Letter: Giving money to rich doesn’t work

Published 10:50 pm Monday, December 4, 2017

Is history about to repeat itself? Back when George W. Bush was president, he lowered the taxes on the filthy rich. It wasn’t long after that, we had a stock market crash.   Why did this happen? It takes just a little bit of common sense. When they don’t have to pay high taxes on their capital gains, they are going to sell their stock, and when the top 10 percent owns 80 percent of the stock on the market, this is what happens.

Now that the Trump tax that is about to be voted on gives 80 percent of the tax benefits to the top 10 percent or filthy rich, it will happen again. The average Joe or regular person who doesn’t have enough common sense to get their funds out of high risk stocks or high risk 401(k) savings accounts will take a big loss. There were people who lost over 50 percent of their savings in their 401(k)s and stocks from the George W. Bush tax reduction. You know that top 10 percent bought back all their stock after the crash when it was at its lowest offering and are about to drop them again because their value has increased.

Don’t let it happen to you. I said it before and I will say it again. Trickle down economics doesn’t work. Giving welfare money to the filthy rich never gets trickled down to the people who need it the most.  Remember, you heard it first from Wayne Thorson — the most hated person in Albert Lea by those far-right Republicans. I am still bragging. I didn’t vote for Trump.

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Wayne Thorson

Albert Lea