Issues on the tax cut bill
Here are my issues on the tax bill that 5th District U.S. Rep. Glenn Thompson has voted on.
Issue 1: Rep. Thompson has, in the past, been a HUGE proponent of limiting increases in the federal deficit. Yet the bills that have been passed and waiting on reconciliation are going to increase the deficit by over $1 trillion according to sound estimates. That is $1,000,000,000,000. That is more than $3,000 for each man, woman and child currently in the United States.
Bringing it down to a more local level in Lock Haven, that is an additional debt of $29,500,000 for the current residents of Lock Haven.
Let me stress that again: If you take the residents of Lock Haven and look at the additional debt, you are talking about it comes to $29,500,000.
That does not count Dunnstown or Castanea, only Lock Haven.
Congressional Republicans’ stance is it will be offset by increases in growth and new jobs.
History contradicts that assertion.
Numerous attempts at similar legislation at both the state and federal level have shown that you cannot maintain the deficit with these types of tax cuts. The information on the additional deficit comes from the independent Congressional Budget Office.
Republicans want to say they are wrong but they have used reports from that office as being accurate but now it does not show what they want it to show.
Issue 2: While on the subject of growth and new jobs, where are the employees who will be hired going to come from?
The current federal unemployment rate is 4.7 percent. It appears that most economists put full employment at 4 percent to 5 percent. So, according to most economists, we are at full employment. Where are these employees going to come from? With the current federal unemployment rate at full employment, there are not enough employees to prevent the huge increase in the deficit.
Please call Rep. Thompson’s office, voice your displeasure and request he vote against the tax bill unless they can balance the bill.
The phone number to his Bellefonte office is 814-353-0218; Titusville office, 814-827-3985, or his Washington office at 202-225-5121.