We’ve nearly completed one full year of the Republican tax cuts, and all of that money that was supposed to trickle down to American workers has instead been used to enrich the corporations that received the tax cuts. This isn’t a surprise to anyone, but it does show that Republicans are habitual liars and their policies have never helped the American middle class. Ring of Fire’s Farron Cousins discusses this.
*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Well folks, we’re officially one year after the Republicans pass their massive tax cut package, so ask yourself, are you financially better off than you were one year ago? Did you get those big bonuses and those raises that Republican swore up and down we’re coming that corporations we’re going to give is right around the quarter. Everybody was getting these raises and then nobody got the raises. Only a handful of people throughout this country got those tax cut bonuses that were one time bonuses that were not repeated again this year. Yeah, thought so what happened with that tax cut money is that $1,000,000,000,000 of it, a little over $1,000,000,000,000 of it was used by corporations to engage in stock buybacks here at the end of the year, they crossed the $1,000,000,000,000 mark, buying back their own stocks. $1,000,000,000,000. That’s $1,000,000,000,000 that could have been used to give every single working person in the United States or race every single one of them, every one of them.
That is a trillion dollars that could have gone to boost employee pensions or give them better health insurance with lower deductibles and copays. It could have done one of millions of things, but all it did, the money from this tax cut was enrich the shareholders and the ceos, and the worst part is that even when they were selling it to us as a raise for every worker, Republicans knew this was gonna happen. Why? Because it’s literally happened every single time they’ve cut taxes for the wealthy, but not for everyone else. This is what they do. Trickle down is a lie. The guy who came up with trickle down, David Stockman, he’s admitted it will never work in practice and he regrets coming up with it, and yet here we are, time and time again being sold on this idea by the Republicans that, oh, that money’s going to trickle down to you.
Just wait. CEOs and shareholders, they. They want to give everybody so much money. They just don’t have it in their pockets because it’s going to tax dollars. So let’s give it back and watch it flow. We did watch it flow, he said it didn’t go to the workers and went back into their own pockets. They basically, by doing these stock buybacks, take money out of out of one pocket and just put it on the other side. That’s what’s happening because these stock buybacks, the money they spend on that, it’s not going back to build out their business to make new factories, to create new products or increased production or create new jobs in any way because the statistics here also show us that that didn’t happen. Now in the first quarter of the year, 2018 a reinvestment into business, not stock buyback, but actually reinvestment, making your business better, bigger hiring more people, uh, went up to 13 and a half percent.
That’s awesome. By the end of the year, it had fallen to two and a half percent, which is actually lower than the average that it usually is. So we got doubly screwed because not only do they not invest that money, but they by the end of the year, started investing less than usual because I guess they realized they liked having that money in that pocket so much they didn’t want to even spend it on their own businesses. And if they’re not going to spend that money to try to expand their business and possibly make even more profits than why in the hell should we ever believe that they’re going to spend that money making the lives of their employees better.