President Biden's Stimulus Bill vs. President Trump's Tax Cuts - Direct Comparison

 

Photo: WCNC

Tax cuts favor the rich.  No doubt about that.  Although, my family member is hell-bent on pushing the narrative that tax cuts promote employment.  If only that were true.  A large portion of tax cuts for businesses ends up in shareholders' pockets.  I am open to a discussion regarding this - leave a comment in the section below.

With that as a backdrop, Senate Republicans are up in arms about the cost of President Biden's COVID-19 relief bill (stimulus package).  Every politician should express opinions (even skepticism) when the government purse is open.  Although, in the event of a pandemic, the conditions change when the fate of society is at cost.  There is no reason to save if there is no society in which to benefit from savings.

In the video below, an interview by Morning Joe's Joe Scarborough with Steve Rattner gives the public further analysis of the direct comparison of President Biden's stimulus bill and President Trump's tax cuts:

I am not suggesting a spending frenzy without limits.  But I am suggesting that the amount in question be considered against the backdrop of President Trump's 36% increase in the Federal Deficit over 4 years.  

Yes -- folks.  A whopping $8 Trillion was added by President Trump (36% increase) to the Federal Deficit - allowed by the Republicans in both chambers of Congress.  OH, how they were quiet when those tax cuts were being delved out.  Now they howl at spending which could save people from suffering large economic consequences from unmanageable debt.

There are two slides that need to be showcased below and discussed further:

Looking at the first graph, notice the dashed line decreasing by around 30%.  That decrease is in the percent of poverty associated with the American Rescue Plan - i.e., Biden Covid-19 Relief Plan.  Notice that prior to the decrease, there is an initial increase in poverty.  That increase in poverty was associated with Trump's tax cuts.

President Trump's tax cuts amounted to an increase in poverty among Americans while President Biden's plan lowers poverty in America.  What plan has support from Americans?