To the Editor:
We always hear we have a spending problem. We do spend more than we take in. But I studied the Office of Management and Budget historical tables. Spending always has gone up about the same percentage every year.
The exception was in 2009 when social safety net programs kicked in because so many lost their jobs.
But revenues dropped precipitously after the Reagan and Bush tax cuts. They meant hundreds of billions of dollars less coming in. They eventually went back up but we’re behind by those hundreds of billions every year after that. It adds up to trillions. The percent of revenue from corporations also has decreased dramatically over the years.
In the late 1990s, the top rate was raised only 4 percent. Revenues jumped. They shut the national debt clock off in anticipation of paying the debt down. The Bush tax cuts blew it up.
President Donald Trump’s administration is rolling back environmental protections. It will save industries millions, even billions. Trump and Republicans are calling for tax “reform.” It’s really another huge tax cut for the wealthiest, just like the Reagan and Bush tax cuts were. It will blow the debt up.
Do you honestly believe they’ll use their savings to create jobs or improve salaries and benefits? It’s not what they do. They invest in the stock market to make more millions and billions for themselves. A common way to boost stock prices is by cutting jobs. Trump likes to say other countries stole our jobs. No, people like him outsourced them.