Big League Economics
Club for Growth prez blasts Corker-Lankford ‘tax hike trigger’
The president of the Club for Growth, the conservative group that supports free-market candidates in GOP primaries, strongly criticized the proposal by Sen. Robert P. Corker Jr. (R.-Tenn.) and Sen. James P. Lankford (R.-Okla.) that would create an automatic mechanism to raise federal taxes in the Senate’s tax reform bill.
“The idea of a ‘tax hike trigger’ should be rejected on its merits,” stated Club for Growth President David M. McIntosh.
Corker and Lankford successfully included their proposal, which would immediately raise federal taxes if the economy’s growth fell below the growth rate assumed in the economic models used to score the bill’s effect on the federal debt, into the tax bill that was reported out of the Senate Budget Committee Tuesday.
The Tennessee senator is a member of the Budget Committee and he met with Majority Leader A. Mitchell McConnell (R.-Ky.) before he offered his amendment to the tax bill that passed the committee.
McIntosh said it defied logic that the Congress would raise taxes because the economy is growing too slowly.
“Any senator who understands basic business principles and truly cares about the deficit should understand that this trigger is an automatic tax increase and will actually harm economic growth,” he said.
“It will have harmful impacts on American businesses and undermine any economic growth potential in this tax reform bill because businesses will not invest due to the possibility of a higher tax rate,” he said. “What Senators Lankford and Corker are saying here is that if the deficit gets too large, then they want to tax people more.”
McIntosh said a better solution was to force cuts on the other side of the ledger.
“Here’s an idea. How about cutting spending? Just yesterday Senator Lankford issued 100 wasteful examples of federal spending. But instead of cutting the programs, ironically, Senator Lankford would allow wasteful measures like them to continue to receive funding – through his automatic tax increases no less!” he said.
“If they’re truly worried about the deficit and they want to establish a trigger, then they should limit the size of government. A spending cut trigger would be a far better idea.”
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Big League Economics
BACK TO WORK: Ford Motors Announces They Intend to Begin Reopening Plants on Apr. 6
Ford does not want to suspend production for months because of coronavirus.
Ford Motor Co. announced on Thursday that they intend to begin reopening some of their plants on Apr. 6, as the iconic automaker hopes that the coronavirus pandemic will not sideline their business for long.
Ford said last week that they would be suspending all production at their facilities indefinitely. They made the decision along with General Motors and Fiat Chrysler Automobiles with union workers spooked because of potential exposure to the coronavirus.
While Ford wants to resume their operations as quickly as possible, their plans are not written in stone. They could re-evaluate their time frame if the coronavirus pandemic worsens over the next ten days.
“We will continue to assess public health conditions as well as supplier readiness and will adjust plans if necessary,” Kumar Galhotra, Ford’s president of North America, said in a statement.
GM and Chrysler have not issued any possible schedule for resuming operations at the present time. If all goes according to plan, Ford will re-open the Hermosillo Assembly Plant on Apr. 6 for one shift. It would then open many more facilities across the country on Apr. 14.
The other corporate titans of Motor City may be skittish about reopening because of Michigan Gov. Gretchen Whitmer’s draconian restrictions on industry. Whitmer has issued an edict forcing all supposedly non-essential businesses to shutter until Apr. 13.
“The current trajectory we’re on seems a lot like Italy,” Whitmer said earlier this week. “We’ve got to do everything in our power to keep that from happening in Michigan.”
“This is an unprecedented crisis that requires all of us working together to protect our families and our communities,” she added. “The most effective way we can slow down the virus is to stay home. I know this will be hard, but it will be temporary. If we all come together, get serious, and do our part by staying home, we can stay safe and save lives.”
While public officials like Whitmer may have the best of intentions, their forced shut-down of the economy may cause more lasting damage to the country than the coronavirus ever could.
“The situation is fluid and can change week to week,” said Jim Cain, a spokesman for GM. “We don’t have firm return-to-work dates at this time.”
Americans are desperate to go back to work as the social safety net is strained like never before during these trying times. A dubious record was set for jobless claims filed in March, with three million Americans filing for unemployment benefits. President Trump hopes to have the country back on track by the Easter holiday.
“I think there are certain people that would like it not to open so quickly,” Trump said on Wednesday. “I think there are certain people that would like [the economy] to do financially poorly, because they think that would be very good as far as defeating me at the polls.”
He added: “I’m not going to do anything rash or hastily — I don’t do that. But the country wants to get back to work.”
It will not be easy for President Trump to pull the nation out of the grip of media-driven mass hysteria that has resulted from the coronavirus pandemic.
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