An alternative to Trump’s failed economic ideas
Our overarching power as thoughtful, involved citizens lies in our freedom to mutually develop a meaningful and practical vision for America that inspires us and meets everyone’s needs.
For example, President Trump is absolutely correct in addressing “the forgotten men and women of our country,” which should mean all of us who lost the ability to bargain for fair wages, because so many jobs fell to automation/computerization and off-shoring over the past 40 years.
Unfortunately, it turns out Trump’s “forgotten” people are not those living in poverty or from paycheck to paycheck, hamstrung by this revolutionary structural development. No, indeed. Trump’s people are actually the incredibly wealthy beneficiaries. We are about to witness the greatest Robin-Hood-in-reverse proposal from any President in modern US history as financial regulations are shredded for “friends of mine,” and mammoth tax cuts go to the top one percent.
Yes, the promised Trump/GOP tax cuts will provide some “trickle-down” economic stimulation, but are estimated to raise the national debt by about $6 trillion over 10 years, just as tax cuts under Reagan and G. W. Bush raised the national debt by triple and double, respectively. And, as before, needed government services will be cut.
This must not stand, especially since a simple, proven alternative is available. Renowned business investor Warren Buffett and conservative economist Glenn Hubbard have renewed their calls for “big-time” increases in the Earned Income Tax Credit. Instead of cutting taxes, Trump is strongly advised to recycle the extra $1 trillion that now goes each year to the top one percent from profits on our low wages.
Not only will widespread poverty be relieved, but increased consumer spending will boost economic growth, benefiting everyone.
Let us come together and demand that Congress and the Trump Administration heed Buffett and Hubbard’s simple, sensible prescription.
Certainly, there must be positive, vigorous, growing resistance to the bizarre chaos of the Trump Administration. But we must also train our eye on the future and nurture our creativity, determined to work together to solve the fundamental structural problems that hamper our economy and threaten our way of life.