We began Part 1 with the Donald’s bogus tax day boast that the American economy has come roaring back. But that falsehood merits further debunking because it succinctly embodies the kind of context-free, anti-historical, bad money-populism that prevails on both ends of the Acela Corridor.
On this Tax Day, America is strong and roaring back. Paychecks are climbing. Tax rates are going down. Businesses are investing in our great country. And most important, the American people are winning.
Au contraire. The US economic expansion is not roaring; it’s still stumbling into debt-ridden old age—fixing to be battered by another round of collapsing financial bubbles and payback for growth stolen from the future.
For example, since December 2016 paychecks have been “climbing” alright—-but as a factual matter they are up by the very same 2.8% as the CPI. That is to say, real earnings have gone exactly nowhere during the last 15 months.