President Donald Trump Allegedly Hurts The Working Class
Opinion Based On Facts
Trump seems to be hurting the working class in so many different ways. Let us examine some of them.
He and his party recently passed a tax bill that was a smoke and mirror act by claiming it was a universal tax cut but in reality offered tax cuts for the low and middle class while handing huge tax cuts for the very wealthy and corporations.
Trump and his party have called for cuts to Social Security, Medicare and Medicaid to help cut the huge national deficit that Trump and the Republicans created by awarding huge tax cuts to the very rich class. The Republican Party’s philosophy is to avoid social support programs because that party seems to represent big business which is all about profits. The second reason for cutting back social programs is it would help balance the national budget. The results would be that the working class would thus gets hit by two negative results.
Trump keeps going full forward and then a little backward for proposed tariffs which most economists tend to believe hurts an economy. Tariffs can directly hurt the people who have to buy products in the United States that come from China.
We have already seen that the US farmers have suffered greatly. This is because our farmers ship a huge amount of product to China. The amount of farm products China exports to the U.S. is much smaller, 3.1 billion (1), then what it imports from America, 5.6 billion (1). This means our farmers really depend upon the Chines market to buy their products and I mean in a really big way.
Cutting back those shipments to China due to Trump’s tariffs, means U.S. farmers have less product to sell. Many farmers borrow money to plant their crops. They can suffer quickly if their crops do not sell.
Here are some recent farm business trends (2):
- Net farm income has fallen.
- Working capital has decreased.
- Farm debt has steadily increased.
- Farm bankruptcies are up.
Some of the above farm trends started before Trump came too office but he probably has accelerated the trends since coming into office. Once again, President Trump hurts the working class because he fails to turn around the trends that American farmers currently suffer under.
There is a little truth in trying to reign in China from stealing intellectual property. The better solution is to negotiate with China those issues and find solutions and not quickly institute tariffs. It almost seems that the argument of intellectual property theft is an excuse to institute tariffs.
President Trump, to try to give aid to farmers suffering under his tariff’s. He has proposed giving financial aid of 12 billion (3) which further increases the national debt. “Projections find that the federal government spends about $1,200 per American on interest” toward the national debt per year. The national debt, end of June 2019, stands at $22.023 trillion dollars (4).
How does the rising national debt get resolved? The answer is to raise your taxes (5), another hurt upon the working class. This means, once again, the working class gets hosed but later down the road so you will not be smart enough to remember who did it to you or better yet a Democrat president is in office and will be made to look bad for having to solve this problem for us.
This is just another example of Trump’s smoke and mirrors actions to have the working class person having to pay more to support the rich class and hiding who and how they did it to you.
What is the reason to take away from the working lower and middle class and give to the wealthy? The reason is that our political system has been taken over by the extremely wealthy individuals, families and corporations. Donald Trump appears to supports that effort.
Sources:
2 https://www.cnbc.com/2019/07/10/farm-states-slammed-by-us-china-trade-war-and-immigration-woes.html
3 https://www.pewresearch.org/fact-tank/2019/07/24/facts-about-the-national-debt/
5 https://positivemoney.org/how-money-works/advanced/what-about-the-national-debt/
Posted August 25, 2019