LETTER: Unneeded tax cut to rich leaves nation unprepared for crisis
Mandated business closings, measures aimed at preventing crowds, is causing on-going, widespread lost of absolutely necessary income.
Massive amounts of federal funds must be promptly infused into the private sector to replace this loss — preferably, distributions directly to individual citizens so that they are able to pay for food, housing and other necessities of life. And similarly to businesses, many of whom will otherwise face bankruptcy.
Unfortunately, almost $2 trillion of such funds are not there, as a result of recent tax cuts to the richest of the rich and the large corporations.
At the time, business was quite good and the corporations were awash with cash, so they were positioned to engage in any expansions they desired without the tax reduction. Un-needed, this largess was mostly paid out in bonuses to corporate executives and distributed to stockholders.
And, the wealthy already had much more money than they could possibly spend throughout the rest of eternity. This tax relief greatly increased the national debt. On the other hand, those dollars did have a stimulative effect on the economy — just when it was not needed.
As that invigorative effect has been utilized, it is not available now when it is needed.
An explanation of this beneficence to the monied political-donor-class, on grounds of sound public policy, is not possible.