Yes folks, it seems to be true. Ron has apparently changed his name to ‘Gaston’

Florida Governor DeSantis recently signed into law a “Parental Rights in Education” bill, dubbed the “Don’t Say Gay” bill by opponents. It was based on highly speculative and obscure ideas; it prohibits classroom instruction on sexual orientation or gender identity in kindergarten through 3rd grade.

In an ironic twist, it was reported that Gaston LeGume, the egotistical misogynist and racist villain from Disney’s Beauty and The Beast, recently assumed the identity of Florida Governor DeSantis.

No longer content merely to be the handsomest most admired man in town and everyone’s favorite guy, Gov. Ron “Gaston” DeSantis now seems to be on a quest to punish his creator – The Walt Disney Company — for gross intransigence.

Last week, DeSantis announced a move to take away Disney’s independent special district, the Reedy Creek Improvement District, created in 1966 as a Florida Special Taxing and Governance District.

Gov. Gaston went on to say, “When Disney denounced Florida’s “Parental Rights in Education” bill, they crossed the line. As a family-friendly business it should understand parents not wanting young children taught about gender identity in public schools.” <Gaston then publicly abdicated any and all personal rights of succession within the Disney Empire.>

The Walt Disney Company responded quickly. “We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country” they said. “It is clear that this is not just an issue about a bill in Florida, but instead yet another challenge to basic human rights.”

Last seen in The Villages, Gov. Gaston DeSantis proclaimed, ‘I am The Governor. Any and all executive orders, proclamations, and rules I proclaim shall have the full force and effect of law. There is no place in a civil and just society for elementary math textbooks which indoctrinate elementary school students with concepts like race essentialism. Furthermore, although the Citizens United decision gives corporations and certain special interest groups the right to unlimited spending on most political issues, it does not give any rights to corporations to create a regional environment virtually free of crime, mosquitos, weeds, trash and potholes which attracts tourists from international destinations.’

DeSantis further stated, ‘It is patently clear that The Disney Company operates in a physical environment which is well above the Florida ‘status quo’, much of that due to The Reedy Creek Improvement District which owns its utilities; administers its planning and zoning; defines its building codes; employs the inspectors; and maintains its own fire department, roadways and highways. It even has the authority to levy taxes.’

Currently, Florida has term limits for some elected officials. The Governor is limited to two 4-year terms.

The Walt Disney Company has served as an important magnet for tourism and economic development in Florida since it opened in 1971, and it has no term limits.

Florida’s tourism industry suffered an estimated 60.5% drop in visitors as the coronavirus pandemic hit hard during the 2nd quarter of 2020, with international travel off more than 90%. Disney World has mostly recovered, trending back to 50 million tourists a year and generating more than 70,000 jobs directly, making it the biggest single-site employer in the U.S. The millions of tourists visiting Disney World not only spend money at the resort but also across the Orlando region and the entire state of Florida.

We can pause and pay our respects to Florida’s elected officials – including the Governor[i] – who lost millions in potential political contributions from Disney when the Company decided to cease making political contributions in Florida. <In fact, ‘pay to play’ is illegal for very good reasons.>

Gov. Ron ‘Gaston’ DeSantis and his cronies have devolved into the Boss Tweed era of Tammany Hall, and it’s time that we stop them in their tracks.

“No one’s slick as Gaston; No one’s quick as Gaston; No one’s neck’s as incredibly thick as Gaston; For there’s no man in town half as manly”….

Ron “Gaston” DeSantis is an uncouth and unprincipled bully who has no place in public office.

[i] Disney Worldwide Services, Inc. made four contributions to the Friends of Ron DeSantis PAC from May 2019 to March 2021 for a total of $106,809.38.

Florida Governor Signs Financial Literacy Bill

Here is a summary of the recent Florida Financial Literacy announcement as I understand it,

‘On March 22, 2022, Florida Gov. Ron DeSantis signed Senate Bill 1054, titled the Dorothy L. Hukill Financial Literacy Act, which will require high school students to take a financial literacy course to receive a standard high school diploma.

