Letter: A refresher course on American economics


YOUR VIEW

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” — Dresden James

Americans have been misled about economics. Collectively, we have flawed understandings about the national debt, taxation and spending and other economic concepts. Recently, Republicans in Congress passed tax reform legislation, and the president signed it. They passed it even though numerous analyses revealed that it would benefit large corporations and the extremely wealthy while negatively impacting most Americans. Republicans use “trickle down” rhetoric and claim that these tax cuts for the wealthy and corporations will lead to economic growth.

AT&T and other companies announced bonuses and raises after the bill was passed. AT&T also announced job layoffs. The bonus and raise announcements support the lies; the layoffs tell us the truth.

Here is a thought experiment for you. You own a restaurant. Fewer people have been dining out because they have less money. Each day, you have three cooks and other staff standing around without much to do. What size tax break do you need from the government in order to hire more cooks and other staff so that they can also stand around, not working?

I hope you get the idea. Businesses run on sales. Sales are driven by customers with money, not tax cuts for corporations and the extremely wealthy. AT&T’s tax cuts did not trickle down to the employees who are going to get pink slips.

Who else supports and spreads the well packaged lies? Fourth Congressional District Congressman Jim Jordan and Sen. Rob Portman.

Bruce Patrick

Lima

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