A recent poll found that due to the media credulously repeating the left’s hyperbolic attacks on the new tax reform bill (which even some honest liberal outlets have admitted aren’t true), only 17% of Americans believe they will pay less or get bigger refunds, even though nearly 80% actually will. Yesterday brought a prime example of the mass media’s power to misinform on a grand scale, when NBC “Today” show host Savannah Guthrie asked House Speaker Paul Ryan if he was “living in a fantasy world” to believe that the lowered corporate tax rate would boost the economy. His answer is at the link, and I salute him for resisting the temptation to point out that “Today” show hosts who protected Matt Lauer’s reputation as a respected journalist for so long should know what living in a fantasy world really means.
Getting less attention is her other question, pressing him about whether the resulting growth will cover the estimated $1.5 trillion the bill would add to the deficit over time (for the record, such projections are notoriously unreliable and based on factors that are impossible to predict.) It’s quaint to see that media people and liberal politicians who didn’t bat an eye as the Obama years doubled the national debt to $20 trillion are now suddenly born-again deficit hawks. Frankly, I don’t like the idea of adding to the deficit either, but I refuse to believe that a government that’s spending $4 trillion a year can’t find any way to cut back that won’t throw widows and orphans into the streets.
But here’s the problem: having already run up $20 trillion on our grandkids’ credit card, unless the economy expands at a much higher rate than 1 or 2% a year (which liberals have been desperately trying to convince us is “the new normal”) and boosts tax revenues, we’re never going to crawl out of that hole. Will this bill create enough growth to cover the entire gap? Maybe not. But we’ve already seen what the left’s prescription of bigger government, higher taxes and more job-killing regulations did for the national debt. And the definition of insanity is to keep doing the same thing over and over and expecting a different result.