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Democrats are doomed if GOP tax cuts become law, says Republican businessman Ken Langone


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2017 Dec 4, 9:16am   3,562 views  14 comments

by MrMagic   ➕follow (2)   💰tip   ignore  

The Republican effort to overhaul the nation's tax code would "unleash economic forces" and undermine any doomsday predictions from Democrats, Ken Langone told CNBC on Monday.

"I listen to [Senate Democratic leader] Chuck Schumer, and the end of the world is coming with this tax bill," the billionaire GOP businessman said in a "Squawk Box" interview.

"My guess is [it's] the end of the world for the Democratic Party because if this tax bill, in my opinion, passes it's going to unleash economic forces all to the good for a lot of people," contended the co-founder of Home Depot.

Langone was referring to criticism levied by Schumer ahead of the early Saturday passage of the Senate's version of a bill that aims to cut taxes on working Americans and U.S. corporations. "Historians will mark this day as one of the darkest black-letter days in the long history of this Senate," Schumer said as he tried to delay the vote.



https://www.cnbc.com/2017/12/04/democrats-are-doomed-if-gop-tax-cuts-become-law-says-ken-langone.html
#economics

Comments 1 - 14 of 14        Search these comments

1   mell   2017 Dec 4, 9:18am  

And the winning continues - MAGA!
2   HappyGilmore   2017 Dec 4, 9:19am  

Adding $1.4T to the debt = winning?
3   mell   2017 Dec 4, 9:23am  

HappyGilmore says
Adding $1.4T to the debt = winning?


Depending on how you measure it, Obummer added $6T-$9T to the debt during his 2 terms. Compared to that $1.4T surely seems like winning, esp. without QE. As mentioned earlier I'd like to see tight spending and more debt control/reduction, but this is zillion times better than Boosh/Obummer.
4   HappyGilmore   2017 Dec 4, 10:08am  

Sniper says
Where were you worrying about that when Obama added $10 Trillion in 8 years?

Here's another hint, that $1.4 T you keep spewing is not DEBT , but it's claimed to be the DEFICIT over 10 YEARS. If you want to run with that narrative, please get your facts correct.

The Senate GOP tax plan will increase the deficit by more than $1.4 trillion over a decade, according to a new analysis by the Congressional Budget Office (CBO).
http://thehill.com/blogs/floor-action/senate/362905-cbo-senate-tax-bill-increases-deficit-by-14-trillion


lol--good point. I was a little careless with my terminology there. The deficit will increase by $1.4T so the debt will increase by much, much more.

Trump will probably make Reagan look like a spendthrift.
5   HappyGilmore   2017 Dec 4, 10:09am  

mell says
Depending on how you measure it, Obummer added $6T-$9T to the debt during his 2 terms. Compared to that $1.4T surely seems like winning, esp. without QE. As mentioned earlier I'd like to see tight spending and more debt control/reduction, but this is zillion times better than Boosh/Obummer.


lol--Trump is on track to increase the debt by much, much, much more.
6   anonymous   2017 Dec 4, 11:20am  

mell says

Depending on how you measure it, Obummer added $6T-$9T to the debt during his 2 terms. Compared to that $1.4T surely seems like winning, esp. without QE


The word you are floundering around searching for is additional. The bill doesn't make the total increase in the debt 1.4T over the next 8 years. The bill will add 1.4 trillion ADDITIONAL dollars to the debt BEYOND what the increase would have been otherwise.

Anyone know what happened to the republican party that spent the last 8 years screaming about debt being the end of America? Where did those guys go?
7   anonymous   2017 Dec 4, 11:20am  

Sniper says
Here's another hint, that $1.4 T you keep spewing is not DEBT , but it's claimed to be the DEFICIT over 10 YEARS. If you want to run with that narrative, please get your facts correct.


The DEFICIT becomes debt every single year. The way you pay the deficit is to borrow money. When you borrow money it's called debt. Please get your facts correct.
8   anonymous   2017 Dec 4, 11:25am  

anon_faba8 says
mell says

Depending on how you measure it, Obummer added $6T-$9T to the debt during his 2 terms. Compared to that $1.4T surely seems like winning, esp. without QE


The word you are floundering around searching for is additional. The bill doesn't make the total increase in the debt 1.4T over the next 8 years. The bill will add 1.4 trillion ADDITIONAL dollars to the debt BEYOND what the increase would have been otherwise.

Anyone know what happened to the republican party that spent the last 8 years screaming about debt being the end of America? Where did those guys go?


Good question
9   anonymous   2017 Dec 4, 11:35am  

From my observations, for both Repub and Dem supporters, debt matters only when the other party is adding to it.
10   MrMagic   2017 Dec 4, 11:42am  

anon_faba8 says
Anyone know what happened to the republican party that spent the last 8 years screaming about debt being the end of America? Where did those guys go?


They're still there, they are called GOPe.
11   HappyGilmore   2017 Dec 4, 12:38pm  

Sniper says
$1.4 trillion over 10 years


Except you still don't understand the difference between deficit and debt.
12   Shaman   2017 Dec 4, 12:48pm  

Plenty to hate, but the GOPe is still in charge so blame it on them. We have to oust the traitors to MAGA harder!
13   HappyGilmore   2017 Dec 4, 3:17pm  

Sniper says
I don't?? Really?

I was the one that corrected YOUR error in reading, remember?


Not really as I wasn't wrong. Just not very clear.

You, however, are 100% incorrect.

The deficit is yearly. $1.4T per year. Not $1.4T over 10 years.
14   anonymous   2017 Dec 4, 5:25pm  

Sniper says

What has the economy been doing this year with GDP, Stock Market, Unemployment, Jobs, Corporate profit, etc?? Oh, and tax receipts are at an all time high.

Doesn't look like that ADDITIONAL $100 billion Obama tacked on hurt the economy, did it?


Did CIC just say Obama deficits boosted the economy? Didn't he spent 8 years screaming about Obama deficits being bad, now they are good? Is there now a hole in the time space continuum. Did hell freeze over?

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