Polls conducted before the last election showed that most of the public believed that the Republican Party was managing the economy better. That’s not my opinion after reading “Letters from an American,” the daily journal of American history professor Heather Cox Richardson, who has taught at Boston College, MIT, and the University of Massachusetts Amherst.
Jobs: Richardson reported that since Joe Biden took office, America has added 10 million jobs, nearly 700,000 in manufacturing. And companies continue to invest in new areas such as chip manufacturing and electric car batteries.
Unemployment. Under Democrats, that figure dropped to 3.7%, and under Donald Trump, it reached an all-time high of 14.70.
Infrastructures. Across America, roads, airports, bridges, and harbors are being rebuilt.
The deficit. despite Democrats’ spending on investing in America, the federal deficit fell by $1.4 trillion this year, the largest drop ever. In contrast, the deficit grew every year of Trump’s presidency. Republicans added $400 billion to the deficit by cutting taxes on the wealthy and corporations by $2 trillion. In fact, Republican presidents since Ronald Reagan have blown up deficits while Democrats have lowered them. Reagan increased the deficit from 70 billion dollars to 175 billion dollars, George Bush increased it to 300 billion dollars. Bill Clinton then reduced the deficit to zero, but George W. Bush brought it back to $1.2 trillion. Barack Obama cut it to $600 billion. Trump’s tax cuts boosted it by nearly $7.8 trillion, even before the costs of the pandemic made it even higher.
Taxes. Under the Republican plan in Congress, they would repeal provisions of Biden’s Inflation Reduction Act that require large profitable corporations to pay taxes and prevent wealthy people and corporations from cheating on their taxes. This is expected to add up to $3 trillion in tax cuts for the wealthy, so Americans making more than $4 million a year would get an average tax cut of more than $110,000 a year.
Medical care. The GOP plan is designed to repeal Medicare’s ability to negotiate drug prices (made possible by Biden’s Inflation Relief Act) and cut Medicare and Social Security. They would eliminate the $2,000 cap on drug expenses by repealing the Affordable Care Act’s premium IRA improvements, which would raise health insurance premiums by an average of $800 for 13 million people starting next year, leaving about 3 million more uninsured.
Climate change. They also plan to eliminate tax credits that would save Americans thousands of dollars if they buy an electric car, retrofit their homes, install high-efficiency heating and cooling systems, install rooftop solar or make other energy-saving investments. usage.
Even if you put aside the turmoil caused by election deniers, the radical shift in GOP policy, the racist and hateful rhetoric, the rebellion on Capitol Hill, the criminal charges against the former president and his businesses, which party is better for America?