“The federal deficit is projected to keep rising over the coming decade, driving US debt to the highest level since World War II over the next 10 years, according to a Congressional Budget Office report released Tuesday.” This was reported by CNN, and if you’ve been following Trump’s failed economic policies, you are not surprised. The economy is great, but only if you are very wealthy.
Trump’s tax cuts for the wealthy and corporations have removed billions of dollars from the national treasury. Our national debt will continue to rise without additional income. Over the last six decades, the federal government began to cater to the wealthy and corporations.
In the 1950’s the maximum federal income tax rate was 91 percent. In the 1950’s and 1960’s the maximum corporate tax rate was approximately 50 percent. Trump reduced the maximum tax rate, which only affects the super-rich, to 37 percent and the corporate tax rate from 35 to 21 percent. Do the math. His tax plan was effective for the year 2019. The largest corporations, including Amazon and Wal Mart, paid nothing. The result is 1.2 trillion dollars added to the national debt in a single year.
We can all understand how Trump’s businesses failed over and over again and why he was forced to file for bankruptcy five times.
Economic experts agree that the debt will grow at least until 2030. The figure will reach 18 trillion in 2020 and will rise to an astronomical number of 31.4 trillion by 2030.
I have a question for members of the TEA Party and the even more extreme Freedom Caucus; why are you not furious at Donald Trump? You cannot claim to be ‘conservatives’ and allow this much government waste. It appears that all your lies about Democrats wasting money were just a smokescreen to cover the enormous debt caused by Presidents Reagan, Bush 41, Bush 43, and now Trump.
Finally, a fact which proves that Trump is not an American president; he serves only the wealthy; not the working class.
In 2017 there were 585 billionaires and 10.1 million millionaires in the United States; today there are 704 billionaires and 18.6 million millionaires. Think about it when you hear the term “income inequality.”
“The Truth Lives Here”
Op-ed by James Turnage
Image courtesy of DonkeyHotey
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