Tax-cutting Trump and Congressional Republicans have proven they are ignorant of words and terms expected of fiscal conservatives. Below are examples that, if ever mentioned, have been whispered behind closed doors.
Debt: America is supposed to be the world’s richest country. Therefore, its federal government should be debt-free and its budgets balanced - or ideally, providing surpluses for an emergency reserve fund. Obviously, it isn’t.
Reaganomics: A fiscal policy that, instead of levying sufficient taxes to fund spending, cuts taxes and funds the resulting budget deficits by borrowing. Reagan’s presidency began with a campaign promise to eliminate budget deficits in three years. When his presidency (1981-88) ended, his Reaganomics had instead exploded the debt to $2.7 trillion and has continued since to increase the debt from $900 billion to today’s $20.5 trillion
Debt Interest: Since Reagan’s 1981 inauguration, the debt’s interest has totaled $11.8 trillion. Despite today’s low interest rates, during fiscal year 2017 the debt’s interest cost $459 billion. And, when interest rates increase to more normal levels the debt’s annual interest cost will exceed $1 trillion. Indeed, if the debt also continues to increase, the annual interest cost will grow into trillions.
Unaffordable: Clearly, today’s Republican tax cuts are unaffordable until Reaganomics is scrapped, budget deficits are eliminated, and the government is well down the path that eliminates the debt and its interest cost.
Under-Taxed: Republicans’ continuous claim that American taxpayers are “over-taxed” is a lie. The Treasury Department’s web site data proves that since 1981, Reaganomics has under-taxed Americans — especially the wealthiest - nearly $20 trillion. Therefore, the wealthiest are the least deserving and needing of tax cuts.
Passing the Buck: I’m living my 90th year and bet that members of my vanishing generation are going to their graves with over-sized smiles. Why? Because they know that the government’s $900 billion debt in 1981 should have been repaid years ago and never allowed to grow to its current monumental size. They also know that 35-year old Reaganomics is surely the biggest fiscal scam ever and, according to realistic economists, unsustainable. Because scams always victimize, Reaganomics’ victims will be the younger/future generations who eventually must restore the government to fiscal sanity – but at great cost and consequences.
Trumpomics: For the past 36 years tax cuts have been unaffordable and instead debt- building. But tax cut promises shamefully buy candidates election votes. Trump and the Republican-controlled Congress have just ignored the soaring debt and its interest cost and, according to Trump, have enacted “the biggest tax cut ever,” although mostly for the wealthiest. Yes, they did it to fulfill their 2016 election vote-buying tax cut promises.
Tax Increases: Clearly, during the 2018 election we must elect only those candidates for Congress seats who promise to quickly pass legislation to repeal and replace Trumpomics — and to prohibit any further tax cuts (and increased Congressional salaries /benefits) until budget deficits have been eliminated and reduction of the debt and its interest cost is well down the path to a debt-free federal government. And,yes, it will require tax increases, especially for the wealthiest.
Fitness World gives back
On Nov. 17, Fitness World hosted a Zumba Live Event and Silent Auction to raise money for the Durham Rescue Mission. Our community of members and business partners stepped up with donated auction items which other members could bid on. We also had a live DJ, with all admission fees going to this worthwhile fundraising event.
Since 1992, Fitness World has held at least one large fundraising event each year to give back to the Durham Community and select National Charities. We have held 5K Events, Group Cycle- A- Thons, Silent Auctions, and many other fun events to raise money for local and national charities. Some past recipients of these fundraising events include The Ronald McDonald House of Durham, Hospice, Leukemia & Lymphoma Society, St. Jude Children’s Research Hospital, and Durham rescue Mission to name a few.
Our community of members really stepped up with some valuable and interesting auction items. We had a variety of items, such as a signed football by former UNC standout and retired NFL running back Willie Parker, hand painted flags, Chicago Cubs memorabilia from Coach Mike Roberts, Physical Therapy sessions donated by ATI through Rob Schneider. It was fun to see all of the Fitness World staff and members coming together to do good for others.
On Dec. 20, we were honored to have Durham Rescue Mission co- founder Dr. Ernie Mills come by to receive the check in the amount of $5,000. Fitness World covered all related expenses so that all of the money donated or raised went directly to the Rescue Mission.
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