Oh shucks. I could not help ourselves. I did it!
It is Christmas time, so it is time for gifts, right?
I’ve bought us a new house. Not to brag, but it did cost us $10,000,000.
No problem though. I’ve borrowed the money in a way that it will be paid off by my children and grandchildren – and great grandchildren, and their children.
You see, we have all the confidence in the world that our children and their children will be making at least $1,000,000 a year by 2025.
And if that does not come to be or they don’t have the money to pay the mortgage? NO problem there either. They’ll just declare bankruptcy and let others pay it.
THIS, my friend, is exactly what the tax bill about to be passed by Congress does. We are borrowing $1,000,000,000,000,000,000 (one trillion dollars)so corporations can pay less taxes in the hopes and prayers they do something they have never, ever done: prioritize investing those tax savings in a way that creates jobs and increases wages instead of pocketing the profits.
Think about it. We are gifting the same people that took us for a ride and sank us into the worst recession we’ve ever had a decade ago – the same people we had to bail out with tax payers money – and we are expecting them to increase wages and create jobs rather than buy themselves more luxury items and spend away, increasing their luxury lifestyles.
We also are praying and hoping that the economy will improve so much so fast that paying for that trillion will be simple because we as a nation will be producing so much more and our productivity will be at least twice as much as what it is today.
And, if the economy does not improve to that totally unrealistic level?
NO problem! The government will simply cut other programs so the $1T loan can be paid off.
And what are those programs that will be cut – probably more drastic than ever since their inception? Medicaid. Medicare. Social Security.
Yep. You have it right.
This Christmas the modest and middle class are about to gift the ultra rich $1T so they can further enrich themselves. And we are paying for it by reducing our social commitment to the poor and elderly.
Welcome to the American Oligarchy. It’s here.
Call your Republican Senator TODAY. Not that it will do any good, but their conscience must be nudged. They have to know we care. They have to know we are watching. And they have to know we’ll see them at the ballot box.