EVERY ONCE IN A WHILE CHRIS WALLACE MAKES A LOT OF
SENSE ON FOX NEWS AND HE DOES A PRETTY GOOD DECENT JOB
CHALLENGING SO WHEN HE IS INTERESTING.
CASE IN POINT, HIS RECENT INTERVIEW WITH NICK
MULVANEY WHO IS THE WHITE HOUSE BUDGET DIRECTOR.
MULVANEY WENT ON FOX NEWS EXPECTING TO PROP UP THEIR
TAX REFORM POLICY BUT CHRIS WALLACE ACTUALLY CHALLENGED
HIM PRETTY AGGRESSIVELY AND IT WAS AWESOME.
IT MOSTLY HAD TO DO WITH THE IDEA THAT THE RICH ARE NOT
GOING TO GET A TAX CUT WHICH WE ALL KNOW THAT IS A LIE AND
THE IDEA THAT THE GROWTH IN THE ECONOMY WILL HELP PAY FOR
THE TAX CUTS THAT SOME AMERICANS WILL GET.
CHRIS WALLACE IS NOT BUYING IT AND HE HAD THE DATA TO PROVE IT.
LET'S TAKE A LOOK AT THE FIRST VIDEO.
THE NONPARTISAN TAX POLICY CENTER DID THIS ANALYSIS.
SHOWS THE MIDDLE FIFTH OF HOUSEHOLDS IN AMERICA,
THOSE EARNING BETWEEN 48 AND $86,000
A YEAR, THEY WILL GET AN AVERAGE TAX CUT OF $666 NEXT YEAR.
MEANWHILE, THE TOP 1%, PEOPLE MAKING MORE THAN $730,000 A
YEAR WILL GET AN AVERAGE TAX CUT OF ALMOST $130,000 NEXT YEAR.
I UNDERSTAND THAT THIS ISN'T DONE YET, THAT THEY'RE ONLY
BASING IT ON THE PLAN AS IT EXISTS AT THIS POINT BUT
ACCORDING TO THEIR ANALYSIS, THAT MIDDLE FIFTH GETS ONE
AND A HALF PERCENT OF THE TOTAL BENEFIT OF THE TAX CUT
WHILE THE TOP 1% GETS 8 1/2% OF THE BENEFIT.
THAT DOESN'T SEEM FAIR.
SURE, COUPLE OF DIFFERENT THINGS AND OBVIOUSLY, I CAN'T SEE
THE GRAPHIC YOU JUST PUT UP BUT I THINK I HAVE SEEN IN PREVIOUS
TO THIS AND WHAT I THINK THAT PARTICULAR ORGANIZATION DID
WAS NUMBER ONE, THEY DIDN'T DO ANY DYNAMIC SCORING.
IF YOU LOOK AT THE DETAILS OF WHAT THEY PUT OUT, THEY
ASSUMED NO BENEFIT TO THE OVERALL ECONOMY WHICH IS
ABSURD TO THINK THAT WON'T BE
I'M NOT TALKING ABOUT THE ECONOMY.
I'M TALKING ABOUT THE BENEFIT OF THE INDIVIDUAL.
THE TAX CUT THEY GET.
I GOT IT.
LET ME GO THROUGH IT THAT YOU CAN LOOK AT THE TAX CUT ON
A FAMILY AND SO YOU REALIZE HOW MUCH BETTER OFF THERE GOING
TO BE IN A GROWING ECONOMY.
OKAY, LET'S BREAK THIS DOWN.
1ST OF ALL, EVEN CHRIS WALLACE'S NUMBERS DON'T DO JUSTICE TO
THE GROSS INEQUALITY THAT THIS TAX CUT PRESENTS.
IN FACT, THEY MADE A TERRIBLE MISTAKE HERE.
SOME, POLITICALLY THE REPUBLICANS DID.
SOME PEOPLE MAKING BETWEEN HUNDRED THOUSAND 300,001
ACTUALLY HAVE THEIR TAXES INCREASED.
THEY ARE NOT HUGE DONORS, BUT THOSE ARE VERY POLITICALLY
RELEVANT FOLKS GOT THE TOP 10%, THIS IS BORNE OUT BY A
PRINCETON STUDY, OUR HUGE DRIVER AND POLICY.
THERE ARE A LOT MORE OF THEM THAT ARE IN POSITIONS OF POWER.
THEY MIGHT NOT BE THE VERY TOP OF THE POWER AND SO ON BUT
SAYING HEY, I'M GOING TO INCREASE YOUR TAXES BUT NOT
THE TAXES OF MILLIONAIRES AND BILLIONAIRES.
I'M GOING TO LOWER THEIR TAXES.
THAT IS A TERRIBLE POLITICAL IDEA AND I WAS ON THE CHART
BECAUSE SOME TAXES DO GET RAISED.
