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Monday, February 24, 2020

Let's call for a Tax Cut Freeze on the Free Lunch Freeloading Republicans!

While Trump cultist celebrate good jobs numbers and higher Wall Street averages, the real story and trajectory of our nations economy is being ignored. As planned, Republicans want to make the message utterly simple, with a couple of mindless bragging points made famous by George W. Bush's tax cuts and now the entire Trump Republican Party. Here's GOP Rep. Robin Vos parroting absolute drivel:



Vos is simply pushing the failed Taxpayer Bill of Rights; use one-time surpluses to permanently ratchet down taxes by the same amount, while NEVER increasing taxes. It's not hard seeing where that takes us. Ask Colorado about it.
Democrats want to eliminate some or all of TABOR’s spending restrictions to enable public spending to keep up with Colorado’s rapid growth. Colorado currently ranks between 40th and 45th nationwide for per-pupil K–12 spending and 48th for higher ed spending. Republicans counter that TABOR provides an effective restraint on Democratic overreach.
Maybe Democrats could call for a tax cut freeze until we study what the real costs are in the future? It's called budgeting?

As I have said before, the greed that infects many baby boomers, with their tax cuts and trickle down scheme, is setting Gen-X and Millennial's up for a fall. See the chart below. This is the jaw-dropping picture that already seems beyond our control:
Using Federal Reserve data to compare how generations fared financially at different points of their life cycles ... What people own: their assets minus their debts; it gives families a safety net during hard economic times and is intertwined with such milestones of adult life as buying a home, starting a business or retiring comfortably.
As the chart above shows, baby boomers — those born between 1946 and 1964 — collectively owned 21 percent of the nation’s wealth by the time their generation hit a median age of 35 in 1990.
Republicans want to stay in the 20th century, telling us to believe this is what you're getting out of life. And if change does occur, like reduced manufacturing, a dominant service economy, and the overwhelming market takeover of the internet, the government shouldn't step in because government only makes things worse. Simple. Lowered expectations sure makes their job easier.

Barring a Trump strong man takeover of the US, some future generation in a growing gig economy, making less money with no benefits, will be forced to spend and increase taxes somehow, or lose it all:
1. It illustrates the size of the financial hole today’s young adults are in relative to their parents. It’s a hole they’ll never truly be able to dig out of: The less money you start out with, the less you’ll make during the rest of your life ... some will instead require their heirs to care for them, putting further strains on the budgets of young households.

2. Some of the generational gap will eventually close as boomers age out of the population and pass their riches on to their heirs

Though the long-term political and economic implications of these shifts remain unclear, at present it seems apparent that these harsh financial realities drive many young Americans’ disgruntlement with the country’s economic system.

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