To the Editor:
Americas debt is out of control! Something MUST be done! How did it happen?
The Clinton Administration left us with a balanced budget and lowered debt. Then, three things happened.
First, wars in the Middle East. Neo-Conservatives decided to rebuild Iraq and Afghanistan in the model of American Democracy and we stayed and stayed and stayed. Ooops!
Second, the Affordable Care Act (Obama Care) financed through a nominal monthly premium paid by all people. Everyone who drives has to buy car insurance. Hey, accidents happen. Isnt it the same with our health? 54% of all bankruptcies were due to medical bills. The Supreme Court voted in favor of a Republican led suit to overturn the require premiums, which cut revenues by 50%. The rest of the ACA continued, resulting in a $9 trillion increase in our debt during the Obama Administration. The up-side is, in 2023, 50 million of 335 million Americans were covered under the ACA and expanded Medicaid program.
Third, Trumps tax cut dramatically reduced our taxes without a method to replace the lost revenue. President Trumps tax cut resulted in an over $8 trillion increased debt in four years. Thats $1 trillion every six months. Still, each person earning less than $100,000 a year got about a $2,000 tax break. Not a bad deal, eh? Not so fast! cried the Democrats. 90% of Trumps tax cut went to the wealthiest 10% of Americans! Yeah, right. Well, actually they are.
Let keep in mind, it takes 1,000 piles of $1 million each to make $1 billion. It takes 1,000 of those $1 billion piles to make $1 trillion. WHEW! 103 million of us make under $100,000. 103 million of us times $2,000 is $20 billion for us yearly. $1.8 trillion goes to the top 15% and Corporations yearly.
Lets meet again next week.
C. John McEnelly
Huron
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