People left behind are not struggling because of their tax rate but because their real income has fallen. It is the GOP that has blocked valuing all of our workers and properly supporting our Basic Public Investments.
The GOP Three-Step. 1) The GOP cuts taxes primarily on the wealthy and big business, which slows the economy killing tax revenue from lower tax rates and a slower economy. 2) With lower tax revenues the GOP cuts our BPIs, which slow the economy with fewer customers and customers with less money where businesses then have less and less income. These BPI cuts also eliminate the payback to taxpayers over the years and decades that would have occurred. The cuts kill more tax revenue than save and create additional expenses. 3) GOP cuts to services and regulations are intended to save taxes and stimulate businesses. For the little saved and gained, there are enormous costs from the cuts. As seen during the 2000s, the Bush Administration's cuts led to at least five major financial disasters from the airline industry to disaster response to the financial industry. It takes time for all the impacts to kick in but they ultimately throw our economy over the cliff.
Bush's GOP was just a warm-up for what Trump's GOP is in the process of doing now. They're cutting regulations and dismantling our public services. They've cut taxes primarily on the wealthy and big business. They're cutting many of our BPIs. These cuts drive up our costs and our national debt without creating the investments in the necessary conditions and opportunities for our people and businesses that payback over years and decades. The long-term damage to our economy thus far will take years to recover. If not checked and reversed, Trump's GOP will create an economic collapse far worse than Bush's GOP.
The GOP Three-Step is bad enough for our future. Trump's trade wars, reneging on climate and other agreements, sabotaging alliances, and threatening war will make our economic problems far worse if not checked and reversed.
Trump's GOP is creating a house-of-cards economy based on trickle-down while increasing the likelihood of events that will shake a fragile economy. The longer we let this undercutting of our economy continue, the more drastic and painful it will be to rebuild the fundamentals of a prosperous and shared economy.
An unstable economy is not good for anyone including the wealthy. Some lose everything in our downs. Especially the wealthy have a vested interest in a healthy, prosperous and stable economy. Supporting our BPIs, valuing our workers and backing sufficient regulations and services creates strong fundamentals including a strong consumer base that is necessary for them to create and maintain wealth. The economy is not a fixed-sized pie. It expands creating opportunities and wealth for our people and businesses or contracts destroying businesses, communities, families, and individuals.
Our choice now is the GOP Three-Step cutting everything including our opportunities or the DEM-way investing in America and Americans which is what makes our people, businesses, and economy thrive!
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