(THREAD) The tax bill that just passed the Senate is terrible policy. But Republicans are right that passing it is better for them politically than failure. Here's why:
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It's poorly constructed, deficit-financed stimulus at the exact wrong point in the business cycle. But the likely effect is a short-term boost. That's politically advantageous for 2018. Maybe the bubble won't pop until after 2020. (If it does, they'll blame something else). 8/x
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The Republican tax bill is basically a no-money down ballooning interest rate mortgage. It's a terrible idea in the long-run. But the immediate effects should be pretty nice. 9/x
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That's donors, ideologues, and politics-as-sports voters happy. And few besides Democrats unhappy. At least in the short term. The policy is bad for millions of Americans and for the country as a whole. But politically, passing it was better for Republicans than failure. (END)
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