To the Editor:
We read that almost 25 percent of current Republican Congressmen are resigning and not running again, including the Speaker of the House Paul Ryan. He’s bailing in January after he figured out that he maxed out his pension by then.
What do these reps know that we don’t? They passed an enormous tax cut bill that people have now figured out really benefits large corporations and the uber rich. They made that part of the tax bill permanent and anything benefiting the lower classes expires in a few years.
Last week, the Congressional Budget Office says the deficits this tax bill will create will top $1 trillion a year. Granted, Obama’s first few budgets exceeded $1 trillion, but they were set up to keep the country from falling into a depression and stop the 800,000 jobs lost per month. We are told by the Republicans that the economy is great and job growth is healthy. So why the need for the huge deficit? But the Republicans are reading tea leaves about what is going to happen in October.
The federal budget is going to force the government to borrow $1.5 trillion in October to cover the shortfall. They normally get money from the Fed and our neighbors, specifically China. The Fed has shut off the money going to buy government debt and are now raising the interest rates on what it holds making the deficit even worse. Plus we know that China is a little ticked off at us. So where is the money going to come from? Can you say inflation? Plus, to add insult to injury, the Republicans just put out a balanced budget amendment bill which failed. Why, after you just blew up the budget.
So that might be the reason they are bailing off the ship. The Democrats, after November elections, will have the responsibility of trying to make sense out of this disaster and the Republicans can stay on the sidelines and harp about the huge debt we are carrying. Pretty tricky for fiscal conservatives.