Democrats must reject Republican policies since Reagan to use the nation’s debt to increase corporate profits and incomes of the wealthy.
They borrow money to cut their taxes and greatly increase corporate military spending.
They then used their ever-increasing national debt as a pretext to deny adequate funding for public health, education, infrastructure, and enforcement of laws against criminal business practices.
By 2019, U.S. tax revenues were down to 24 percent of GDP, 10 percent below the average of the western industrialized world, due mainly to exceptionally low U.S. corporate tax revenues.
This refutes Republican propaganda that U.S. taxes are excessive and cannot be raised even for economic or pandemic recovery.
This growing U.S. indebtedness also subsidizes low taxes for corporations and the wealthy which directly redistributes income from the middle class to the affluent.
Between 1989 and 2016, an estimated 10 percent of our nation’s total income and wealth were redistributed from the lower 90 percent to the top 10 percent of Americans, according to the Federal Reserve Bank of St. Louis.
This economic war on lower income groups exacerbates poverty, race, gender, regional and other sources of social strife.
Republican lobbyists and CEOs are confident with their media and a few dithering Democrats, they can easily defeat any serious tax increases.
If so, Democrats will have squandered their best opportunity to remedy this economic and fiscal fraud that has taken such a devastating toll on our nation.
We could lose it all in 2022 or 2024.
Malcolm D. McPhee