Letter: Short-term gains and long-term consequences
To the Editor:
Much has been said about the plus side of our present economy. The present employment rate of 3.6% is at an almost 50-year low. A trend that began back in October of 2009, early into Obama’s first term, when it had reached 10% but lowered upon the end of his second term to 4.7% in January of 2017.
How good is good, however, will only be determined by future events. Sometimes short-term gains can lead to negative long-term consequences. We simply do not know the long-term impact of Mr. Trump’s regulatory and financial policies. Here are the questions that will determine whether our children will benefit or suffer from Mr. Trump’s policies.
1. What will be the impact of the massive deregulation of prior environmental policies? The EPA was created under Nixon after multiple environmental concerns pressed upon the nation. Numerous other environmental concerns soon followed after the creation of the EPA. These concerns have been reduced (air and water pollution, oil spills, acid rain, toxic chemicals, etc.) Regulatory overreach or necessary steps to prevent increasing environmental degradation? Time will tell…
2. What if climate change is real? If so, how great will the cost be of Mr. Trump’s ignoring warnings from the overwhelming majority of the scientific community, and rolling back efforts to contain carbon emissions?
3. What effect will his tax polices be on of income inequality? Presently one percent of the nation own some 40 percent of the wealth while the bottom 90 percent owns about half that amount.
4. What will the effect of the continuing national debt, that has increased by another $2.5 trillion under Mr. Trump, be? Who will be paying, or suffer, in the future?
Only once these questions are answered we will know the true effects of Mr. Trump’s economic policies. May I suggest, if you care about our children’s future, I would refrain from what may end up being premature celebrations?
Stony Hill Road, June 25