To the Editor:
The Republicans are poised to jam this tax bill down the throats of the American people. To get the votes, they bribed three Republican Senators Murkowski, Flake, and McCain with perks for their pet projects.
Trump, McConnell and Ryan all claim that this bill will be “revenue neutral,” using the concept of supply side economics aka trickle-down theory. This concept was conceived by Reagan. His own Vice President George H. W. Bush called it voodoo economics.
This concept relies on major industries and the very wealthy persons taking their newfound wealth and investing it to create jobs and an economic boom. The only problem is when Reagan and Bush tried it, it failed miserably.
The newfound wealth went to the shareholders and into off shore banks and we ended up in a recession both times. The loss of tax revenue due to these giveaways forced the administrations to raise taxes and cut benefits.
Evidently, the Trump administration and Congress feel that the third time will be the charm, but I don’t believe it. If it does work, I will be the first one to publicly admit I was wrong; however, if I am right, we will end up with higher taxes and a giant increase in the national debt.
This may take one or two years, but, when it happens, the Republicans will be screaming that the sky is falling, and we have to cut spending. They will attack Social Security, Medicare and Medicaid which they have wanted to do for 40 years.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
