The second phase of Biden-omics was announced last week. Just like Roosevelt’s New Deal – which had enormous positive impact for Graham County – so will the infrastructure legislation, which includes billions for clean drinking water, broadband expansion, roads, public schools, and community colleges and workforce housing. All of these projects are needed in Graham County, just like the TVA flood control, Rural Electrification and WPA/CCC projects were during the Great Depression.
Phase 1 of Biden-omics was the COVID Relief legislation. By now, most people in Graham County will have received their $1,400 or more, if they have dependent children. Added to the $600 from the previous administration, this is a lot of money to spend as you see fit. Just remember as you use this much-needed money, that not one Republican voted for Biden’s initial contribution to the betterment of life for our Graham County.
On the subject of infrastructure, everyone regardless of political party seems to agree we need it. How our elected leaders at the county and municipal level work out the priorities if the legislation passes, is the subject of a future column. The real debate in Washington will be how to fund the costs.
Let’s dispel a few myths already being created by the opponents. This is a 10-year program, which means that the $2 trillion-dollar cost will be roughly $200 billion per year. Still a lot of money, but manageable.
Second, the deficit hawks say it will explode our budget which will lead to inflation. This is another myth that simply isn’t true. What causes the deficit we are currently experiencing is the 2017 “tax reform” that benefitted the rich and corporations.
You know when the U.S. Chamber of Commerce wants higher gas taxes and toll increases to pay for roads, that isn’t good for the common person. You know when the 400 richest Americans pay a lower tax rate than the bottom half of wage earners, that isn’t good for the common person. You know when Archer Daniels Midland, Dish Network, FedEx and Nike paid no federal taxes last year on $8 billion in income that isn’t good for the common person.
In fact, these giant corporations got more than $500 million in tax refunds last year. Come on, swamp dwellers in Washington, drain this swamp that makes the rich richer and the common person pay the bill.
The way to pay for these needed programs is with equitable tax reform. Just one equitable change would fund the infrastructure program. It is called a wealth tax – an annual tax of one percent on wealth over $50 million and 2 percent over $1 billion would generate $2.75 trillion over the next 10 years.
Remember, the American Revolution was over “taxation without representation.”
As the debate over Biden-omics Phase 2 begins in Washington, don’t fall for the usual spurious deficit and inflationary fake arguments.
Let your elected representatives know simple stuff, like your kid is failing in school because you don’t have Internet access.
Roger Carlton writes a bi-weekly column for The Graham Star. He can be reached via email, rcarlton57@hotmail.com.