The legislation will officially become a graduation requirement for students who enter high school in the 2023-24 school year, and will not affect students currently enrolled in high school.

“Financial literacy is an important life skill for a student to have,” said DeSantis. “Ensuring our students have the skills to manage their finances – and perhaps one day own a business – will pay dividends for our state. I am proud to sign this bill to support the future of Florida’s students and ultimately their families and communities.”

Students will be required to earn one-half credit in personal financial literacy and money management, including instruction on types of bank accounts, credit scores, taxes and managing debt.’

During my career in banking and financial services, I spent over 2 decades seeking solutions to our national intellectual deficit in the area of personal economic and financial literacy.

Much of what I learned relates to relevancy. Young people who grew up in a household where Amscot was the financial provider of choice won’t relate to traditional banks.  And, a young person with no job and no viable prospects for a future career which will generate a reliable income stream isn’t a good candidate for learning about bank accounts, credit scores, etc.

What I found in my practical research was that the very best solution to engaging students – probably beginning at middle school, and certainly at the high school level – involves thoughtful inclusion of economic concepts into the social studies curriculum.

Virtually everything in the history of mankind involves an economic component which can be carefully woven into the history itself.

The feudal system, which flourished in Europe until about 1500, continues to exist in the U.S. and other nations, disguised by new labels and promoted by clever marketing schemes.

Then, there was slavery. The underlying reason for the extraordinary prosperity of plantation owners in the southern U.S. states producing cotton, tobacco, rice, and sugar wasn’t due to their intelligence: it was completely due to slave labor.

Today, we have the overarching issue of student debt. Those who have been educated and informed about ‘opportunity costs’ are (at least) inoculated against the commissioned charlatans who offer promises of obscene salaries for completion of certain certificate or degree programs — with no real supporting facts – “just sign on the dotted line and you will never regret it”.

Today, we have a financial sector (“Wall Street”) which extracts tremendous costs out of each and every financial transaction. For virtually no value-added, an investment bank transaction takes at least 25% off the top, providing immediate (and arguably excessive) financial rewards to certain economic pirates — analysts, associates and managing directors — while adding zero benefit to our overall economy.

The recent ‘Great Recession’ (2007 – 2009) was enabled by a broad contingent of economically illiterate consumers who were duped by an equally inept cohort of financially and economically illiterate brokers. The common theme:  A relatively small group of mathematical practitioners – economic pirates — who created theoretical models which proved to be defective in practice.

The current frenzy centered on Cryptocurrency is likely another economic trap conjured up by economic pirates.  The underground economy has been somewhat stifled by a 1969 decision of the U.S. Treasury to discontinue $500 and $1,000 bills. Can you just imagine an illicit $500,000 cash transaction conducted using $100 bills?  Laundered money, converted into cryptocurrency, is the perfect medium through which to consummate the transaction.  Drugs? Weapons? Real Estate? The sky is the limit.

Best I can tell, nothing in the Florida bill addresses the basic issues which American adults need to be aware of.  A good understanding of fundamental economic principles is the foundation of a comprehensive financial and economic education, and I don’t think those concepts are imbedded anywhere in this Florida legislation.

The Dangerous Intersection of Evangelical Christianity with White Supremacy

White supremacy sometimes manifests as colorism, a persistent issue within India, Latin America, Africa and nearly every community of color. When a mother tells her children not to play out in the sun because their skin will get too dark, she is reinforcing the myth of white supremacy by encouraging proximity to whiteness via lighter skin.

The most dangerous combination seems to occur at the intersection of Fundamental (Evangelical) Christianity and White Supremacism – the belief that Caucasians are superior to all other races.

Fundamental/Evangelical Christianity states that ‘only those who trust in Jesus Christ alone as their Savior receive God’s free gift of eternal salvation’.

White Supremacists adhere to the aberrant beliefs that (a) Whites must have dominance over people of other backgrounds, especially where they may co-exist; and (b) White people are genetically superior to other people.

