It’s not entirely hyperbolic to say that the latest GOP tax scam could be the final nail in the coffin of the American dream. If the bill is signed into law, it will show that the oligarchs and the con artists are in full control. And our democratic republic may never recover.
Remember when Republicans were outraged when President Obama signed a stimulus bill to dig us out of the Great Recession created by free market GOP policies? Remember the wave of Tea Party candidates in 2010 who were elected based on promises to cut the burgeoning national debt?
Well, when the GOP took control of the Senate, the House and White House at the beginning of this year, they had an opportunity to cut the debt – now $20 trillion and climbing. After all, the economy is now at what most economists consider full-employment. The increased tax revenue from all of those employed individuals, combined with careful budget cuts, could have been used to reduce deficits.
But, now that the GOP is in control, deficits and debt no longer seem to matter.
Almost immediately after assuming control, Republicans actually increased spending by adding $700 billion to the Pentagon budget despite the fact that an audit by the Department of Defense Inspector General could not account for $6.5 trillion in military spending!
Then, after the House passed a so-called tax “reform” bill, the GOP-controlled Senate used a parliamentary trick to pass a gigantic tax cut for corporations and billionaires – a move that will add at least $1.5 trillion to the national debt over the next 10 years, according to the Joint Committee on Taxation. More precisely, the GOP plans to take $1.5 trillion from ordinary working families and give it to billionaires and large corporations!
So, despite the fact that the nation is still buckling under the deficits and debt created by the last GOP-fueled recession, the GOP plans to push through a highly unpopular tax bill (a recent poll shows that 59 percent of Americans oppose the bill) based on the widely debunked theory of trickle-down economics. It’s a bill that will affect virtually all of us – most of us negatively. And it’s likely to lead to an economic meltdown even worse than the Great Recession.
Of course, the bill’s very wealthy benefactors have little reason to worry. After all, if the tax scam does lead to an economic crash, they are unlikely to be affected. They seldom ever are. For billionaires, most economic downturns represent years-long Black Fridays in which everything is on sale – yet another opportunity to buy low and eventually sell high. And, by the time the national debt becomes a real problem, they can simply relocate and steal from the citizens of another country.
On the other end of the economic spectrum, ordinary working Americans have been promised a much smaller tax cut. Even that will disappear after a few years. But the cuts for billionaires and large corporations will be permanent.
It’s fitting that the Senate bill was passed at 2 a.m. Like thieves in the night, the GOP raided the homes of working people taking portions of their incomes, their access to affordable health care, even their access to public lands.