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Re: Trump's tax reform and the end of California's Gilded Age [Village News letter, 1/11/18]

 

Last updated 1/18/2018 at 4:16pm



Trump’s so-called tax reform bill is nothing more than a multi-billion dollar bonanza for the wealthy elite (aka the 1 percent). It was passed by Republican congress members without a single Democratic vote. This means the Republicans were responding to their constituency, which is now the wealthy elite, not the rank and file GOP party members. And as has been policy, the bonanza will flow into the wealthy elites’ coffers, not to be seen again. Trump has assured us that this will really stimulate the economy.

The Dow Jones Industrial Index once was a fair reflection of America’s economy. Now it reflects only the wealthy elites’ economy, and they are doing extremely well. Record after record market highs are being reached and will continue to do so until the bubble bursts.

Contrary to the opinion expressed in the subject letter, California’s economy is doing well and will continue to do so. If we were a nation, we’d have the world’ sixth largest economy. Despite Trump’s attempts to punish California, Governor Brown’s administration is parrying his attacks quite well.

John H. Terrell

 

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