Now comes another report, this time by Jeffrey Sachs, a Columbia University Economics Professor and Public Policy Advisor in an article written for CNN and reported by the Huffington Post. Sachs opined that the wealth gap in the United States is what's battering workers, not China. Sachs comments as follows.
(1) Instead of blaming China for this normal phenomonom of market competition, we should be taxing the soaring corporate profits of our own multinational corporations and using the revenues to help working-class households, rebuild crumbling infrastructure, promote new job skills and invest in cutting-edge science and technology.
(2) The most basic lesson of trade theory is not to stop trade but to share the benefits of economic growth so that the winners who benefit compensate the losers. Yet under American capitalism, which has long strayed from the cooperative spirit of the New Deal era, today's winners flat out reject sharing their winnings.
Sachs also reported the following fall out from the Trump tax cuts. Sixty of American top corporations, including Amazon, Netflix, Chevron and IBM paid $0 in federal taxes in 2018. This backs up a previous commentary by PolitiDose how corporate America does not share their financial success and wealth with their every day workers even though it is their workers who suffer the burden. The republican tax cuts and corporate America's attitude toward its workers has made the wealth gap almost permanent. The American worker did better, and the wealth gap was much smaller when corporations tax rates were in the 90% range.
The Reagan, Bush and Trump tax cuts never brought any foreign jobs back to America to make a difference, and this writer feels sure the American people by now know Trump has not closed any of his foreign manufacturing and brought back to the U.S. like he said his tax cuts would do. Readers of PolitiDose are well aware of the failures of trickle down economics and the lies that go with it. The people can change all that in 2020 if Trump is not impeached before then.
This commentary written by Joe Lorio
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