US economy
(Image: Unsplash/NeONBRAND)

Remember the business tax cut debate and the claims from business, the government, and its media cheerleaders that cutting the already low rate of company tax would be a panacea for every kind of economic ill? And how Donald Trump's US$1.7 trillion tax cuts were invoked to warn Australia would be left behind, marooned without investment in a global economy where countries fought it out to lure investment with tax cuts?

As we know the only things Trump's tax cuts sparked were a surge in the US budget deficit (which is now at World War II levels and headed much higher), and record share buybacks: US$806 billion in 2018, according to S&P Global Indices, and a further, record, US$253 billion in the March quarter of this year, with more coming -- Alphabet (Google) recently announced a US$25 billion buyback. Corporate profits also jumped sharply -- they were up 26% in the June quarter of 2018.