Last year Congress and the president voted for a massive tax cut that benefitted corporations and the wealthy. Most economists said the cuts would balloon the deficit. Sen. Susan Collins was asked by many Maine voters to break ranks with Donald Trump and oppose this bill. Unfortunately, her yes vote was very influential in this bill becoming law.

Mary Pappenfus, reporter for the Huffington Post reported: “The country’s annual deficit just jumped 41.8 percent in the first quarter of this fiscal year over the same period the previous year. And total debt is now the highest it has ever been in U.S. history, according to Treasury Department figures.”

She included this tweet from the Peterson Foundation in her article: “Interest costs on the #NationalDebt will total $383 billion this year and will become the third largest “program” in the federal budget by 2025.”

Trump insisted the cuts would pay for themselves as the corporate tax windfalls would stimulate business expansion and refill the tax coffers. But a national business survey released last month concluded that cuts had no significant impact on business investment and hiring.

“Eighty-four percent of respondents indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,” said the president of the National Association of Business Economics.

Now, Trump wants to use billions of dollars on a ridiculous wall at the southern border. Maine needs a senator who gets it right.

 

Edward Ferreira and Patty Murray
New Sharon

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