In fact, the proposed Trump tax cuts will stimulate the economy. If we allow the previous Trump tax cuts to expire, that will ADD $5 TRILLION to the tax bills of Americans. The Harris 28% corporate income tax will tank American firms, forcing us to buy from other nations and push our companies to move to other nations.
“America must not be $35 trillion in debt. The nation must have candidates for president and other federal offices who demand that the national debt be reduced or eliminated.”
Trump has given us his economic/tax plans. Harris has given us her plan to increase taxes—and no plan on spending or policies, like the EV policy, which will increase costs and limit supplies.
NO MORE SILENCE
By Richard Colman, Exclusive to the California Political News and Views, 9/24/24 www.capoliticalnewsandviews.com
America may be destroying itself.
The problem is the national debt, now $35 trillion. In 1981, the national debt was $1 trillion.
Presidential candidates Donald Trump and Kamala Harris have said nothing about the national debt. These two candidates are promising tax cuts or more federal spending (or both).
From 1996 to 2000, America had federal budget surpluses, allowing the nation to pay down the national debt.
The United States since the year 2000 has been spending more money than it has been taking in. To pay its bills, the U.S. has had to borrow money. The borrowing is done by issuing bonds called U.S. Treasuries.
The bonds have to be paid back with interest.
Who is buying these bonds? The answer is American citizens, American corporations, foreigners, and such foreign governments such as Japan and China.
The buyers of bonds make their purchases because these buyers are assured that they will be paid back (with interest).
But what happens if borrowers are not paid back? The American government will have to cut spending, raise taxes, or do both. Another approach is to induce massive inflation so that repayment is made with cheaper dollars.
From 1918 to 1923, Germany experienced hyperinflation. What cost one German mark in 1918 cost four trillion marks in 1923. The victors of World War I, imposed huge bills (called reparations) on Germany. The inflation was caused by Germany’s printing large amount of money to pay the country’s bills. The bills were paid in worthless marks.
The German inflation destroyed people’s savings and other assets. The German middle class was ruined.
In 1933, Adolf Hitler became chancellor (prime minister) of Germany. During Hitler’s reign, Jews in Germany were attacked, put in concentration camps, or killed. So were other opponents of Hitler. Germany went from being a republic to a Nazi (national socialist) dictatorship.
During the Hitler years, Germany, in 1938, annexed Austria and took over the German-speaking region of Czechoslovakia (the Sudetenland).
Also in 1938, Germany had Kristallnacht (the night of broken glass). In Germany and Austria, Jews were killed, synagogues were burned, and Jewish-owned shops were desecrated. Kristallnacht occurred on the night of November 9-10, 1938.
In 1939, World War II began. During the war, Germany attacked Poland, Great Britain, Russia, and other countries.
By 1945, Germany’s Third Reich (as Germany’s government was known) was defeated by American, British, and other militaries.
During the war, six million Jews perished at the hands of Nazi Germany.
American debt may -– or may not –- mean that America will experience what Germany experienced in the 1920’s, 1930’s, and 1940’s.
But American debt is dangerous. If America defaults on its debt, the entire free world will be put in jeopardy. America’s allies in Europe (including Great Britain, France, Germany, and other nations) will no longer have the support and protection of the United States. Also, America’s allies in Asia (including Japan, South Korea, and other nations) will also lose support and protection.
With American default, the entire democratic world could unravel, leading such dictatorial regimes, as exist in China and Russia, to achieve world domination.
America must not be $35 trillion in debt. The nation must have candidates for president and other federal offices who demand that the national debt be reduced or eliminated.
Speak up, candidates Trump and Harris.
Silence about debt is not an option.
