5 Reasons Pre – Pandemic Boom Was Built On Smoke & Mirrors. Trillion-Dollar deficit, Denying Climate Change
One of the highlights, consistently, stressed, and emphasized, as a major accomplishment, by President Donald Trump, is what he, referred to, as, The best economy, in history! While, when one, simply, looks at certain statistics, including the record, Dow Jones, level, low unemployment figures, low inflation rate, etc, the numbers, are certainly, impressive! However, because of the so – called, tax reform legislation, largely passed, along party lines, at the end of 2017, was a major factor, in this nation’s pre – pandemic, trillion dollar deficit.
When a trillion dollars, is, thus, pumped – into our economy, doesn’t it make statistics, such as our Gross Domestic Policy (GDP), look far better? A review, a couple of years later, of the major beneficiaries of that legislation, seem to clearly indicate, although the President said, it was, a benefit to the middle – class, were the wealthiest people, and largest corporations. Although, unemployment, was low, the income of most people, and their net, after taxes, did not, significantly improve! With that in mind, this article will attempt to consider, examine, review, and discuss, 5 reasons, why, our so – called, strong economy, was far less, booming, for many.
1. Trillion dollar deficit: When this nation has such a huge deficit, the interest payments, or debt – repayment, for decades, to come, are significant! Prior to this pandemic, all indications were, we would continue having excessive deficits, also!
2. Historically – low – interest rates: The present occupant of the White House, before he was elected, and was a private citizen, often stated, he was a huge believer, and user, of debt! Apparently, he urged the Federal Reserve Bank, to maintain and continue, what many believe, are artificially, low – interest rates. Obviously, when that occurs, more people, jump – into the Stock Market, and, it generally, translates to a robust market!
3. Welfare to the wealthiest individuals, and corporations: Many of the same politicians, who often, complain, about providing a safety net, to the neediest Americans, see nothing wrong, with providing the wealthiest individuals and corporations, with huge financial benefits! While the justification, prior to enactment, was, it would translate to higher, better jobs/ employment, many corporations, merely enriched, themselves, with stock buy – backs, higher dividends, etc, which padded, their bottom – line!
4. Denying Climate Change: Even though, nearly every other nation, and the vast majority of people, have recognized, the danger, and potential adverse ramifications, in terms of the sustainability of the world, and the health of future generations, this President, has denied that. His actions have focused on benefiting industries, such as coal, etc, instead of looking ahead, into cleaner, more sustainable possibilities!
5. Longer – term ramifications of environmental dangers: Ignoring environmental protections, created, to protect us, for decades, Trump has paid little attention, to these, and, his Environmental Protection Administration, has reduced their emphasis, on maintaining, and enhancing, clean air and water. This attitude, and set of actions, endangers the health and safety of future generations!
When the leader of the free world, focuses, more, on shorter – term, economic benefits (to the wealthiest), often, at the expense of common sense leadership, we all lose! Wake up, America, and stop being influenced, merely, by empty promises, rhetoric, and smoke – and- mirrors, and, demand far better, and more responsible/ responsive!
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