Rep. Scott PetersVerified account

GOP claims that this tax cut will spur enough economic growth to make up the difference with new tax revenues are false. 2/2

Even in the right conditions, tax cuts only pay for 15% to 32% of their cost, according to conservative GOP economist Greg Mankiw 3/

.@USCBO says that adding to our already incredibly high national debt would cause a detrimental drag to the American economy 4/

The debt is too big to ignore. In 1977, it was 27% of US GDP. In 2001, the year of the Bush tax cuts, it was 56%. Today it is 77%. 5/

High debt levels shrink the economy, decrease our budget flexibility, and increase the chances of a financial crisis. 6/

The long-term economic consequences of high debt levels include a dip in private investment, a rise in interest rates & slow wage growth. 7/

I’ve had GOP colleagues tell me, teary-eyed, that they ran for Congress to reduce the debt we will leave to our children. Now this? WTH? 8/

We need real tax reform. US companies pay among the highest rates in G20. Obama wanted it lowered from 35% to 28%, nixing loopholes. 9/