George Will’s opinion piece (“We can fix fiscal crisis, but we won’t,” Aug. 7) blamed “the two principal drivers of federal crisis, Social Security and … Medicare” for deficits and the recent downgrading of America’s credit rating. Conservatives overlook the most obvious way to fix their self-created problem by raising taxes back to the level that existed before the Bush and Trump tax cuts, which benefited the richest Americans. After all, who is the government responsible to — corporations or citizens?
In 1981, conservatives said that tax breaks for corporations would lead to new business investment and jobs, the benefits of which would eventually “trickle down” to everyone else. That never happened. Instead, businesses engaged in stock buybacks inflating their earnings and value per share and hid profits offshore to avoid taxes. Meanwhile, workforce wages stagnated over the last 40 years and benefits such as pensions were eliminated as too costly.
The solution to the deficit is a 21st century New Deal where government replaces corporate bailouts and welfare with advancing the welfare of the entire population, providing programs that give everyone a chance at success, not just those who inherit wealth. The Biden policies are working. Let’s build on them.
