Bruce Giudici
The time for transformative change is now. Our leadership has pushed important decisions to the future for too long - witness the stories Connections ran in 1986 and those we see today. Global warming and the greenhouse effect are now called climate change. The gap between rich and poor has expanded to levels unseen in over a century. The US war machine runs unobstructed, fueled by more money than that spent by all other countries combined. We have been led to this sad circumstance by leaders motivated by short-term greed and narcissism. The election provides us an on-ramp to a new highway. We cannot delay making meaningful change: the need must now be met by action.
There are always voices to move slowly - of course, these are the same voices that brought us to this current crisis. Increasing the minimum wage, for example, will put money into the hands of people who need to spend, which will boost local economies nationwide - the greater the increase in the wage, the bigger the stimulus. If a business needs to increase prices to pay their people a living wage, customers will understand - because chances are, they know someone whose wages went up. As wages increase, tax revenue that is based on those wages will go up as well - income taxes, disability taxes and, most importantly, social security taxes. As a first step in bolstering social security, increasing the minimum wage is important.
To bolster social security further, removing maximum income level on which the 12.6% tax is based (now $142,800) would generate enough income to keep social security solvent forever - while also discouraging exorbitant salaries upon which the employer would be required to match the 6.2% employment tax employees pay.
To further pay for a single payer health care system expanded to all (paying for all medical, dental and vision expenses with no Medicare Plus needed), the Medicare tax (now at 3.9%, split evenly between the employee and employer) can be increased to 5% or more, while costs are brought under control by a Medicare formulary and rate structure more in line with the costs of other developed countries.
To address the yawning gap between the .1% and the rest of us, we can establish a tax of 1% on each stock transaction, a small amount that would both generate billions while discouraging the casino stock transactions that do little to benefit the economy while enriching those who already have so much. The Trump tax cut (all of which was borrowed money) must be reversed, along with adding a new wealth tax to partially compensate for the obscene wealth gap that currently separates the ultra rich from the rest of us.
The needs we have are many and will be mostly endured by young people inheriting many great debts - personal student loans, mounting governmental deficits, infrastructure needs unmet and the environmental hole we have dug for them.
And so, we can make great strides now as never before. In this country today, there is a hunger for change. From the right and left, people are at their wit's end - to the point where they will believe whoever plays into their feeling of grievance that has been unrelieved by either political party.
It will be up to us to let our leaders know we can endure change - and that if they won't help, we can find leaders who will. I encourage you to listen to leaders who rely on facts rather than beliefs. The economics are pretty basic - fuel demand by putting money into people's hands and investment will follow. Vigilance is needed in the coming year - times like these don't last long. Happy end of winter!