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It’s an old saying: “Doing the same thing over and over expecting a different outcome is the definition of insanity.”
If one looks at the economic situation when George W. Bush took over from Bill Clinton as president in the 2000, the nation was running a surplus.
Soon after taking the reins, Bush and his cronies in Congress pushed through a large tax cut for the wealthy claiming it would help the economy. As everyone should recall, at the end of the Bush term in 2008 we experienced one of the most serious recessions in history with millions of people losing their jobs, their savings and their homes.
Enter President Barack Obama, who managed to push through measures to stop the recession and put the country back on an upward trajectory over the virulent resistance of many in Congress. Obama also shepherded in affordable health care for all.
Enter President Donald Trump, who now has helped his cronies in Congress to offer up another large tax cut for the wealthy and large corporations. But this time, there is no surplus to exploit. This time, they have borrowed money for the tax cuts that future middle- and lower-wage workers will have to pay back.
Does anybody see anything wrong with that theory of insanity? Why does any medium- or low-wage earner support this recurring wrongheaded process? I don’t.