In a 2019 nationwide survey, 86% of white evangelical Protestants and 70% of both white mainline Protestants and white Catholics said that the “Confederate flag is more a symbol of Southern pride than of racism”; nearly two-thirds of white Christians overall said that killings of African-American men by the police are isolated incidents rather than part of a broader pattern of mistreatment; and more than 60% of white Christians disagreed with the statement that “generations of slavery and discrimination have created conditions that make it difficult for blacks to work their way out of the lower class.”

The Southern Baptist Convention itself was organized prior to the Civil War in Georgia by Southern Baptists who were strongly opposed to the abolition of slavery. It delivered the invocation when Jefferson Davis was inaugurated as President of the Confederacy.

Today, the Southern Baptist Convention has a membership of over 16 Million, and is thought to be the second-largest Christian denomination in the U.S.

When I came of age in the late 1960’s in Buffalo, NY – a true northeast rustbelt city – we really didn’t have time for any of this nonsense, and I naively believed that our nation had progressed beyond the foolish notions of the Confederacy.

Four decades later, Donald Trump and his loyal following of ultra-conservative Evangelical Christian voters truly surprised and shocked me, and many others.

Robert Jones, a graduate of the Southwestern Baptist Theological Seminary, may have said it best when he stated that Trump inspired White Christians, “not despite, but through appeals to white supremacy,” attracting them not because of economics or morality, “but rather that he evoked powerful fears about the loss of White Christian dominance.”

You can deny if you like, but denial doesn’t change reality.

This is the year 2022, and there is no turning back.

We are competing in a 21st Century World Economy, and it is high time for those of us who don’t have time for all of this foolish nonsense to call the bluff of the revisionist Confederate Civil War re-enactors.

Here in the U.S., we need to move on; come together; find common ground; join hands; and work side by side to strengthen our technology and innovation capabilities and return to a leadership role by influencing international economic, scientific, trade, and security institutions.

Alternatively, we could continue to allow petty and insignificant micro-inequities to distract and divide us domestically, which will encourage other nations to move aggressively to assert leadership and shape the direction of global rules and institutions.

A few weeks ago, I shared some thoughts about our current President and his economic credentials.

Donald John Trump was one of 366 student members of the class of 1968 who was awarded a Bachelor of Science degree in Economics from the Wharton School of Finance and Commerce at the University of Pennsylvania.

Other than his bachelor’s degree and some experience working in the family real estate business, there is no evidence that Mr. Trump has pursued additional education, credentials or capabilities in the field of economics.

Trump’s paucity of bona fides in the world of economic theory and practice has not deterred him from taking an active role in testing new economic theories and concepts.

Below, I introduce a new chapter in my observations on Donald Trump’s economic strategy:
…………………….…………………………………………………………………………………………………………………………………..

July 31, 2019 (Wednesday):  Federal Reserve Chairman Powell reluctantly announced a 25bp cut in the federal funds rate, the first rate cut in over a decade (December 2008).  In his announcement, Chairman Powell cited, “implications of global developments for the economic outlook as well as muted inflation pressures”.  The Fed also referenced an apparent global economic slowdown; uncertainty around U.S.-China trade negotiations; and ‘stubbornly low inflation’.

August 1, 2019 (Thursday):  Donald Trump announced (in a series of tweets) that the U.S. would impose a new 10 percent tariff on certain goods from China beginning on September 1, 2019, following the news that trade talks with the China have failed to make sufficient progress.

These new tariffs will apply to the $300 Billion of Chinese goods which had not before faced a tariff. Another $250 Billion of Chinese goods will continue to be tariffed at a 25 percent rate.

This abrupt and unusual move roiled the equity markets, creating a major sell-off.

Since late 2018, the U.S. economy has been showing signs of slowing — bond markets are flaccid; GDP has slowed; new home sales are generally flat; and business investment is anemic, at best.

Virtually every main-stream economist agrees that Trump’s trade war is contributing to the domestic economic malaise, although it’s too early to determine by how much, and if the damage is permanent.

The Fed rate cut on Wednesday was accompanied by a caveat that one purpose was to help create a barrier to prevent Trump’s trade wars from toppling our domestic economy.

