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Wealth inequality is biggest threat to nation

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In reply to the letter on Thursday from Russell A. Scott, and in defense of my previously published letter, I will contend the Trump tax cuts are indeed destructive to our middle class, the Republican economic policies have been terribly destructive to our nation, and Reagan’s economic policies were a fiasco.

The greatest threat to our nation is the existing wealth and income inequality. Since 1980 the middle- and lower-income earners have seen a wealth increase of 60 percent while the wealthy have had increases of 260 percent. A 2014 study by the Harvard Business School declared that the growing disparity between the very wealthy and the lower and middle classes is no longer sustainable. The Trump tax cuts will increase the wealth inequality, and shift more of the tax burden to the lower and middle wage earners.

When Reagan introduced trickle-down economics in 1981 our national debt was $909 billion, today it stands at $20.9 trillion. This entire debt increase is the result of the deficits produced by the trickle-down policies of the Republican leadership. Also, we have we have had four recessions under Republican administrations and zero recessions under Democratic administrations.

President Reagan’s tax cuts reduced revenue from 19.1 percent to 17.6 percent of GDP which produced triple-digit deficits, tripled the national debt and left a $155 billion deficit. Reagan reduced the top tax rate from 70 percent to 50 percent. He then introduced 11 tax increases on the middle class in order to deal with the massive deficits.

I fully expect the Trump tax cuts will be even more destructive to our middle class, and to our nation, than either the Reagan and Bush cuts. Trickle-down economics is destructive, it does not create jobs, it increases deficits, it decreases the purchasing power of the middle class, and has proven wealth does not trickle down. President Bush left an economy in shambles and a $1.412.7 trillion deficit, I fully expect Trump will leave an even bigger mess. Hopefully, our nation can survive this Trump idiocy of tax cuts with an existing $600 billion deficit.

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John Grogan
Roswell

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