You know the old saying about “Fool me once, shame on you; fool me twice, shame on me”. Well, it has never been so true. Last week, Donald Trump revealed his economic plan, and could you guess that it was more trickle-down economics. He is going to lower taxes on the rich dramatically, cutting the highest tax rate to only 33%, and lowering the corporate rate from 35% to 15%. He is also going to institute a “moratorium on federal regulations”. What kind of regulations? Well, he suggested eliminating the Environmental Protection Agency’s rules for lowering carbon emissions from coal-fired plants. So more global warming and more pollution!
In other speeches Trump has promised to increase military spending. Where is this money going to come from? He doesn’t say, but he also promises that his plan will reduce the federal deficit. Independent analysis of his plans “estimated they will bloat the US deficit by trillions, even after economic growth is taken into account”. So even if trickle-down economics somehow magically works this time and stimulates the economy, we will still be passing on huge debts to our children. You know the huge debts that Republicans have been screaming about for years that will destroy our country.
The last person who sold us this putrid bill of goods was Dubya Bush, and anyone still supporting Trump obviously doesn’t remember how that turned out for us.
Trump also promises that the economy will grow at more than four percent. Ironically, the last time the economy grew that fast was when Hillary Clinton was in the White House as First Lady.
What should be the response to “fool me three times”?