In part 1, I mentioned that I had just learned that the tax bill will reduce corporate taxes by $2 trillion over 10 years. It is well known that a popular myth among Republicans is that tax cuts will spur economic growth. We know this is not true, but I ran across an interesting article that shows it is much worse than I thought. William Lazonick has shown that in the decade from 2004 to 2013, the corporations listed in the S&P 500 used 91% of their earnings to either buy back stock (54%) or to pay dividends (37%). This left only 9% to invest in productive capacity. In fact, we know that many corporations are sitting on large amounts of cash, meaning that they are not even productively investing that 9%. Nothing in the tax bill will require corporations to spend any money on productive investments. Search for “William Lazonick buybacks”