You should have finished your taxes by now, so it is a good time to look at how the Trump tax cut has affected you. The president and most Republicans keep telling us how great the economy is doing.
If you weren’t working before but got a job this year, congratulations, you have benefited from the tax cut. But if you are still working at the same job, the tax cut might have benefited you just a little, depending on your circumstances. You probably got a little more money in your paycheck. But with the government throwing so much (borrowed) money into the economy, interest rates have gone up. So if you pay more credit card interest, and perhaps more on your mortgage or car interest, then did you really come out ahead?
If you look at the big picture, the economic outlook is bleak. Corporations and the wealthy got the largest tax cuts. More and more wealth is being accumulated by the few at the top. The middle class is struggling. The national deficit is huge. The non-partisan Congressional Budget Office says this level of government borrowing is “unsustainable.”
The rosy projections by the Trump administration, where the expanding economy would pay for the tax cuts, were pure baloney. Yes, we’re living well right now, but we will pay dearly for it later. Just like a family that lives way beyond its means, it will all come crashing down.
Think about this whenever you hear politicians brag about the economy: With our government borrowing money like there’s no tomorrow it is your children and grandchildren who will suffer the consequences.