Hollow promises
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Ben Everidge for Thomas
Beware, America…
Protecting democracy is equal to building up the economic security of our citizens. But we must all be careful in this season of hyper-political jockeying to question whether hollow campaign promises on the economy by candidates for the presidency and Congress mean they understand the ramifications of their party’s economic expectations of them if elected in November.
In Florida, for example, Republican incumbent Senator Rick Scott and Democrat challenger Debbie Mucarsel-Powell are competing to see who can be more extreme regarding the economy and their hollow promises if elected in November. More troubling to independents and more responsible Republicans and Democrats is that Rick and Debbie will be expected to toe their party’s radical economic agenda if elected.
Their party expectations situation is repeating itself across the nation.
For context, look at where we are on our current national debt. We are already $35 trillion in debt with Rick and Debbie and their respective party leadership promising trillions of dollars more with their campaign promises seeking advantage with Florida’s voters. How many other states are experiencing similar dynamics?
We also pay $2 billion a day, or $730 billion a year, in interest payments on financing that debt. How will Rick, Debbie, or their parties pay for all this new deficit spending beyond tax increases, tariffs, and Social Security and Medicare cuts either is proposing today that are woefully inadequate for making up the difference?
Look what the Republican and Democrat tickets at the presidential and congressional levels want us to embrace.
The Harris/Mucarsel-Powell/congressional ticket wants to spend more on:
Up to $50,000 in tax deductions to small businesses for startup expenses.
$25,000 in down-payment support and a $10,000 tax credit for first-time homebuyers.
Expansion of an existing tax incentive for building affordable rental housing and creating a $40 billion fund for innovative housing construction.
Expansion of the child tax credit from $2,000 to $3,600.
A new child tax credit of up to $6,000 for middle-class and lower-income families with children in their first year of life.
An increased federal minimum wage.
More generous Affordable Care Act premium subsidies.
Ending federal taxes on tips.
Illegal immigrant subsidies for healthcare, education, food, and housing.
The Trump/Scott/congressional ticket wants to spend more on:
Reducing taxes for big corporations from 21% to 15%.
Making permanent tax cuts for the wealthy.
Ending federal taxes on tips.
More subsidies for gas, oil, and coal production.
Doubling the child tax credit.
The costs associated with mass deportations of illegal immigrants.
No matter how one looks at these two major party platforms on the economy, the middle class is going to take the brunt of the financial abuse, and Generation Z and our Millennials will end up having to manage the resulting debt. That is unfair and irresponsible.
Americans need to have their eyes and ears wide open to the gratuitous promises made by the Republican and Democrat tickets in their states that have little hope of being paid for if Congress adopts them.
Beware, America. We are at the height of the campaign season; anything goes when making unsubstantiated promises.