Dmgpb

Tax refunds didn’t work out the way Republicans had hoped. All year, Republicans expected the average refund to increase by $1,000, along with hoping that inflation would be down to 2% and gas at a low $2 a gallon. The idea being that the extra-large refund would spur spending and boost the economy, propelling the GOP to midterm victories. Instead, the average refund was only 11% higher, or ~$350. Inflation jumped to 3.3%, the highest level in years, and gas is over $4 a gallon. Not only are there no shopping sprees from tax refund windfalls, but consumer sentiment is at the lowest ever recorded. Even worse, is that taxes have no room to go lower from here. The deficit is rising, and the debt is so large that it costs taxpayers $1 trillion not to reduce the debt, but simply maintain it for another year. And that is before the requested $500 billion increase to the military budget for next year. We can’t cut our way to a surplus, which means the only way to deal with this situation is to raise taxes, but working-class Americans are struggling too much to handle any increase. America has to tax the rich more, and they can thank Republicans for making the situation so dire.

It’s Friday!! 🎉