Dr. Glenn Mollette
Most Americans could use an extra $5,000. President Trump is dangling that amount to Americans if Republicans maintain control of the House and Senate. The estimated cost of such a payout would be over $1 trillion. Our President is calling it a dividend.
I voted for our President twice. I would vote for him again, but this is a terrible idea. He has to know it’s a terrible idea but I am sure he thinks another trillion dollars in debt is the lesser of two evils. The other evil would be if the Democrats regain control of either the House or the Senate and especially both, they would immediately impeach President Trump.
Illegal immigrants would flood into our country and who knows how the Iran war would end. I can’t blame him for doing whatever it takes to hold on, but this is too much.
Our nation is already in danger of financial collapse. Are we going to file bankruptcy or just print more. Who will suffer? We all will suffer. Social Security recipients will be the first to feel the impact. We are already in danger of having our funds reduced by 2034. This could come sooner due to our crippling debt. There will be no let up on student loans.
Young adults are crippled for life by college debt that many spend most of their lives repaying. These interest rates vary from 6.52% to 9.07% depending on if you are an undergraduate, graduate or parent. There will not be any tax cuts. A $40 trillion debt will only result in the need for more taxes and not less.
You will owe tax on the $5,000 and it might put you into another tax bracket which will make your tax burden greater. The more you owe the government in April could end up erasing the $5,000 dividend.
Joe Biden did a stupid thing when he sent out $1,400 to most Americans as part of the American Rescue Plan, which cost $414 billion, only a part of a $1.9 trillion Covid-19 relief bill. Biden sent out billions to businesses and colleges that they didn’t have to pay back. That’s in the past but the debt is very present.
Promising all of us a $5,000 dividend is dangling a carrot in front of the eyes of millions of Americans who are financially struggling. That money would buy some groceries or maybe payoff a credit card or a car. Most Americans are not in the position to turn down such an offer. Is buying votes illegal? Every politician makes promises of big returns if elected.
If such an event takes place it won’t be until after the first of the year, and only if the Republicans win. Time will tell. Promises have been made by politicians before that did not come to fruition.
All the while, gasoline is outrageous, groceries are sky high and the rising cost of the war in Iran is over $30 billion while some estimate the cost to be nearing $50 billion. Who will pay this $40 trillion debt? You, your children, your grandchildren and so on.