Regarding the tax bill coming up for a vote in Congress, the key issue is being lost in all the noise about who benefits the most.
The purpose of this bill is not merely to let Americans keep a little more of their own hard-earned money with the hope that they spend it on consumer goods. Yes, that helps the economy, but only modestly. Far and away the most important purpose is to abandon the slow-growth tax and regulatory policies of recent decades, while instituting potent incentives for people and companies to invest in and expand American industry, thereby to restore dramatically rapid and sustained growth in the American economy.
Reviving the American economy back to levels not seen since the late 1990s (4-to-6 percent GDP growth) is the only possible way to produce the abundant revenues necessary to save Social Security, Medicare, and Medicaid, all of which are headed for bankruptcy under the low-revenue-producing slow-growth policies set in place by prior administrations. Also, the only way to preserve the preeminence of our military in the face of the extraordinary international threat environment we face in today’s world. And above all, the only possible way to stop running deficits and pay down the nation’s apocalyptic $20 trillion debt.
Do you want to continue living in a proud superpower, or do you want to see your country devolve into a Third World basket case where the only “equality” achieved is an equality of misery?
Robert D. King