Speaker of the House Paul Ryan is deserting the sinking ship known as the Republican Party. Most people haven’t figured out (yet) that the misguided Republican tax plan that he got passed last December will also probably sink the entire country.
In fact, MSNBC had a special report called “Every criticism of the Republican tax plan is proving true.”
With all the distractions going on in the Trump White House it is important that we not lose sight of the big picture of how Republican fiscal and tax policies are harming the United States, currently and in the long run.
Therefore we’ve decided to make a list of all the bad things that result from the Trump tax plan lest the American people forget just how bad it really is.
- According to the Congressional Budget Office‘s latest analysis, “The GOP tax plan means short-term gains for the economy, but federal debt is primed to explode.”
- A new study of all Fortune 500 companies found that the tax cuts didn’t benefit U.S. workers, but made rich companies richer.
- The prediction that corporations would use their tax windfalls on stock buybacks instead of investing in the economy has turned out to be true.
- Democrats warned us from the beginning that Ryan and other Republican leaders would use the massive deficits caused by the tax cuts as an excuse to reduce and/or eliminate social-insurance programs they mislabel “entitlements.” That, too has already happened.
- President Donald Trump has bragged that there would be enough economic growth triggered by his tax plan to pay for itself. But this won’t even help America: “80 percent of the economic growth generated by the Republican tax cuts will go abroad and benefit foreigners by 2028, after individual tax cuts expire”, according to an analysis by Democratic Senator Chris Van Hollen of Maryland.
- The tax plan was passed in such a rushed manner that it is full of errors that still need correcting, causing major problems for taxpayers and for the IRS (as well as for state departments of revenue.) Republicans have asked Democrats to help them fix the problems they created.
Ultimately it is the estimated cumulative deficit over the next decade that will cause the most problems. The tax plan won’t pay for itself. Massive deficits will lead to pressure to cut back social programs. The Congressional Budget Office estimates that the federal deficit will be $1.6 trillion larger than previously projected, thanks to the misguided Republican plan.
In fact, current projects show that by the year 2028, our national debt will be nearly as large as our entire Gross Domestic Product. This is not sustainable.
We can only hope that Ryan’s retirement means that our country will also retire his right-wing ideology that is leading our country to a disaster. Our only hope is that sanity will be restored to Washington and there will be a massive Blue Wave in the 2018 midterm elections.
I am a lifelong Democrat with a passion for social justice and progressive issues. I have degrees in writing, economics and law from the University of Iowa.