36 Trillion Reasons To Despise The GOP
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The Republican Party in the United States has led the way when it comes to drastically lowering the tax rates on the richest Americans. It has come down from some 90% after WW2 to be around the 30 to 40% rate in the current era. Thus, the National Debt of $36 trillion has to be directly impacted by falling tax revenues over decades contributing to the need to borrow to fund government. 36 trillion reasons to despise the GOP and its fundamental role in the economic debt crisis of the US. How can any American justify this huge decrease in taxing the rich at the expense of the country? Republicans have simultaneously been in the vanguard of consistently increasing defence spending over these same decades.
“The top individual marginal income tax rate tended to increase over time through the early 1960s, with some additional bumps during war years. The top income tax rate reached above 90% from 1944 through 1963, peaking in 1944, when top taxpayers paid an income tax rate of 94% on their taxable income. Starting in 1964, a period of income tax rate decline began, ending in 1987. From 1987 to the present, the top income tax rate has been fluctuating in the 30% – 40% range. “
GOP Governments & The $36 Trillion National Debt
Donald Trump in his first administration increased the debt by over $8 trillion, whilst Biden increased it by over $4 trillion. There is a pattern here for all to see but many Americans seem unable to add up when it comes to their political affiliations. The US population appears deaf, dumb and blind when it comes to the most basic reading of the economic facts. Their beliefs and attitudes are so coloured by prejudices that no amount of balance sheet facts achieve cognition. They want to sheet home the blame for their own financial woes to a bunch of people who have far less responsibility than the Republicans. The blame game bears no resemblance to the actual fiscal realities.
“Investors might have hoped the turmoil that hit financial markets last month was over. But another bout of volatility in US borrowing costs is a sign that worries continue to bubble. The interest rate on the US government’s long-term debt surpassed the 5% on Monday, before retreating slightly. That was the highest level since October 2023. It came after Moody’s downgraded the US government’s credit rating on Friday, citing the rising debt over the past decade. Congress is meanwhile advancing a tax-and-spending bill that would add trillions to the US government’s $36tn in debt.”
Trump Voters & Republicans Complicit In Debt Crisis
Republicans and all those Americans who voted for Donald Trump are complicit in the ever increasing debt problem. They have not only elected a crook to the highest office in the land but a political party that consistently looks after rich people at the expense of poorer folk. It is head scratching stuff. How can a people be so hoodwinked and plain stupid for so long? The rest of the world knows what Trump is and it aint a saint or man of the people. They say that the easiest person to scam is a scammer. Americans lost contact with their own integrity so long ago that they are easy meat for grifters and the big con. There are 36 trillion reasons to despise the GOP.
https://fred.stlouisfed.org/series/GFDEBTN
“The true story behind the Trump tariffs will blow your mind. You may or may not know that the key economic advisor behind the tariffs is one Peter Navarro. Donald Trump originally came across Navarro thanks to son in law Jared Kushner. Apparently, he did an Amazon search for books on economics and found one with the catchy title – The Coming China Wars by Peter Navarro. In that book Navarro references repeatedly an economist named Ron Varo to bolster his economic theories about the effectiveness of tariffs. It turns out that Ron Varo does not actually exist and is an anagram of Navarro’s own name. The dishonesty of these right wing extremists around Donald Trump is gobsmacking.”
Robert Sudha Hamilton is the author of America Matters: Pre-apocalyptic Posts & Essays in the Shadow of Trump.
©MidasWord
