GOP tax cut flat-lining when it comes to raising wages

House Speaker Paul Ryan speaks after the House passed its version of the tax overhaul in the Rayburn Room of the US Capitol on November 16, 2017 in Washington, DC. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)

One of the reasons the Republican tax giveaway to the one percent isn’t resonating with the rest of Americans is because it isn’t raising wages for them, based on new Bureau of Labor Statistics data released Thursday.

Graph showing that wages actually dipped and then leveled off again immediately following the GOP tax cut.

That GOP failing isn’t going to wear any better over time since inflation just hit a six-year high, wiping out any wage gains that had previously been made, according to the Washington Post. And Trump’s multi-front trade war is bound to drive prices even higher.

Economists are concerned that prices could rise further due to President Trump’s tariffs on many foreign imports. Trump put a 20 [percent] tariff on foreign washing machines earlier this year, and the inflation report Thursday showed more than a 13 percent spike in laundry equipment over the same period last year.

Lots of products are going to see a jump in price just the way washing machines have, including the all-important American commodity known as the automobile. Unfortunately, we’re likely just starting to see the tip of the iceberg. Over the next couple of years, the fruits of the GOP’s labor will really start to be a drag on people’s pocketbooks. 

So don’t expect to see a lot of GOP ads touting their tax scam this fall—America just isn’t feeling it.

Leave a Reply