Trump’s Plan to Bankrupt America
Trump is gradually revealing his plan to bankrupt America.
- $3 trillion tax cut for the 1% richest Americans.
- The corporate income tax rate is currently 35%. Trump said we’re trying to get it down to anywhere between 15 to 20%. According to Forbes magazine, 90% of corporations currently pay no income tax.
- $1 trillion given to Wall street to rebuild infrastructure.
- $54 billion for the military earmarked for more nukes. Given that the USA spends more than everyone else put together on the military, it seems no increase is called for at this time. For decades the world has been reducing the stockpile of nukes to reduce the danger of accidental firing. Now Trump is trying to restart the arms race, for no advantage to the USA.
- 20% import tax on anything originating outside the USA. Prices on imported goods will rise by 20% to encourage buying American. Just prior to the great depression, the USA instituted similar trade-reducing tariffs. Reducing trade reduces prosperity.
How will all these expenditures be financed?
- Increasing the public debt.
- Cutting programs to the poor, elderly, sick and disabled.
- Increasing taxes on the middle and lower classes.
- Cutting regulation, e.g. climate change, preventing pollution, construction safety, railroad safety, meat inspection, food inspection, aeroplane inspection, the Coast Guard, dam safety, bridge safety, sewer inspections…
- Pretty much anything the federal government does now e.g. schools, universities, air traffic control, search and rescue, courts, marine navigation, farm subsidies…
- Very likely the replacement for Obamacare will be much more expensive for the individual and less expensive for the government.
Why would Trump try to bankrupt his own country?
~ Roedy (1948-02-04 age:69)
- He is in cahoots with Putin. Putin wants a turn being the world superpower. Putin may have photos of Trump performing illegal or embarrassing sexual acts. Trump would happily sell out his country to avoid an assault to his ego. Trump owes Putin for stealing the election. With bankruptcy, Trump is making the USA step down as a superpower.
- Trump has bragged many times that he made the most money from companies he drove into bankruptcy, by stripping them of their assets first. Perhaps he plans to make trillions for himself on the bankruptcy of the USA.
- Perhaps Trump imagines he can screw America’s creditors with a bankruptcy and offering its creditors pennies on the dollar. He should study what happened to Greece and Argentina about just how ruthless creditors can be. Perhaps he plans to threaten nuclear annihilation if they do not accept his deal.