American Consequences - August 2020

THE GREAT AMERICAN American to achieve the American Dream, is increasingly being led astray by the siren call of class warfare.

freebies... freebies that ultimately proved too costly. Today, the Venezuelan economy is in an official state of misery. Chavez’s successor has been criticized for creating a criminal regime – one that openly permits drug trafficking in and out of its ports. According to some reports, he may have even siphoned off the Venezuelan Central Bank’s gold, possibly shipping it out of the country’s vaults in the middle of the night. So I say this as someone who is motivated not by party: We must focus on what is best for our economy, for our jobs, and for our markets. Sound economic policy doesn’t need to be political... After all, John F. Kennedy cut taxes. So I say this as someone who is motivated not by party: We must focus on what is best for our economy, for our jobs, and for our markets . Recent chatter on Capitol Hill from both sides has me questioning what is happening to the great American meritocracy that, despite many challenges, still enabled us to become the biggest, most successful economy in the world. It is clear that the party of JFK, a party that once believed in empowering every

Higher taxes on individuals and corporations will spell economic disaster by suppressing incentives to work and grow. Combined with free health care and free college, it’s unclear how our population will support itself in 20 years. Meanwhile, President Donald Trump himself is pushing stimulus checks that will provide jobless Americans with $400 a week. It’s politically helpful and may even boost the economy and markets in the near term... However, there are long-term consequences associated with weekly handouts from the government that should not be forgotten. Both fiscally, in terms of what we can and cannot afford, and culturally. Why go to work if one can earn as much staying at home? A recent survey by the University of Chicago determined that 68% of jobless Americans made more money as a result of federal and state stimulus checks than they did in their previous jobs. If we continue with a weekly $400 or $600 handout for a prolonged period, we may soon embark on a downward socialism spiral similar to the failed stories of Venezuela, Cuba, and other miserable economies. No one wants to say it, so I will: This is the economic outcome that certain lawmakers desire . Some in Washington, D.C. actually want our economy to struggle for their own political positioning.


August 2020

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