This is information I got from an article written by Don Lee for the LA Times. It is rather long, but it had salient points we all need to recognize, so I paraphrase for your edification, with added commentary of my own thrown in for good measure!
The tax bill’s passage could turn out to be too much of a good thing, economic analysts warn! No expansion lasts forever. The current surge is 8½ years old. By spring, it will be the second longest expansion in American history. Ok, (my words), the one thing here I would like to point out, a point I have made before, the surge in the economy is 8 ½ years old. So who was President during at least 7 ½ years of the economic surge, oh yeah, that guy some of you claim was worthless! But I digress. (You can probably tell which parts I gleaned from the article and which parts came from my little pea brain without me having to tell you!)
“Simply stated, we are adding substantial stimulus to an economy already operating near full capacity,“ Northern Trust economists Carl Tannenbaum and Ryan Boyle said in a research note Tuesday evening, shortly before the Senate approved the tax bill 51 to 48, strictly along party lines. (Again, who made that happen?) Almost all analysts agree that this tax bill will be a disaster for America over time. The poor timing of these tax cuts, which are financed largely by increasing the federal deficit, washes out most of the benefits!
Now, (my words), this paragraph is important, pay attention to what is said here. I have often written that most of the things Trump takes credit for with his bluster and lies are actually the result of the Obama legacy. (Yep, that same worthless guy again!) Here is the import: Most of what makes the current economy so strong is a matter of inheritance. Aside from recoveries in Europe, Japan and even Russia and Brazil, the U.S. is benefiting from the result of decisions made years ago about how to get the country out of the 2008 financial crash — the worst economic crisis since the Great Depression. (Yep, that other guy again!)
Most experts say that quick government action in late 2008 and early 2009 staved off immediate disaster and saved major industries and tens of thousands of jobs. Creative but careful monetary policy in the following years led to a slow but steady recovery. The results of those efforts would have been inherited by any president, Republican or Democrat!
So in conclusion, (my words), Trump has done nothing for the economy up to this point, he inherited a ready-made set of conditions that improved the economy without input from him, other than bragging and lying about it, that is! His tax plan will give you and me some small tax relief, for about a year, then it starts falling apart. Middle and lower incomes will lose their tax breaks as they are designed to be there only for a limited time, just enough to try and make you feel good around mid-terms, and then you are going to have to pay through the nose for years to come. Do not be fooled, you cannot blow up the deficit and debt by numbers that are spelled with the word “trillions” and not have to pay for it. The 1% and big corporations tax breaks are written as permanent, but as I said, yours were not! They are but fleeting, so be aware who you vote for! This economy cannot last under the current leadership and even if by a miracle it does it will not benefit you, because you, my dear friends, will be paying for the elite to get even more of what they already have while you can eat cake! If you can afford it!
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