Reagan’s Advisor Just Made a Disturbing Prediction About Republicans’ Tax Plan

A former advisor to President Ronald Reagan issued a dire prediction about the Republicans’ push to overhaul the U.S. tax system.

Bruce Bartlett, who also served in the Treasury under George H. W. Bush, noted just how dangerous the controversial tax bill could be if it becomes law. Bartlett joined a number of other economists and the Congressional Budget Office in noting how the bill could tank the U.S. economy.

The CBO found that the bill could add $1.4 trillion to the national deficit over the course of the next decade and federal revenues could decrease by more than $1.6 billion in that span.

“Once the tax cut is enacted and at least $1.5 trillion in federal revenues disappear, Republicans won’t care if they are defeated in 2018 or 2020–domestic policy will be set on a Republican course for a decade,” Bartlett said on Twitter. “Democrats will spend all their energy cleaning up the fiscal mess.”

But Bartlett wasn’t done. He tore into the corporate tax cuts that President Donald Trump has said will boost the economy, bring home offshore money and increase wages — assertions that have already been called into question by experts.

“Another prediction–The tax cut will have zero impact on growth, may even hasten the onset of a recession (see Kansas),” Bartlett tweeted on Tuesday. “And when the recession comes, Republicans will demand further cuts in taxes and spending. We will be well on the way to being a Third World country.”

Bartlett, an expert on supply-side economics, noted that he helped create the GOP’s “myth” that tax cuts could be a “cookie cutter” approach to solve most economic problems — a concept that he acknowledged did not lead to the economic boon during the Reagan administration — as cuts for the wealthy and corporations would eventually spread out to the rest of the economy.

“The biggest Republican tax myth is that we had vast prosperity in the 1980s that dwarfed the growth in any other time period and that was totally and exclusively the result of the 1981 tax cut,” Bartlett said this month. “And this is just total mythology. Real economic growth in the 1980s was less than it was in the 1970s or the 1990s.

He’s even more pessimistic about the Republicans’ intentions behind the tax bill:

“I think in their heart of hearts they believe that only the wealthy really help the economy, and they believe that the wealthy just carry the rest of us on their backs, that we’re all worthless, and only the Charles Kochs and Robert Mercers of the world really add economic value to the economy, and, of course, this is just utterly ridiculous.”