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- The Forecaster
U.S. Sen. Susan Collins published a defensive position in Maine newspapers to explain her wrong-minded vote in support of the Republicans’ tax cuts for the rich. Unfortunately, her explanation did not explain how the tax cuts will recover the $1 trillion the GOP plan will add to the national debt over the next 10 years.
While the individual personal tax cuts will expire, they are permanent for corporations. Moreover, the math doesn’t work. Health care costs will no longer be deductible, insurance premiums will rise, Medicare contributions from Social Security beneficiaries will increase along with co-pays for services and drug costs. These cumulative increases will negate any individual tax cuts.
Collins wrote about rich corporations being able to hire more people. But what “people” is she talking about? Maine corporations can’t find qualified workers for the jobs already unfilled. Instead of supporting tax cuts for the rich, Collins should have voted to invest in America’s future. Wrongly, she voted to burden our children with debt. The only way Collins can be proved correct is if Maine’s population grows, to increase the workforce (not likely, with an aging population) and health care costs are reduced. Neither will happen.