The repeal and replacement of Obamacare seems to be a bit closer today than in recent months. Of course, no one is sure what it will look like once it gets out of the Senate or whether the bill will resemble anything close to the House version.
But the real victory here—if we can use that word prior to it being passed—is that a significant piece of legislation has moved through at least one body of Congress. Certainly, this has caused even the markets to pause and see what might come of this.
We are also hearing talk about breaking up the banks, reducing Dodd Frank to a mere image of itself, reforming immigration, developing and implementing new strategies for Afghanistan, enacting fair trade agreements, setting fiscal policy such as a real budget, and embarking on an infrastructure plan.
Too Many Distractions
If that isn’t enough, we will soon be talking about averting a potential government shutdown. This, of course, will come after the summer recess.
Recommended
All of this is happening as both sides of the aisle finally come together to display more hypocrisy than one can bear over the firing of FBI director James Comey. Now, add confirmation hearings for a new FBI director, as if we need more distractions that will take our eyes off the target. That is assuming, of course, that the target is (or was) America first and the American economy.
Allow me to continue to be somewhat overdramatic when it comes to the importance of the economy when I say that creating and approving one piece of legislation ASAP means that a myriad of problems will be solved. We will begin to build on the cornerstone of the economy, even in the midst of all these other distractions around us.
However, if Washington continues to be consumed with everything BUT this important aspect of our future, we can expect that this president will experience a whole new set of problems.
Where the Reform?
The question remains: Where’s the TAX REFORM? Back in 1984, elderly character actress Clara Peller became famous for her “Where’s the beef?” ad for Wendy’s. It drew the inescapable conclusion that the only thing that mattered with a good hamburger was the beef—or the lack thereof.
And the only thing that will matter in dealing with all the problems at hand is the foundation underneath it all. This is what will impact the American people and the nation through the legacy of Donald Trump.
If we want a real, sustainable rise in the markets to continue, we must forge ahead with tax reform. If we want jobs to grow, we need tax reform. Real full employment? Tax reform is the answer. Labor participation rates climbing to 21st-century levels will be a result of tax reform. Real growth in wages, increased retail sales, return of the 40-hour workweek and a reduction in the part-time workforce—all tax reform.
Add to the tax reform benefits list a manufacturing revolution, companies expanding, American companies and organizations staying in America, lower poverty rates, lower dependence on food stamps, stabilized and healthy commodity prices, a strengthened Social Security system, stronger Medicare and Medicaid programs, a flourishing legal immigration system, the end of the demonization of profits, no more regulatory burdens that shut down companies, expansion in small businesses and—most important of all—the American people feeling good about going back to work, providing for their families, and having some discretionary income.
Waking up from a Bad Dream
All this will make elitist politicians and the dysfunctional environment in Washington just seem like a bad dream. So, to imitate Clara Peller, I ask again, “Where’s the TAX REFORM—the cornerstone of making America great again?”
Get tax reform done, and Washington will see how difficult wallowing in their cesspool will be. It isn’t hard to imagine, because all around them the middle class will flourish and grow strong and prosper in America—the land of opportunity.