It is often said that the definition of insanity is doing the very same thing over and over again and expecting a different outcome. Not only is Donald Trump altogether an unhinged and dangerous narcissist, his "golden spoon", regal upbringing has provided him with a view of the world of "us" versus "them", entitlement for the wealthy (after all, they wouldn't be the upper 1% wealthy but for their superior intellectual power and creativity), and a condescending attitude toward the "other" (the rest of us). Trump's cracked view of reality and psychotic mental state cannot help but to reveal itself on a daily basis. Sometimes it is through his comments during the election dialogue such as his often-stated conspiracy theory-based comments an.d, sometimes, through his loose comments encouraging violence against others. Especially disturbing is Trump's recent comments directed at Hillary. His absurd and alternative reality suggestion that she would appoint Supreme Court Justices that would "abolish the Second Amendment" (which would take a super-majority vote of both Houses of Congress AND the ratification of three quarters of state legislatures) if elected President could not be prevented..... "nothing could be done", he said. He paused and then continued...although ... she could be stopped by the "2nd Amendment people, I don't know." Clearly, this is a lightly veiled suggestion that an assassination of the President of the United states might very well be necessary, should Hillary get elected and be in a position to appoint judges. Although he has tried to "spin" these comments into some political strategy of get-out-the-vote activism, the statement's underlying assumption is that Hillary was elected President. Too late for GOTV. It seems, in the Psycho Trump alternative reality, there is but one alternative left... and it isn't pretty. More and more Republicans are squirming in their seats today....
But, the BIG news of the day was intended to be the new and improved Trump Economic Plan (TEP).
With a group of Economic "advisers" that include many hedge-fund billionaires and, strangely, many named "Steve", the "presidential Trump" read the plan for those who would listen. The stated goal of the TEP is to lift up those who have been left behind by the recovery - the under-served, underemployed, and unemployed working families and middle class folks who, unlike the top 1% of the wealthy class who won big during the current recovery, have not seen their incomes increase or their job opportunities blossom in the same period. Instead, they have seen income inequality skyrocket over the last 7 years to proportions not seen since before the end of the 19th century during the age of industrialists like Carnegie, Rockefeller, Mellon, Gould, and others. I am sure that Trump counts himself in the same class as these mega-rich folks of the past and that explains why his penthouse tower decor is covered in gold leaf. Louis XIV would be proud.
And, who does Trump blame for the current disparity? Why, Bill Clinton, Hillary Clinton, and President Obama, of course. Never-mind that Bill Clinton inherited a failed economy and recession from Supply-sider George Bush I ("it's the economy, stupid"), with massive deficits and that President Obama inherited the worst US recession in history from Supply-sider George Bush II, with massive deficits and 10% unemployment. Bill Clinton IS to blame - for the strongest recovery in decades and the largest job growth on record - some 20,000,000 new net jobs during his Presidency. How did Bill do it? By building from the bottom up, fueled by a tax increase on the wealthy with tax credits and social supports for those of modest means - a "bubble up" model. Bill and Hillary Clinton refused to stand by on the sidelines of history while other Americans struggled, so they went into battle and have the scars to prove it. Were their mistakes made? Of course, but standing idly by was not and option then - and isn't an option now.