Thursday’s surprise announcement by Trump reveals a new, arbitrary, capricious and  unilateral decision by the White House which will result in higher taxes to Americans on imports; and further expand uncertainty for businesses which need significant time to manage their supply chains.

The agricultural sector in the U.S. – farms and ancillary industries, suppliers, manufacturers, etc – are already fighting the unexpected impacts of climate and weather on production.  Then, they were handed a potential death sentence by a White House which is guided not by strategy and planning, but by impetuous and arbitrary policy changes driven by Trump’s narcissistic compulsions.

If Trump’s Trade War battle plans were conceived within a coordinated environment (i.e. in concert with the Fed and the Congress) perhaps we would be able to see a pathway toward successful outcomes.

Trump is consistent in his bravado that he – and he alone – has the vision, wisdom and solutions to create equilibrium in the trade accounts between the U.S. and China.

According to a BBC analysis from May 2019, “Trump’s decision to take on China could lead to adverse effects for consumers in the US and in China, but also worldwide. An economic showdown between the world’s biggest economies doesn’t look good for anyone.”

Article I of the US Constitution vests the power to set tariffs in Congress, thus Congress has the power to stop this President from continuing his arbitrary and impetuous trade war.  The question remains:  Will elected officials in Congress wake up, do their job and use that power, or will they continue to abdicate legislative responsibilities to this President?

Donald John Trump was one of 366 student members of the class of 1968 who was  awarded a Bachelor of Science degree in Economics from the Wharton School of Finance and Commerce at Pennsylvania State University (Penn State).

Other than his bachelor’s degree and some experience working in the family real estate business, there is no evidence that Mr. Trump has pursued additional education, credentials or capabilities in the field of economics.

Trump’s paucity of bona fides in the world of economic theory and practice has not deterred him from taking an active role in testing new economic concepts.

From an economic perspective, the presidency of Donald Trump will likely be remembered primarily for his America First posture, which has influenced immigration, tariff and tax policies.

Immigration:  Trump administration policy decisions focused on immigration have dramatically hurt domestic agriculture, food processing, hospitality, tourism and other low-wage, entry-level service occupations.

Tariffs:  Tariffs imposed on imported goods and materials are nothing more than a tax paid by the end user, in many cases, the American consumer.

Tariffs can be effectively used as a component of a strategic long-term plan to reposition the competitive position of American manufacturers on the world stage.

There is no known evidence that tariffs have ever brought any long-term value-added when arbitrarily and capriciously applied.

Trump administration subjective tariffs on imported steel and aluminum (justified as a means to “protect our country and our workers”) have proven to be a financial burden on several high-wage value-added U.S. industries, including: Automotive; Aerospace; Construction; and Manufacturing.

Tax Cuts:  The signing of the Tax Cuts and Jobs Act in December 2017 was lauded as landmark legislation which would: (a) lower taxes on businesses and individuals; (b) stimulate higher wages and more jobs; and (c) result in a larger and more dynamic economy as a result of dramatically increased domestic business investment in plant and equipment.

Almost two years after the passage of TCJA, it seems clear that some near-term economic stimulation was achieved, but the long-term impact on gross domestic product (GDP) will be modest, if at all. The impact will be smaller on gross national product (GNP) than on GDP because the law generated net capital inflows from abroad that must be repaid in the future.

The expectation touted by elected officials in their frenzy to pass the TCJA envisioned some $4 Trillion being repatriated, generating new and potent investment and jobs in the U.S.

Most recent estimates reflect $3 Trillion (or more) in profits that U.S. companies have left parked overseas, with about $465 Billion in “repatriated” cash returning to the U.S. to enjoy a tax rate of 15.5% (vs. the 35% prior tax rate) on profits returned to the U.S. from overseas.

A good outcome?  Sure, in the short term.  Capital investments? Plant and equipment? Not so much.  There is virtually no evidence that any of the repatriated cash was invested in job creation.  It was invested in executive bonuses; stock buy-backs; debt repayments; and some dividend enhancements.

Please stay tuned, there is more to come…..

President Trump threw a temper tantrum today in the White House Rose Garden, forever preserved in the digital media universe.

