Covid-19 Relief Bill is fiscally liberal and socially liberal legislation. There is no doubt about it. Yet, 60% or higher of Americans support it. 35% of Republican citizens polled support it. Yet, not one Republican politician voted for it. What you are witnessing is something that has not occurred since the New Deal. In the United States between 1933 and 1939, President Franklin D. Roosevelt instituted a series of programs, public work projects, financial reforms, and regulations. Like now, it was at a moment of crisis in the United States.
Yet, not one Republican politician voted for it. In fact, they have retreated to and fortified their position with Donald Trump, a twice impeached former President. This is inconsequential but only amplifies the reaction to the Democratic response to our country’s pain. On a personal note, I had just returned from the Dominican Republic on a mission trip with my church when Covid broke out. Now a year later, my family has suffered much through these twelve months. My suffering is also inconsequential to the big picture.
As you may recall, one of the only pieces of legislation Trump did pass was to give the most wealthy citizens and corporations of the United States incredible tax breaks. At the time, it was said that this Trickle Down Economics would allow these wealthy people to spend money like never before. It would create wealth, jobs, commerce for everyone. It was claimed that the result to the average US citizen would be an increase in wages from $4,000 to $6,000 per year.
Now, four years later, we see almost the opposite. The rich got richer. Think about these facts from a non-partisan perspective.
• Corporations spent 154 times as much on stock buybacks as they spent on workers’ bonuses and salaries.
• Most of the publicized and celebrated $1,000 one time bonuses touted in the Trump tax cut ended up in a skeezing K401 scheme or in severance packages as people were laid off.
• The richest 1% own 40% of all stock; the wealthiest 10% own 84% of all stock.
• Foreign companies took over $650 billion out of the US Economy back to their own countries.
• The Federal Deficit skyrocketed to an all-time high.
What Covid-19 Relief Bill promises is Trickle UP Economics. It is providing almost no relief to corporations or wealthy people. It is putting all the money back in the hands of the neediest in society. What will happen? What if these people spend their money on desperately needed food, shelter, and clothing? What if these people spend their money on school supplies and their children? What if these people spend their money on paying off their debt and back rent?
Could Trickle UP Economics result in something very different. Money in the community that bubbles up from their own purses to their local communities. Oh MY GOD!!! That would be terrible. They could actually create their own retail environment. They might help each other, rather than going to Walmart. Oh My God!!! This cannot happen. Jeff Bezos needs another $100 billion. The KOCH brothers don’t want local farmers to start making their own livestock feed and agricultural fertilizer. Oh My God!!! Small and local organic farmers might take our place. Verizon and Comcast don’t want you to stop watching $300 per month cable television. Oh My God!!! People might quit watching television. Trickle UP is the Devil!