I for the life of me can think of only two things that have benefited our economy under Trump: the tax cuts and the removal of regulations. But the tax cuts haven’t done much to boost wages, and won’t, in the long run, be very beneficial because 83 percent went to the richest 1 percent, who don’t spend much of it. They already have plenty to spend.
Even worse, the cuts add a lot to the debt, which will require more borrowing and drive interest rates up, which will in turn harm the economy.
Anybody can give a tax cut; Obama could have gotten that done – or maybe he couldn’t have. The GOP controlled Congress, which now boasts about its tax cut, likely would have rejected such a plan by Obama, screaming that it would add to the deficit. But Obama wasn’t about to call for a tax cut, because he was responsible, thinking more of the country’s well-being than of his political fortunes.
Putting in place all of those regulations also was the right thing to do. Obama knew some would be costly, hurting his reputation, but acted out of the best interests of the country and the world, wanting to bequeath a healthier and safer planet to future generations.
But Obama, over the wholesale opposition of the Republicans, nonetheless managed to get the economy rolling with 6 2/3 years of monthly job increases and a big rise in the stock markets. Those accomplishments set in place a cycle that has continued into the Trump presidency, and have been augmented by Trump and Congress’ willingness to sacrifice our environment and our future economy for short-term political gains.
We can only hope the Democratic candidates for Congress will hammer that message ad infinitum in the months leading to the November elections, and that people will vote responsibly, thinking not just about their immediate interests but the long-time future of themselves and the coming generations.