Market’s ‘growing bubble of false hope’

I’m looking at the tax overhaul bill, and this is what I see:

This overhaul is based on a numerical hope and a fantasy of 3 percent growth or more per year for 10 years.

This smokescreen is presented to us as a reality at a time when the market is in the middle of a growing bubble of false value. When this bubble breaks, it will once more throw the nation into a financial crisis.

The result of this broken bubble will be negative growth for a considerable amount of time, adding one and a half trillion dollars to the deficit, forcing the government to borrow more from China, thereby creating even more debt.

This is all to be paid for through investments spurred by unstructured and unregulated tax cuts, the same type of tax cuts that have failed to stimulate growth and jobs since their inception in 1981 by the Reagan administration.

When government gives this type of tax cuts to the filthy rich and greedy corporations, it uses them to line their own pockets or that of their stockholders.

Nothing is given back to the nation to help the people, and these tax cuts have never been used to create longterm jobs.

They have been created by the greedy for the greedy, all of whom are laughing at the rest of us as they hop and trot to their off shore tax free accounts.

Louis Mollica

Hollidaysburg

COMMENTS