P.T. Barnum is credited with the expression, “There’s a sucker born every minute.” Sadly, public response to the new tax law bears out Mr. Barnum’s belief.
The national debt, which, miraculously, became irrelevant when the Republicans took power, can, in fact, become a potent, destructive force in this nation’s world standing. At some point, the dollar will cease to be the world’s most stable currency, and as other nations move their dollars to safer currencies, interest rates here will rise, and servicing the national debt will become a greater expense than even the military.
Unfortunately, public discussion has leaned primarily towards the idea that everyone will see more in their paychecks, even though the wealthiest Americans get disproportionately more than ordinary middle class households. Much more importantly, however, 1) the entire cut is on the national credit card and will be paid for by our children and grandchildren, and 2) we have a full-employment economy that does not need a stimulative tax cut.
It was the ancient Roman patricians who recognized that they could steal endlessly from the public treasury so long as the plebeians were given their “bread and circuses.” Looks like we haven’t learned much in the past 2000 years.
Martin Bensky, Richland