Through his actions and words today, President Trump has provided clear and irrefutable evidence that he is unable to separate questions about his personal character from the primary duty of his current and sworn role to “preserve, protect and defend the Constitution of the United States” which I translate as an obligation to provide competent and impartial leadership for the entire population of the United States.

His public pronouncement that, “I don’t do cover ups” is clearly false.

Following that statement, the first image that flashed into my head was recorded for public record on Air Force One (early April, 2018) when President Trump responded to a reporter’s question about the cover-up payment(s) to Stormy Daniels that, ‘I know nothing about that’ further referring any questions to his then-Attorney, Michael Cohen.

Another indelible image again involves Air Force One and the infamous June 2016 Trump Tower meeting between Trump Jr., various Trump campaign people, and a Russian lawyer.  In early July 2017, while flying home from Germany aboard Air Force One, President Trump personally dictated a statement on behalf of Trump Jr. which said that Trump Jr. and the Russian lawyer had “primarily discussed a program about the adoption of Russian children” in June 2016, further stating that the subject of the meeting was “not a campaign issue at the time.”

That meeting has continued to be a constant thorn.  In late July 2018, following public testimony by Michael Cohen, President Donald Trump took to Twitter to respond to some negative press reports, “I did NOT know of the meeting with my son, Don Jr….”

He didn’t know?  Cover up?  I think yes.

The most egregious example of Trump cover ups is his obstinate refusal to allow the public release of bank records, tax returns or any relevant financial records pertaining to his personal and business activities.  We know from public information that Donald Trump and the Trump Organization and/or entities controlled by him:  (a) Declared bankruptcy 6 times; (b) Have been shunned by most traditional banking organizations; (c) Consistently sell condominiums and other developed properties in ‘all-cash’ transactions, often to anonymous entities connected to Russia or former Soviet republics.

I applaud Speaker Pelosi for her insistence on a thorough and methodical process to follow and identify all of the facts. Indeed, no one is above the law, including the President of the United States.

I strongly encourage our elected officials to stay the course and to demand full disclosure and independent comprehensive review of Trump family and Trump Organization financial records.  The American People deserve nothing less.

Trump-en-omics

May 13, 2019

Trump has formally signaled his mastery of global economics and some of the ways he believes U.S. trade policies will help guide the world economy toward optimum performance.

Some have said our president seems to be really out of control, that he must have skipped all of the courses on economics and finance when he was in school (he did go to school, right?).

I believe some further research is in order.

Although Trump continues his infatuation with Twitter where he openly shares classified information with the world, he also has his thumbs on the Tariff Buttons.

Most alarming?  He apparently has the nuclear codes.

Meanwhile, since mid-April, the actions of our president have cost me a significant amount of my accumulated and hard earned savings.  And, it could be worse!  If I was fully invested in traditional equities, it would have been even more painful!

But, enough about me.

The most recent abrupt and unjustified increase of U.S. tariffs on $200 Billion of Chinese goods from 10 percent to 25 percent triggered a response from China which predictably exacerbates continued economic damage to the U.S. agricultural sector, and compounds spillover impacts to related industries.

The Trump Trade War has been extremely harsh on farmers.  Over time, our farmers learned to deal with unpredictable weather; wind storms; disease outbreaks; hordes of locusts; crop loss during storage; and wildly fluctuating prices of both inputs and crops.

It seems clear they never anticipated having a White House which would use them as sacrificial pawns to engage in quixotic battles against imaginary foes.

Longer term and behind the curtain, tariff increases on Chinese imports will drive up domestic prices on a broad array of consumer products, finished goods, and intermediate goods – even some raw materials used in basic manufacturing in the U.S.

The good news:  the effects of these most recent tariff increases probably won’t show up for 90 days, or so.

The bad news:  the costs of the these tariff increases will be fully borne by U.S. consumers, and the effects of tariff increases will result in price increases which will temper domestic economic growth while concurrently sending signals of an increase in core inflation, likely resulting in interest rate increases by the Fed.

And, it just gets worse from there…..

An example of world leadership, released by Donald J. Trump on Sunday, May 5 at 9:08 AM ET:

“For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars….”  “…of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!”

