One of the biggest hoaxes perpetrated on the American people is the Republican idea that tax cuts pay for themselves. If that were true we would not be faced with deficits that will increase by $1 trillion this year and for years to come. Rarely have we had deficits greatly increasing at a time of prosperity. As usual, Republicans claim the deficits are the result of government spending for entitlements. It is always the same story: Lower taxes for the rich, blame resulting deficits on government spending, cut programs that help needy people.
In Trump’s proposed budget he wants billions cut from Medicaid while spending an additional $2 billion for his useless border wall. Trump says we must look at further cuts to entitlements. You can bet if Republicans and Trump stay in power they will look at ways to “reform” Medicare and Social Security.
Trump said his tax cuts would result in a gross domestic product growth of 4, 5, 6 percent. Since the tax cuts of 2017 the GDP has not reached 3 percent. Under Trump the economy added an average of 193,000 jobs per month and the unemployment rate fell by 1.2 percentage points. But during the last 3 years of the Obama presidency, new jobs averaged 227,000 per month and the unemployment rate dropped by 2 percentage points. It is reasonable to say that the prosperity we have now is a continuation begun with Obama. Whenever something goes wrong, Trump blames those “radical liberals” or the Federal Reserve Board. When something is good, he takes full credit.
A number of the largest corporations making billions in profit pay no taxes. Unless the tax code is reformed and taxes are fairer, our children and grandchildren face sacrifices that will lower their standard of living. We can’t fix problems until more of us admit we have been bamboozled by a party that keeps power by protecting their real constituency, their rich donors, while lying to the rest of us.