The real lesson of COVID-19 has yet to learned

The real lesson of COVID-19 has yet to learned. The ongoing reduction of income taxes on large businesses that began with the Reagan Administration and culminated in the Trump tax cut has perpetuated the illusion that businesses run America. They do not; people spending money do. Money earned buys cars, gasoline, shirts, trousers, skis, lettuce, beer and everything else on store – and Amazon – shelves. The myth that workers should be paid the “market rate” as companies gradually reduced the “market rate” has dumped millions of working Americans into the one-paycheck-away-from-disaster category. Had the minimum wage kept up with inflation, it would be about $20 an hour today. Now far too many Americans cannot live on a fulltime job. That fiscal reality is coming home to roost as the American economy is and will be taking a horrendous beating because now-homeless workers will not be buying goods and services. Worse, their plight will have to be paid with taxpayer moneys – federal, state and local. If we do not solve the problem of everyone and every company paying “it’s fair share,” the economic disaster of the COVID-19 is going to be back with us, again and again and again.

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