Former Trump labor secretary nominee Andy Puzder resurfaced in the pages of The Wall Street Journal on Monday to deliver a supply-side screed on the benefits of the tax cuts.
A key to continued success, he argued, is telling workers specifically why they’re seeing the size of their paycheck swell. It’s not a one-time bonus or early boon from St. Valentine.
“Paychecks for the average employee earning $50,000 a year will increase by $100 a month,” he wrote. “Those with children will get even bigger increases.”
Contrary to Congresswoman Pelosi’s characterization of the cuts as crumbs, the increase in take-home pay “may cover gasoline or cellphones for a year. For others, it will help with utility bills in a cold winter. The cuts will bring real relief to the four-fifths of working Americans who live paycheck-to-paycheck.”
Puzder, Trump’s sacrifice to Grand Inquisitor Warren during cabinet confirmations, withdrew his name from consideration just one day before his oft-delayed hearings were set to begin.
A surprisingly successful and smooth process for the administration until that point had aides asking the president to show humility (wait, what?) and throw opponents a bone. Fast-food burger and chicken sultan Puzder was it, castigated by critics for fostering an “unfriendly” environment for workers at the restaurants he ran.
While he didn’t specifically mention the flurry of 401k match-increases as a result of reform, the same argument holds, and it might be wise for workers pleased with the additional pay to know it’s all part of the plan—especially if they want it to continue.
“If you’re an employer who increased wages or bonuses due to the Republican tax cuts, it’s time to tell your employees why,” Puzder, concluded, before calling on those who haven’t to step up.
While hardly Republican largesse, since the money was earned by employees and therefore theirs to keep, the policies of the current president cleared the way for it to happen. Regardless of his admittedly obnoxious bluff and bluster, credit is to be given where credit is due.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
What’s the republican message? Employees should be thrilled that they are increasing annual deficits and the national debt. The extra money in their paychecks comes from taxes not paid for spending already incurred. They are borrowing the extra pay, and will have to pay it back, with interest, or burden their children with the extra debt. Republicans make a lot of noise about fiscal responsibility but want credit for the irresponsible debt binge they’re foisting on gullible employees.
Yes!!! Bill Thomas gets it!!! In the long run this is going to hurt the hell out of the working class. Do we really have this much hubris to think that in the end things will be different than the last?