Today’s Financial Services Committee hearing

We expect to hear a whole lot of spin from Chairman Hensarling at today’s hearing on the GOP tax scam, including its effects on wages, consumer demand, business expansion and investment, and American competitiveness. But as the hearing gets underway, here’s a quick look at the actual impact of the law six months after final passage:

• The GOP promised that Americans would see $4,000 raises, but wages are falling.
• They promised that consumer demand would increase, but rising health care, gas, and food costs are eating up more of Americans’ paychecks.  
• They promised that companies would use their tax cuts to hire more workers, but workers are being laid off instead.
• And they  promised that the law would make America more competitive, but companies are using their tax benefits to reward investors through dividend increases and share buybacks instead of growing their businesses or hiring workers.