Posted on 09/18/2020 8:22:38 AM PDT by SeekAndFind
The latest report from the Census Bureau on income and poverty shows that President Trump’s pro-growth economic agenda brought the pre-pandemic economy to soaring new heights. Not only did we see significant decreases in poverty, but median household income rose to a historic high in 2019 before states instituted sweeping lockdowns that put millions of people out of work and on to the government's payroll.
That meant more families with the financial freedom to put their kids through school, pay off the new car, and spring for a memorable vacation. That meant fewer families living paycheck to paycheck. Such incredible economic success is a direct result of the Trump administration’s unique combination of tax cuts and deregulation. If we are to continue our quick recovery from the economic windfall of COVID-19, we will need to continue supporting the Trump administration in its efforts to cut red tape.
One of the Trump administration’s best early successes, the Tax Cuts and Jobs Act, undoubtedly helped create our pre-pandemic prosperity. By cutting taxes on both businesses and individuals, Trump created an economic environment ripe for growth.
More recently, Trump issued a deferment of payroll taxes in response to the economic havoc of COVID-19, choosing to let people keep their money rather than maybe sending them a refund check. This has the added benefit of making it easier for hard-hit businesses to rehire workers and begin to pick up the pieces. We are fortunate that the Trump administration recognizes the power tax cuts have in times of economic strife.
One of the rallying cries of the 2016 Trump campaign was his promise to “drain the swamp” of red tape. To tackle the entrenched regulatory state, one of Trump’s first actions upon inauguration was signing Executive Order 13776,
(Excerpt) Read more at washingtonexaminer.com ...
Trump had better get Operation Back to Normal moving.
Just one example of a problem: the hundreds of restaurants in each city where Dem mayors and governors did lockdowns and now “will not reopen” news stories appear for them. And all their full and part time employees plus the many produce, meat, dairy, bread and rolls, napkins and other suppliers who lost those accounts for good. We all saw trucks behind those places and now all those suppliers can’t make that income.
And can barbers and beauty salons survive after losing all income for months and now having a few customers sitting apart from each other?
Movie theaters? People who used to do the parking for rock or country music concerts and have no savings left now?
One Big Ten football city said they lost $11 million each game day that was lost this season so far——including local souvenir shops,restaurants, gas stations and so on.
Small scale landlords who lost all the rent income from non-paying tenants who went broke or just ran away.
Mall stores and the last bookstores who hoped for a bare survival from Christmas income but now lost months of money.
One thing in common: All will be saying “Where is my government money?”
Perfect recipe for “try socialism like those Scandinavian places” (but would really resemble Venezuela and Cuba.
Full recovery,if it happens at all,will take time...years rather than months.And that’s true even with a master like the President.With a Harris/Biden Administration they’d continue the recovery with a tax increase.
RE: With a Harris/Biden Administration they’d continue the recovery with a tax increase.
Will there be a recovery with tax increase or even the imposition of the green new deal?
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