Weekend Reading: M. Tullius Cicero to C. Pomponius Atticus, October 1, 54 BC: 4.XVII: On "Western Civilization"—Oxfordians Are too Stupid and Uncivilized to Be Worth Enslaving

Should-Read: And I am still looking for somebody with a stronger stomach than I to tell me how Bob Barro (and, I presume, Mike Boskin) lowered their estimates of the real GDP boost from the tax cut bill from 7% last December to 0.4% today: Paul Krugman: Tax Cuts and Wages Redux: "After Republicans rammed through their big tax cut, there were a rash of stories about corporations using the tax break to give their workers bonuses...

...Have the media learned nothing from the Carrier debacle?... Anyway, now we have enough information to start assessing the real impact of the tax cut. No, it isn’t going into wages; you should never have expected that in the short run anyway.... We aren’t... seeing the kind of response that would raise wages in the long run.... The theory of the case... as told by people like Kevin Hassett or the Tax Foundation, was... an investment boom... big inflows of capital, [which if there would]... should be lifting the dollar. In reality, the dollar is weaker.... The early data... are consistent with the view that corporate profits include a large component of monopoly rents. In that story, if you give corporations a big tax cut, they don’t invest more, compete for workers, or any of that stuff. They just take the money and run...

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