Is It Really A Good Economy?
- Jacob Kravetz
- Feb 20, 2019
- 2 min read
And for whom?
Okay, Jeff Bezos can afford an 86 billion dollar divorce. (Washington is a community property state).
And it looks like the very wealthy did in fact benefit from the tax cut that was honestly meant only for them and corporations. The latter also did well, getting money due to the lower tax rate only to transfer a huge portion of it to stockholders. And then pay little or no taxes.
Amazon, enjoying record profits, paid zero dollars in taxes last year. As has been noted, folks fork over more for Amazon prime than the company sent to the federal treasury. And what did this struggling start-up earn? $112 billion.
Even a tiny amount barely trickled down to the workers.
Adding insult to injury, many in the middle and working classes are finding that their tax refund for last year is smaller and the additional money in the paycheck was pittance. Paul Ryan had tweeted about a school employee who found an extra $1.50 each payday. In no particular order, that is what the Republicans expected and clearly think it is what workers deserve.
And now comes the frightening report that 7 million Americans are three months behind on their car payments. Which means the vehicles are about to be repossessed.
People often pay for their automobiles first, even before rent and mortgage. Cars are needed to get to work. When many folks lose this mode of transportation, it puts their jobs in jeopardy. Also, sadly, if something terrible unfolds, their vehicle can be a place to sleep.
This statistic is akin to the canary in the coal mine.
Important in this scenario and current economic climate is the subprime lending rate that places an onerous burden on workers on the edge, trying to meet all their obligations. Such lenders are feted and protected by the current administration.
An overwhelming majority of people want a marginal tax increase on the rich and a levy on wealth.
How to make our voices heard.
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