THEN SECONDARILY, THE TOP RICHEST PEOPLE IN THE
COUNTRY ARE ACTUALLY GOING TO GET TENS OF MILLIONS OF
DOLLARS IN PERSONAL INCOME CUTS LET ALONE THE BENEFITS THEY
GET FROM THE CORPORATE TAX CUTS, THE ESTATE TAX CUTS, ETC.
WHICH WILL GET INTO THE BILLIONS OF DOLLARS FOR SOME FAMILIES.
EVEN CHRIS WALLACE'S DEVASTATING CHART WAS NOT DEVASTATING ENOUGH
AND THEN HE GOES TO MORE VEINY IN MULVANEY'S ANSWER IS, DYNAMIC
STORY, IT'S GOTTA BE DYNAMIC DIVE YOU'VE NEVER HEARD OF THAT,
IT IS THE BS REPUBLICANS USED TO SAY, IT LOOKS LIKE WE'RE GIVING
A GIANT TAX CUT TO THE RICH AND YOU ARE GETTING SQUAT, BUT DON'T
WORRY, THAT WILL MAGICALLY IMPROVE THE ECONOMY SO MUCH THAT
YOU WON'T BE MAKING 300,000 ANYMORE 30,000 OR WHEREVER YOUR
INCOME BRACKET WAS, INSTEAD OF MAKING 300,000, YOU WILL NOW BE
MAKING 3 MILLION IN GETTING TAX CUTS.
THE ECONOMY DOES NOT WORK THAT WAY.
THAT IS A UNICORN.
THAT IS MAGIC, THAT IS NONSENSE.
WHENEVER I SEE THIS TYPE OF CONTENT ON FOX NEWS, IT APPEARS
PRETTY SHOCKING BECAUSE THIS IS OF THE KIND OF STUFF THAT YOU
WOULD EXPERIENCE WATCHING FOX THAT YOU USUALLY SEE THEM
CHEERLEADING WHATEVER IT IS THE TRUMP WANTS TO DO BUT THEN I
REALIZED THE REASON WHY THIS WILL PLAY WELL, THIS SEGMENT
WILL PLAY WELL WITH FOX NEWS HIS AUDIENCE IS FOX NEWS HIS
AUDIENCE IS A MADE 1 MILLION AND BILLIONAIRES.
IT'S MADE OF PEOPLE WHO ARE SICK AND TIRED OF THE SYSTEM IN
PLACE BEFORE ELECTING TRUMP THAT A LOT OF THESE PEOPLE
ELECTED TRUMP UNFORTUNATELY BECAUSE THEY THOUGHT HE WOULD
BE A LITTLE DIFFERENT, THAT HE WOULD SHAKE OF THE SYSTEM
AND LOOK OUT FOR WORKING CLASS AND MIDDLE CLASS AMERICANS.
WE KNOW THAT IS NOT WHAT HE ACTUALLY WANTS TO DO, BUT FOX IS
AWARE THAT THEIR AUDIENCE ARE NOT IN FAVOR OF GIVING THE MOST
POWERFUL, THE MOST WEALTHY PEOPLE GIGANTIC TAX CUTS AND
THEY ALSO NOT BUYING THE WHOLE TRIGGER DOWN ECONOMICS THINK
THAT SOME PROBABLY ARE BUT I THINK MOST AMERICANS NOTED THIS
MASSIVE LONG-TERM CASE STUDY THAT WE'VE HAD THAT WE DON'T GET
TRICKLED ON AND IT'S ALSO INCREDIBLY INSULTING FOR US
TO SIT AROUND AND HOPE THAT THESE BIG CORPORATIONS,
THESE BIG CEOS WILL TRICKLE ON US.
THERE'S AN IMPORTANT PART OF THAT EXPLANATION WHICH IS THAT,
FOX NEWS USED TO NOT TELL YOU THAT NOT TELL THEIR AUDIENCE
THAT, EVEN THOUGH WOULD BE A POPULAR OPINION HE EVEN WITH
AUDIENCES AND A RIGHTLY POINTS OUT IS BECAUSE ROGER L'S USED TO
RUN THEIR ORGANIZATION.
HE WORKED FOR NIXON, REAGAN, GEORGE HW BUSH.
HE HELPED GEORGE W. BUSH AS WELL.
HE WOULD LIE TO THE AUDIENCE OVER AND OVER AGAIN AND PRETEND
THE TAX CUTS FOR THE RICH WOULD ACTUALLY BENEFIT THEM.
NOW THAT HE IS NOT THERE ANYMORE, THE CHRIS WALLACE'S OF
THE WORLD, EVEN THOUGH THEY ARE DERIVATIVE ARE FREE TO GO WAIT A
MINUTE, HERE'S SOMETHING THAT DOESN'T ACTUALLY HELP EVEN
OUR AUDIENCE.
