nor among the 115th Congress.

    Spend. Spend. Spend. Let some other generation pay for our "win".
    That has been going on for quite a while it is just that once the national debt doubles in 8 years then it is hard to do worse than that. We now have come to accept nonsense such as ten year master plans produced by two year gaggles of congress critters in a matter of weeks. Annual deficits "only in the billions" are now seen as normal or even improvements.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by washunut View Post
    I have always said that NEITHER party cares about the deficits. The only difference is what they want to spend the money on.

    That being said trying to tie this to Trump's business failures is pure silliness. Not even sure we know the assumptions the CBO used to calculate the fiscal impact of this bill.
    Really? Clinton got us a budget surplus that was going to pay off our entire federal debt by 2012 (until Bush 43 pissed it away). Obama inherited an epic economic s**t sandwich and was still able to cut the deficit in half.

    The Republicans, on the other hand, well...y'all just voted for a tax cut (overwhelmingly benefiting the rich) that will cost taxpayers at least $1.5T...and even that figure's on the assumption that we'll have wonderful, tremendously bigly growth. Oh, and let's not forget Dick Cheney's quip: "Reagan proved deficits don't matter".

    Could it be that maybe, just maybe the Democrats have become the fiscally-conservative party, while the Republicans have tossed all sense of economic conservatism out the window? 'Cause that's sure what the numbers seem to show.
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    Re: Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill

    Quote Originally Posted by Rogue Valley View Post
    It is a bit of hyperbole. But it is also true that fiscal conservatism does not exist within the White House nor among the 115th Congress.

    Spend. Spend. Spend. Let some other generation pay for our "win".
    Not going to disagree. That being said, I am not sure that corporate tax cuts will cause the deficits that are currently being cited. I do think that cutting the rates, along with less regulations will positively impact growth and hiring in the U.S. Also it will have an impact on the market which means more tax revenue on capital gains. Its not that I distrust the CBO, but there are a ton of assumptions that have to be made in this type of long term projection. For example being off just a little bit on the amount of growth we will have has enormous impact on how this is scored.

    In an economy as large and complicated as ours, hard to say what any one policy change will impact us over the next ten years.

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