The farce that is trickle-down economics
November 17, 2017
These phony fiscal conservatives make me laugh. Reagan, H.W. and W. Bush, and now Trump all budgeted record deficits. Admittedly, so did Obama, but at least he was honest about it. He never said he was anything but a spendthrift liberal.
Increased spending plus tax cuts equals deficits. It doesn't take much of an accountant to figure that out. In the last 40 years, only Bill Clinton balanced the budget. He did it by taxing the rich and cutting spending. That's what we need to do again.
Trump's budget and tax plan would result in a $630 billion deficit in the next year and $1.3 trillion in 10 years. How is that fiscally conservative?
Sen. Ted Cruz (R-Tex) has announced he will vote against the tax plan because it would increase the deficit too much. I don't have much use for Cruz generally, but I think he's being true to his convictions here. Remember, we're not going to have to pay the tab for those deficits. Our children will.
Phony fiscal conservatives like McConnell and Ryan need to be confronted. Who are you? Show your true colors. I'm afraid their true colors are dyed in the wool Republicans who always look after the rich and respond in kind to their massive campaign donations.
If the 1 percent were required to pay their fair share, we could balance the budget, wipe out poverty, improve the infrastructure, and provide universal health care and education through four years of college. The revenue wasted here is immense.
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Trickle-down economics didn't work in the 1980s, and it's not going to work now. The 1 percent doesn't use the money they save on taxes to create new jobs. They put that money in their pockets or set up a golden parachute for when they retire, get fired, or take a position in the Cabinet.
The 1987 and 1992 recessions were caused by trickle-down economics. The 1992 dip was ironic because it probably cost H.W. Bush the election against Clinton and, when he ran against Reagan in 1980, Bush called the trickle-down theory voodoo economics.
How much is the fair share for the 1 percent? Everything but the bare essentials. No luxuries. They do not deserve, need, or have earned any more.
Want to cut spending? Let's start with that obscene defense budget. That's a budget preparing for a world war. The way Trump is insulting the whole world, that may be a distinct possibility. Let's get rid of Trump instead.
And, of course, we can forget about that racially motivated and ultimately ineffective wall.
Fred Malo Jr.
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