I just happened to see a short bit of the Lawrence O'Donnell show on MSNBC (I can't take more than that.) O'Donnell had Nicholas Kristof of the New York Times as his guest. The two of them were discussing tax reform, and I heard them agree that a tax change that brings back to the USA three trillion dollars in corporate profits currently parked overseas to avoid taxation would not create any jobs. I know I frequently use hyperbole as I write about things, but what I am about to say is completely accurate: this agreement by O'Donnell and Kristof is the single most idiotic statement on economics ever made on American TV.
Think about it. Imagine for a moment that the tax law changes and American corporations bring three trillion dollars in cash back to this country from Europe and Asia. That's more than 15% of our entire economy. All that money has to go somewhere. If it gets spent on consumer goods, it will mean that enormous additional amounts of production of such goods will be needed. That will stimulate the economy in a major way and add millions of jobs. If the cash gets invested it will stimulate the economy to an even greater extent. Again, that means millions of jobs. No matter where the cash goes, it will have a major beneficial effect on our economy which will create millions of jobs. In short, O'Donnell and Kristof are so caught up in their hatred of President Trump that they are willing to say obviously idiotic things just so that they can be negative towards the President.
Think about it. Imagine for a moment that the tax law changes and American corporations bring three trillion dollars in cash back to this country from Europe and Asia. That's more than 15% of our entire economy. All that money has to go somewhere. If it gets spent on consumer goods, it will mean that enormous additional amounts of production of such goods will be needed. That will stimulate the economy in a major way and add millions of jobs. If the cash gets invested it will stimulate the economy to an even greater extent. Again, that means millions of jobs. No matter where the cash goes, it will have a major beneficial effect on our economy which will create millions of jobs. In short, O'Donnell and Kristof are so caught up in their hatred of President Trump that they are willing to say obviously idiotic things just so that they can be negative towards the President.
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