BY THE WAY, CREDIT WHERE CREDIT IS DUE BECAUSE CHRIS
WALLACE IS WEALTHY.
HE IS A HOST ON FOX NEWS.
I'M SURE HE WILL BENEFIT FROM THESE MASSIVE TAX CUTS AND
THE FACT THAT HE CHALLENGED MULVANEY IS SOMETHING THAT
DESERVES CREDITS I JUST WANT TO PUT THAT OUT THERE.
IS GO TO THE NEXT VIDEO.
THERE IS MORE OF THIS.
IT IS IMPOSSIBLE TO DO WHAT THE NATIONAL TAX SYNERGISTIC.
MY GUESSES AND I THINK THAT'S THE ONE THAT JARED
BERNSTEIN WORKS FOR.
IT'S NOT SURPRISING THAT A FORMER CHIEF ECONOMIST FOR
A DEMOCRATIC VICE PRESIDENT DOESN'T LIKE A REPUBLICAN
TAX PLAN.
I DO BUT VERY MUCH WENT ON THAT.
IT'S A NONPARTISAN GROUP 1ST OF ALL.
THEY DID MATH.
I KNOW THAT YOU HAVE A WAR ON MATH.
THEIR POINT IS THAT, LOOK, COULD TAX CUTS STIMULATE THE
ECONOMY A LITTLE BIT?
HISTORICALLY THEY HAVE NOT AS CHRIS WALLACE IS GOING TO
GET INTO.
THEY'RE USUALLY COUNTERPRODUCTIVE WHEN
TAXES ARE IN FACT THIS LETTER FOR THE RICH AND THEY ARE.
ESPECIALLY WHEN YOU PUT THE LOOPHOLES AND THEY ARE AT
HISTORICALLY LOW RATES AS A PERCENTAGE OF THE TAXES
PAID BY THE DIFFERENT BRACKETS IN AMERICA, HISTORIC LOW'S
AND WHEN YOU CUT TAXES FURTHER, IT'S COUNTERPRODUCTIVE BUT
EVEN IF IT WOULD ACTUALLY STIMULATE THE ECONOMY WOULD
ONLY DO SO BY A LITTLE BIT.
NOT BY THE GIGANTIC FACTOR THAT THE TRUMP ADMINISTRATION IS
PUTTING IN THE REASON THEY DO THAT IS BECAUSE THEY WANT
TO FUDGE THE NUMBERS.
THERE LIKE, UNDER THIS PLAN, WE'RE NEVER GOING TO BALANCE
THE BUDGET, BECAUSE THEY DON'T CARE ABOUT BALANCING THE BUDGET.
THEY JUST WANT TO GIVE TAX CUTS TO THE RICH BUT THEY HAD TO
PRETEND TO BALANCE THE BUDGET FOR A NUMBER OF REASONS
INCLUDING BEING ABLE TO PASS IT WHICH IS 50 VOTES INSTEAD OF
60 VOTES SO IT IS SUPER IMPORTANT TO THEM TO KEEP
UP THAT LIE AND HERE'S CHRIS WALLACE BREAKING THAT LIE APART
AND I THINK THE NEXT CLIP IS EVEN BETTER SO LET'S WATCH THAT.
THE SENATE REPUBLICAN BUDGET PLAN CALLS FOR A TAX CUT THAT IS
GOING TO COST THE TREASURY ONE AND A HALF TRILLION DOLLARS OVER
THE NEXT 10 YEARS AND SOME OUTSIDE EXPERTS SAY THAT THE
PLAN THAT WAS UNVEILED THIS WEEK ACTUALLY WILL ADD $2 TRILLION TO
THE DEBT OVER THE NEXT 10 YEARS.
BACK WHEN YOU WERE IN CONGRESS YOU WERE A DEFICIT HAWK.
WHAT HAPPENED, SIR?
LET'S TALK ABOUT THESE.
BEEN VERY CANDID ABOUT THIS.
WE NEED TO HAVE NEW DESK DEFICITS BECAUSE OF THAT
THAT WE NEED TO HAVE THE GROWTH.
IF WE SIMPLY LOOK AT THIS AS BEING DEFICIT NEUTRAL, YOU
ARE NEVER GOING TO GET THE TYPE OF TAX REFORM AND TAX
REDUCTIONS THAT YOU NEED TO GET TO SUSTAIN 3% ECONOMIC GROWTH.
IF WE HAD BEEN AT THE PERCENT GROWTH OF THE NET LAST 10
YEARS THE BUDGET VERY NEARLY WOULD BE BALANCE THIS YEAR.
THAT IS A BIG DIFFERENCE IT MAKES WHEN YOU GROW THE
AMERICAN ECONOMY, THAT ADDITIONAL 1% OVER 10 YEARS.
