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NEP’s Bill Black appears on The Real News Network and says that both Republicans and Democrats are financially illiterate when they speak about the deficit, and Trump’s economic experts are ‘completely disconnected from the real world.’
I was of two minds about posting this video. It has a lot of good information in it, but it has a few flaws. The flaws muddy up the message.
The good stuff you can get from the video include the fact that taxes do redistribute income (lately the redistribution is in the upward direction). Bill Black cares about tax cuts because it just redistributes even more income to the wealthy.
Bill’s explanation of the difference between the deficit and the debt is somewhat off point, but possibly exactly backwards. I am surprised that he, of all people, would confuse that issue. The national debt the accumulation of deficits over the years. I bet he wishes he could take back what he said.
Talking about losing political arguments, the one about taxes not funding spending may be literally correct, but is too strange a claim to be worth using.