GOP ignores populist support
Our nation’s inequality in income and wealth has been accelerating for the last 30 years. Meanwhile, our politicians chiefly focus on GDP growth and our large corporations emphasize revenue, earnings and executive compensation growth.
Washington, Trump and his party believe their tax reform proposal is the answer, which currently looks like it will help the rich and elites more than the populists/working class.
During this 30 years, we have experienced an 11 percent increase in wealth for the top 20 percent (our elites) together with a 41 percent decrease for the bottom 80 percent (our populists), who now own just 11 percent of overall wealth.
Most leading economists agree that this continuing degradation of equality and opportunity are unacceptable for a free, democratic society.
Our large, worldwide corporations have increasingly limited wage growth and benefits, and invested more than $500 billion yearly on stock buybacks instead of investing in growth and jobs. Corporate profits and the stock market have set records, all of which favor the rich and elites.
Our populists are right — the deck is stacked. Other nations, and particularly China, are better at controlling societal issues by government action.
Since tax reform only happens every 10 to 20 years, and the current proposal promises to further favor the rich and elites, Trump and the Republicans are ignoring their promises to help our populists. They also haven’t learned how to resolve major political party differences while continuing to favor our large corporations and the rich.
I think our country better learn before it’s too late.
Walt Schymik
Hilton Head Island
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This story was originally published December 12, 2017 at 2:13 PM with the headline "GOP ignores populist support."