OVER THE NEXT 10 YEARS IF HE COULD GO UP 3% INSTEAD OF THE
1.8 THAT THE NONPARTISAN SAYS IS GOING TO GROW, IF WE CAN GET
THAT 3% IT IS TO 2 1/2 TRILLION DOLLARS WITH A GOVERNMENT
REVENUE STARTS 12 MILLION ADDITIONAL JOBS AND THOSE
ARE PAYING INTO MEDICARE AND SOCIAL SECURITY.
GROWTH REALLY IS WHAT'S DRIVING ALL OF THIS AND GROWTH IS WHAT
OUR FOCUS IS WHICH IS WHY WE ARE WILLING TO ACCEPT INCREASED
SHORT-TERM DEFICITS IN EXCHANGE FOR THAT LONG-TERM PAYOFF.
GROWTH WORKS.
WE NEED THE ADMINISTRATION JUST A GROWTH FOR REGULATORY AND WILL
BE WORKING RIGHT NOW IS TO MAKE SURE THOSE TAX CUTS ADD TO THAT.
LET'S GO BACK FURTHER.
CLINTON HANDS GEORGE W. BUSH A SURPLUS.
BUSH TURNS THAT INTO A $1.2 TRILLION DEFICIT.
HE HANDS OUT OFF TO OBAMA.
OBAMA CUTS IT IN HALF BUT THE ENTIRE TIME THAT HE IS CUTTING
THE DEFICIT, MICK MULVANEY IS IN CONGRESS SCREAMING, THAT IS
WHAT CHRIS WAS REFERRING TO, WE CAN'T HAVE ANY DEFICITS IT.
I CAN'T BELIEVE OBAMA HAS DEFICITS.
FORGETTING THE FACT THAT BUSH HANDED HIM A $1.2
TRILLION DEFICIT.
BUT HE HAS DEFICITS.
NOW YOU JUST HEARD HIM RIGHT THERE.
HE SAID WE NEED TO HAVE NEW DEFICITS.
ANOTHER THE REPUBLICANS ARE BACK IN CHARGE, DEFICITS ARE
WONDERFUL.
THEY GROW THE ECONOMY.
OF COURSE THEY ARE GREAT.
BUT THIS IS ACTUALLY PART OF A PLAN HATCHED BY THE REPUBLICANS
UNDER NIXON WHEN AILES WAS IN THE NIXON ADMINISTRATION AND
THERE ARE INTERNAL MEMOS ABOUT IT WERE THEY SAY, HEY,
WHATEVER WE ARE IN CHARGE, LET'S BEEN A LOT MORE MONEY.
LET'S CUT TAXES SO WE CAN STIMULATE THE ECONOMY.
IN THEIR MIND, TO BE FAIR TO THEM THEY THOUGHT STIMULATING
THE ECONOMY, CUTTING TAXES WOULD STIMULATE THE ECONOMY AND
THEY THOUGHT SPENDING MORE STIMULATE THE ECONOMY.
LET'S DO IT WHEN THE REPUBLICANS ARE IN CHARGE BUT AS SOON
AS THE DEMOCRATIC IS IN CHARGE, MAKE SURE WE YELLED ABOUT
DEFICITS SO THEY MAKE THE MISTAKE OF NOT STIMULATING
THE ECONOMY AND THEN WE WILL BLAME THEM FOR A POOR ECONOMY.
HE JUST DID IT.
THE GUY WAS THE BIG DEFICIT HAWK IN CONGRESS SAID WE NEED
NEW DEFICITS.
ITíS AMAZING.
I FEEL LIKE EVERY TIME HE SAY THE WORD DEFICITS YOU HAVE
TO DO THAT HAND GESTURE THAT YOU DO.
DEFICITS.
YOU ALWAYS DO THAT.
THAT'S AWESOME.
I WANT TO GIVE CHRIS WALLACE ONE MORE PIECE OF CREDIT HERE.
ALWAYS CREDIT WHERE CREDIT IS DUE NO MATTER WHAT HAS
HAPPENED IN THE PAST.
HE POINTED OUT LATER IN THE SEGMENT THAT REAGAN TAX CUT
BACK IN 1981 THAT THE REPUBLICANS LOVE TO CROW
ABOUT ACTUALLY ADDED 200 AND AN $8 BILLION TO THE DEFICIT.
THE DYNAMIC SCORING DID NOT HELP WITH THAT DEFICIT.
IT MADE IT WORSE AND THE BUSH TAX CUTS IN 2001 2003 ADDED ONE
AND A HALF TRILLION DOLLARS TO OUR DEBT.
IT DID NOT WORK.
DYNAMIC SCORING IS TOTAL HORSE CRAP.
THE REALITY IS ALL IT DOES IS GIVE TAX CUTS TO THE RICH
AND SUBTLE SUCH WITH WHOSE DEFICITS AND DEBT.
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