Minnesota Network for Progressive Action


 
Politics Blogs - Blog Top Sites

Listed on BlogShares

 
site search

Site Meter
 
  Progressive Political Blog

Progressive Politics in Minnesota, the Nation, and the World

18 Bucks A Week

Category: Donald Trump
Posted: 12/23/17 13:02

by Dave Mindeman

Apparently we are supposed to be grateful. Grateful that the Republican tax bill throws us a bone. Grateful that they actually thought about the rest of us for this Festivus.

Grateful for an average of $18 bucks a week.

When compared to an estate tax break averaging $4.5 million for the privileged class, it doesn't seem like much. When a 2% reduction in taxes brings in millions for the 1% and we get our $18 bucks a week - somehow being grateful seems like a hopeless exercise.

We were not the target of these tax cuts. We were the afterthought. While they gave us that $18 bucks, they cut out the ACA mandate which will raise our insurance premiums. They gave us an increase in the children's tax credit, but then did not renew CHIP - which is causing so much angst in the states.

They slashed the corporate tax rate by 14% and gave international companies an incentive to bring profits home at an even lower rate. But they changed the Roth conversion rules for us little guys so that we have less tools to plan our retirement with.

Some corporations realizing the disparity in treatment decided to give out some paltry bonuses (AT&T's was actually part of a union contract) and some corps raised their base salary rate - which is still not a living wage and could have been done long ago. But that was more of a public relations scheme than any real benefit to workers. The real corporate winners will be the stockholders as bonus dividends, essentially stolen from the US Treasury, are given to them and company buybacks will increase the share price.

But all of that corporate benevolence is temporary. All of that largesse for the 1% and corporations was handed out on the backs of a $1 to $1.5 trillion deficit spending tax bill.

Deficit spending is not inherently wrong. When we are in recession it is a necessity. But what we have done here is used recession type economic tools to increase income disparity. It makes no logical sense.

Yes, we are in an economic expansion. Employment data is good. But we are way overdue for an economic downturn...a recession. We hope it will be light. We hope it will not cause massive layoffs. But we face that prospect without any tools to help. When you increase the deficit in a good economy, all it does is put money into the pockets of people and corporations who are already flush with cash and have no incentive to invest in expansion. When interest rates are at historic lows, the Fed is unable to lower them in response to a recessionary cycle.

In other words, the 1% and corporations have received their cushion for any economic turn - while we are essentially screwed.

But, yeah, I forgot - we did get $18 bucks a week.
comments (0) permalink

Calendar

« December 2018 »
Mon Tue Wed Thu Fri Sat Sun
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31


Latest posts


Archive

(one year)

Categories


Comments



Links


RSS Feeds

RSS 0.91
RSS 2.0

 
 
 
Powered by
Powered by SBlog
 
Copyright © Minnesota Network for Progressive Action. All rights reserved. Legal. Privacy Policy. Sitemap.