November in Whitewater begins with rain and a high of thirty-nine. Sunrise is 7:29 AM and sunset 5:46 PM, for 10h 17m 09s of daytime. The moon is a waxing crescent with 22.1% of its visible disk illuminated.
On this day in 1863, George Safford Parker, founder of the Parker Pen Company, is born.
Recommended for reading in full:
The cornerstone of President Trump’s domestic economic agenda is the tax cut he signed into law in late 2017. It would, he said, lift U.S. sustained annual economic growth to 3%, or even as high as 6%. His advisers said it would boost average household incomes by at least $4,000 a year. His Treasury secretary said it would pay for itself.
Nearly two years later, none of those things have happened, and there is scant sign they will. The U.S. economy did enjoy a burst of 3% annualized growth after the tax cut first took effect at the start of 2018. But it has since slipped. It grew at a 1.9% annual rate in the third quarter. In the past 12 months, the economy grew 2%, about the same as it averaged from 2011 through 2017.
This should not come as a surprise. The administration’s claims rested on the belief that cutting the corporate tax rate to 21% from 35% and allowing companies to immediately write off the cost of new equipment would boost business investment and thus worker productivity and wages. Yet numerous other advanced countries had already cut their corporate rates in the prior two decades without experiencing anywhere near the growth boost the Trump administration promised. Many experienced no boost at all.
Macroeconomic Advisers, a private forecasting firm, compared what it thought in 2017 the economy would do without a tax cut to what actually happened through the second quarter. Business investment on buildings and other structures significantly underperformed the projections while investment in intellectual property outperformed. This was despite the tax law treating structures most favorably and intellectual property least. “The patterns of investment growth were inconsistent with changes in investment incentives” in the tax law, Jane Gravelle, a tax expert at the nonpartisan Congressional Research Service, told Congress in July.
(Emphasis added. The tax bill was discernibly bad to anyone not drunk, comatose, or deluded.)
Reis Thebault reports Trump is changing his residence from NYC to Florida. ‘Good riddance,’ New Yorkers say: