CAL THOMAS COMMENTARY JULY 16, 2020
ARE YOU PAYING ATTENTION TO THE POLITICAL CAMPAIGN FOR THE WHITE HOUSE, THE SENATE AND HOUSE? YOUR FINANCIAL FUTURE AND PROBABLY MUCH MORE DEPEND ON IT.
JOE BIDEN WAS LET OUT OF HIS BASEMENT TUESDAY FOR A SPEECH BEFORE IN AN EMPTY ROOM. HE ANNOUNCED WHAT ALL DEMOCRATS WANT – A MASSIVE TAX INCREASE AND AN EVEN MORE MASSIVE SPENDING PLAN AMOUNTING TO THE GREEN NEW DEAL. IT WOULD REQUIRE SPENDING TRILLIONS MORE DOLLARS WE DON’T HAVE THAT WOULD HAVE TO BE BORROWED.
AS THE WALL STREET JOURNAL NOTES THE CURRENT TAX CUTS EXPIRE IN 2025 AND WILL REVERT TO THE OBAMA ERA RATES WHICH ARE MUCH HIGHER. SOCIAL SECURITY AND CAPITAL GAINS TAXES WOULD ALSO GO UP. REPUBLICANS HAVE TO LOSE JUST THREE SENATE SEATS AND DEMOCRATS TAKE THE WHITE HOUSE AND KEEP THE HOUSE. THE MARGIN IS VERY THIN.
REVENUE HAS NEVER BEEN A PROBLEM FOR GOVERNMENT. IT’S OUT OF CONTROL SPENDING THAT’S THE PROBLEMS. THE BIGGEST PROBLEM OF ALL THE POLITICIANS, WHO MOSTLY FEAR CUTTING SPENDING BECAUSE THEY WILL BE CRITICIZED FOR WANTING TO STARVE CHILDREN AND MAKE GRANDMA HOMELESS. BETTER PAY ATTENTION AND TELL YOUR FRIENDS TO DO SO, TOO. I’M CAL THOMAS.
