Do You Feel Rich Yet?

The economy, we’ve been told over and over again, is booming. The stock market is at a record high, everything that is supposed to be growing is growing, the president is tweeting about how great everything is.

Sure, according to some think tank elites, “fewer than half of Americans own stocks, and the top 10 percent richest Americans owned nearly 90 percent of all stocks, bonds, trusts and business equity in 2013,” so these record stock market numbers have “nil short-term impact on the ordinary person.” And sure, even some conservatives are worried that wages aren’t growing in sync with the economy. But I’m feeling rich! Are you?

DOW RISES 5000 POINTS ON THE YEAR FOR THE FIRST TIME EVER – MAKE AMERICA GREAT AGAIN!

— Donald J. Trump (@realDonaldTrump) December 19, 2017

You don’t own any stocks, sure, but isn’t it nice to know that if you did, you would be doing well?

Under #TaxCutsandJobsAct a married couple earning $100,000 per year ($60,000 from wages, $25,000 from their non-corporate business, and $15,000 in business income) will receive a tax cut of $2,603.50, a reduction of nearly 24 percent.

— Senator John Cornyn (@JohnCornyn) December 19, 2017

You certainly don’t make six figures, and you don’t have any business income, but once you do start that business and figure out the difference between “non-corporate business” and “business income,” won’t that tax cut come in handy?

Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size. Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy, and create many beautiful JOBS!

— Donald J. Trump (@realDonaldTrump) December 19, 2017

Feel those job offers pouring in? Feel your bank account doubling and tripling and getting so big you might have to finally open that savings account?

Rs keep claiming their plan is fundamentally a middle class tax cut in the short term.

Here's the reality, using TPC data averages.

Bottom quintiles get relatively tiny tax cuts.

Top 1% gets over $50,000

Top 0.1% gets nearly $200,000https://t.co/ijnySc7FTt pic.twitter.com/6ZdTGLtyKm

— Greg Sargent (@GregTSargent) December 19, 2017

A whole $70? That means you can pay for two days of health insurance, you’re practically Daddy Warbucks at this point.

I asked Dem Whip Steny Hoyer moments ago to respond to the record highs in the major markets ahead of tax reform passing. He replied there have been other times of high carefree speculation, too:

“1928 & 1929.”

— j.d. durkin (@jd_durkin) December 19, 2017

1928 and 1929 were great years for wealth in this nation. Those pockets feeling heavy yet?

Wells Fargo CEO admits he won’t use his tax windfall to create more jobs https://t.co/oopGcCY7iS pic.twitter.com/jTmOjT2XOQ

— ThinkProgress (@thinkprogress) December 19, 2017

So scratch that whole “new jobs” thing.

The Republican tax bill in a nutshell:

-13 million people lose health insurance

-$338 billion cut in anti-poverty programs

-By 2027, *82.8 percent* of the benefits will go to the top 1 percent

-Cuts for people expire, corporate cuts are *permanent*#KillTheBill

— jordan (@JordanUhl) December 19, 2017

Knowing that you will soon be free of that pesky health insurance that’s been weighing you down and chains of financial regulation are finally getting smashed open—feels good, right?

Wealthy NYC Elites Prepare To Flee The City Under De Blasio’s Tax Burden https://t.co/ZRelewDUpk pic.twitter.com/s712HPVveZ

— Daily Caller (@DailyCaller) December 19, 2017

I bet you’re already gearing up to flee New York, a place you can definitely afford to live, because you’re so loaded. Speaking of which, peace out plebs!

Follow Eve Peyser on Twitter.