Election could change economic future for Michiganders
The non-partisan Congressional Budget Office recently released a devastating analysis of the effects of the Republican tax law that [President] Donald Trump and [Congressman] Fred Upton falsely, and repeatedly, claim will be a boon to the American economy.
The CBO report states that as a result of the tax law, projected federal revenues will be greatly reduced over the next ten years. That reduction, along with an increase in federal spending, will cause the federal debt to grow to $29 trillion by 2028, which would be almost 100 percent of our gross domestic product. That would be the highest percentage since 1946, and more than twice the average over the past five decades.
A major part of the projected increase in federal spending is interest payments on the debt, which are expected to grow faster than any other component of the budget. By 2028, interest payments are projected to be triple what they are this year.
The CBO report states that the high and rising federal debt, caused primarily by the Republican tax law, will put the economy and the country at great risk of a financial crisis and will greatly handicap the ability of Congress to cope with such a crisis.
The main beneficiaries of the Republican tax law are the wealthiest elites, the ones who make the largest campaign contributions to Republican lawmakers, including Representative Fred Upton.
Congressional Republicans are already talking about reducing Medicare and Social Security benefits in order to pay for their tax cuts for the rich. Such reductions would be devastating for middle and lower income Americans.
We the people have the power to change our economic future. In November, we need to elect individuals who will put our interests above those of wealthy corporate donors. We can do this by re-electing Debbie Stabenow and Gary Peters to the Senate and electing whichever one of the excellent group of Democratic candidates is nominated in August to replace Fred Upton in the House of Representatives.
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