Tax breaks for the Rich. Reduced taxes for corporations. Tariffs on imports. And the failed old Republican standby of “trickle-down economics.” Four failed economic policies from Donald Trump I like to call “Trumponomics” because he alone owns them.
After his sad little inauguration Trump’s first act was to give himself and the rest of the one-percent huge tax breaks. The middle class received a small tax break which would only last for two years. Tax breaks for Trump and his cronies are permanent.
Trump called his next fiscal decision “tax reform.” The super-rich once again received tax breaks. The corporate tax rate was reduced from a maximum of 36 percent to 21 percent. Prior to Trump’s gift, corporations paid an average of 16 percent. This greatly reduced our nation’s biggest company’s contributions to our national treasury, and will result in a minimum of one-trillion dollars added to the deficit. Chase Morgan has already reported an additional $3.7 billion in profits. The biggest lie was that these corporations would create new high-paying jobs; they didn’t. Another trickle-down failure.
Trump refused to ask advice before implementing tariffs on imports which resulted in tariffs on exports from American small, medium, and larger businesses. Trump and his failed party were forced to pass a $14 billion bail-out for farmers.
A trade war began. Both American businesses and foreign businesses began to raise their prices to compensate. The victim has become the American consumer who must now pay higher prices for nearly everything we purchase.
One example of this failed policy can be seen in the cost of washing machines and dryers. A 20 percent tariff was placed on washers, and because washers and dryers are usually sold in pairs, a 12 percent tariff was placed on dryers. Consumers are paying nearly 33 percent more for their purchases than prior to Trump’s tariffs.
I hope millions of uninformed voters learned a lesson in the last two years. The history of Trump’s businesses proves that he is a failure. He lied to everyone about his business acumen during the 2016 election. This is proven by the failure of “Trumponomics,” and his reliance on foreign nations to bail out his business ventures.
Finally, a fact no one talks about. Looking at the history of American fiscal policy, the American people fare far better under Democratic leadership. Reagan, Bush 41, Bush 43, and Trump all failed to improve the quality of life for the majority. The rich became richer, unemployment rose by the end of their terms, and our nation’s debt increased.
Tell your friends; “The Truth Lives Here”
Op-ed by James Turnage
Image courtesy of DonkeyHotey
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