To the Editor,
As in the words of Dickens, “These are the best of times, these are the worst of times, the spring of hope, the winter of despair.”
People around us and across the country feel they have renewed hope in our nation and economy. Recent stats show:
- Record low unemployment for teenagers, blacks, Asians, women, and overall.
- Rising wages especially for the lowest 2/5ths of earners.
- More jobs available than people looking for work.
Simultaneously, we hear only the top 1% are helped by the president’s economic policies (and those of the Republican-led MN Senate). In a recent letter to this editor, Bill Hein said:
“It’s a Republican pattern, reduce taxes, which gives small benefits to folks but big breaks to wealthier people, and let’s not be concerned with long term consequences such as increased income inequality.”
Firstly, Hein and others state the tax cut only benefits the wealthy. This is inaccurate. Everyone who paid taxes (excluding unemployed and low-income) doubled their standard deductions and child credits as well as paid a lower rate. This showed up as a higher paycheck each week rather than a bigger return in April. The media missed the tax cuts completely and continue to stifle the dynamic results of the Trump economic initiatives.
The boom of job creation and increasing wages are also the results of these cuts. When the government takes less money from business owners and companies they can pay more employees more money. I like to think of this as “the rising tide lifts all boats.” When job creators have more, we all benefit with better wages or benefits or choice of job, etc.
Another gloomy myth frequently claimed is that the stock market surge is only helping the rich. However, most working Americans have a retirement account or 401k. They will find it has increased greatly over the past 3 years.
Lastly, Hein refers to income inequality. A booming economy not only lifts all ships, but it also levels the playing field. Workers have more control over their income and can make more by working harder or smarter or both. When the government unnaturally alters the playing field, we all get pushed down.
Look around, these are the best of times to pursue the American Dream!
Originally published in the Faribault Daily News January 2020