And, President Obama, with Congressional Republicans opposing any proposal whatsoever to assist in the rebuilding of the economy and sinking proposals to expand education and opportunity on a broad basis, nevertheless, got down to the business of lifting the economy up. In the end, the unemployment rate was cut in half - from 10% to under 5%, and the deficits significantly reduced as well. Obama has argued that investments in education, research, job training, and in necessary infrastructure projects across America, would lift up working men and women everywhere and set the stage for future economic well-being as well. His call for action fell on deaf ears in the Republican-controlled halls of Congress, With Tea Party banners unfurled, talk-radio bombast on high, and supply-side economics demanding tax cuts for the wealthy (as though they need it), the Obama call to arms fell on deaf ears. This recovery, while a significant reversal of the economic disaster that he inherited from Bush II, was uneven and disproportionately benefited the top income tiers in the US. Calls for a tax increase on excess wealth - corporate or personal - suffered legislative death by a thousand cuts. Looking back over the last 30 years and more, Bush I, Clinton, Bush II, and Obama, each time that the supply-siders were in charge, the economy went into a serious tailspin. The tax-cuts provided to the "job-creators" so that the benefits would "trickle down" to the rest of us and lift all boats, only added to the federal deficits piled up during those periods, especially added to the out-sized expenses of the Gulf Wars, I and II. So, is there any surprise that wealth concentration in the very top 1% and the one-tenth of 1 % grew and earning disparities between the wealthy and the middle and working classes grew into a chasm? So, the stage is set for the TEP - the trump Economic Plan.
The Trump solution to income disparity? Trumponomics, of course. And, once again, massive tax breaks for the top earners, like himself and his family, and massive tax cuts for corporations. This is "trickle-down" and "Supply Side" on steroids. The Trump solution to growing income inequality in the US is to give big tax breaks to... the top 1%! And, just to sweeten the pot a bit, eliminate the current Estate Tax which only impacts individuals who leave more than $5.5 million ti their heirs ($11 million for couples). But, his supporters would say, how about the child care tax credit? Hmmmm..... I do support a child care tax credit, but Trump describes his proposal as a "tax deduction" meaning a deduction from earned income, and not a credit against taxes due. So, here is a question - who costs more, a full-time nanny for the kids or a babysitter? Which families can afford which child care scenario? Who earned enough to pay significant taxes and could benefit more from a tax "deduction" as opposed to a tax "credit"? How much of cost of these tax breaks will "trickle down" to working families or the middle class?
On the corporate side, Trump proposes that all corporations be taxed the same at 15%. The result would be the lowest tax rate of the developed world (global averages for developed countries are currently at around 25-30%). Trump would tout this a a big plus! Well, with legions of economists, Republican and Democrat, and Independents as well, noting that the TEP would increase the federal deficit by $10 trillion over 120 years, while the Clinton Economic Plan (CEP) would result in a balance between expenditures and revenues, how sensible is it really?
Huge deficit increases, tax cuts for the super-wealthy, big relief for millionaires, billionaires, and big corporations. And, this plan would reduce income inequality? What alternative universe does Trump occupy? Isolationism, protectionism, export immigrants, giant increases in the debt, and silence on entitlement reform. Really? As I said in the opening paragraph - the definition of insanity is doing something over and over again and expecting a different outcome. In the recent decades past, under Bush I and Bush II, we have tried supply-side, trickle-down economics twice. Both times, the very same arguments were made - support of the "job creators" and removing their tax burdens that would see them increase wealth and invest it in creating more and more jobs. Well, over the past 7 years, we have increased their wealth alright - by orders of magnitude. And, instead of "investing" in business expansion and creating more jobs, they hoarded their wealth, expanded off-shore in low-wage nations, held their profits in tax havens and refused to pay their fair share of taxes in support of the nation that made them wealthy. That is called raw greed. And, greed should not be rewarded with more benefits and more wealth. The 1% turned out to be the big winners and increased their wealth dramatically over the past decade. Isn't it time that the revenue necessary to fuel and accelerate the recovery and economic expansion, invest in education and infrastructure, and provide tax benefits for the middle class and working families, came from those who have benefited and can afford it most - the wealthy individuals and corporations who have been dodging their tax responsibilities by jumping through every and any loophole that legions of accountants and tax attorneys can craft for their benefit? I think so. Do you? Presidents Clinton and Obama have shown that bubble-up economics - fueling the demand side of the equation - is the key to an expanding opportunity shared by all classes and that trickle-down supply-side benefits only the wealthy and does not lift all boats - just the yachts.
The TEP (Trump Economic Plan) is, by definition, insane. Just what we have come to expect from a Psycho Trump candidacy
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