In reply to the letter on Wednesday from Russell A. Scott, I would respectfully state his opinions of the Reagan tax cuts are not supported by any available data.
Massive deficits and tripling of the national debt with two recessions is not an economically successful 8-year administration. Also, due to space limitations, I see no reason to provide sources for any data which should be common knowledge to anyone who reads a single major news source. Your sources are suspect so I will recommend any of the sources from econlib.org/library/sources. I use “The Economic Report to the President” for all nearly all economic data.
Again, the most serious threat to our nation is our increasing income and wealth inequality. The Trump tax cuts will further increase the inequality as well as increase the deficit by $1.5 trillion. From the beginning of our nation until FDR’s banking and minimum wage legislation we had a major economic recession every 10 to 20 years. When the wealth becomes largely concentrated at the top, our economy collapses. With the magnitude of our federal, state, and personal debt we can’t suffer a major recession and survive as the world economic power.
I will concede we do have some very real threats which are possibly equal to our wealth inequality. The Russian interference is the greatest threat to our democracy since WWII. Trump refuses to even acknowledge this seemingly obvious fact.
China is no military threat but they do own some $1.3 trillion of our $20 trillion national debt and could crash our economy by cashing out. This debt is almost entirely the result of Republican trickle-down economic policies and will only worsen with the tax cuts.
I have no issues with the wealthy. I do have issues with the 41 million Americans living in food-insecure households in the wealthiest nation on Earth. If this is the declining morality mentioned as a threat to our nation, I would agree. It is grossly immoral to give tax cuts of which some 80 percent go to the top 1 percent, and at the expense of the most needy of our society.