Impulsive? Impetuous? Misinformed? – OR — Calculated? Intentional? Willful?

However you slice it, when the President of the United States threatens — on a Sunday morning in May — to further disrupt world markets through his personal vision of how the world should behave, the predictable short term outcome is a stock market rout.

{One of the reasons it is predictable is that we have witnessed several similar episodes over the 2+ years Trump has occupied the Oval Office.}

Both Market Manipulators and Inside Traders know that when the Stock Market is confronted with unanticipated news, the Stock Market generally reacts with an abrupt and unexpected increase (or decrease) in value. And, Long-sellers (or short-sellers) get enriched (or damaged) as a result of their positions.

If they went long (or short) because of access to confidential information (known as “Insider Trading”) they have committed a white-collar crime that is often prosecuted as a felony, punishable by severe fines and prison terms of up to 20 years.

The Questions:

  1. Has Trump, his family, any of his cabinet members, advisors, their families and colleagues benefited by taking a long (or short) position in advance of one of Donald Trump’s unexpected and abrupt announcements?
  2. Is Trump a willful Market Manipulator?
  3. Are there any foreign (off-shore) entities which have left a trail indicating a prior knowledge of Trump Tweets?

Paul Ryan retired from Congress in January 2019 after 20 years of service culminating in his 3+ years of service as Speaker of the House.

Ryan was the chief cheerleader for the Tax Cuts and Jobs Act, and he left D.C. touting it as the greatest accomplishment of his political career.

Ryan repeatedly exclaimed how this new legislation (TCJA) would unleash unprecedented U.S. economic prosperity, by providing:

  1. Tax relief for middle-income families;
  2. Simplification of the tax code for individuals;
  3. Economic growth; and
  4. Repatriation of $3+ Trillion of profits U.S. companies have parked overseas would generate more investment and jobs in the U.S.

16 months after passage of the TCJA, it should be crystal clear that:

  1. Almost none of the tax cut benefits have reached the low- and middle income Americans who were promised tax relief;
  2. The TCJA legislation is some 1,097 pages itself, and it states very clearly that it is an Amendment to (the existing) Internal Revenue Code of 1986 (not a simplification);
  3. Economic Growth? The jury is still out on this one, but there seems to be no evidence of growth above or beyond the existing growth trend line which began in mid-2009;
  4. American companies have returned some (+/- $500 Billion) of their profits held overseas as a result of the tax holiday which was part of TCJA. Much of that money was used for stock buy-backs and debt reduction.

In fact, 16 months following the passage of the TCJA, U.S. companies are still waiting for final guidance from the Treasury Department on many of the final rules relative to repatriation.

And, despite continued U.S. economic growth and record corporate profits, a record 60 Fortune 500 companies avoided paying any federal income tax in 2018.

Federal tax revenues have declined during a period of economic expansion and our government spending has increased, thus the verifiable result from Paul Ryan’s signature accomplishment – the TCJA — is an increase in our federal deficit, an extra-special gift to our children and grandchildren.

The Treasury Department announced in March 2019 that the deficit for the first four months of the 2019 budget year (which began Oct. 1, 2018) totaled $310.3 Billion, up from a deficit of $175.7 Billion in the same period the year prior.

The Congressional Budget Office is projecting that the annual federal deficit between revenues and expenses will hit $897 Billion in fiscal year 2019, up 15.1 percent from the $779 Billion deficit recorded in FY 2018.

The end result: Our total federal debt will reach $22 Trillion this year – about 105% of GDP.

Why is that important? A comprehensive study by the World Bank examined economic data from 100 developing and developed economies spanning a time period from 1980 to 2008, concluding that a public debt/GDP above 77% begins to create a drag on economic growth.

The World Bank analysis concluded that for each additional percentage point of debt above the 77% threshold costs 0.017 percentage points of annual real growth.

If the World Bank study is correct, we are currently missing about 0.5% of our economic growth potential due to misguided public policy decisions, in addition to the future burden of repaying federal debt which was incurred unnecessarily.

Paul Ryan achieved his personal goal of shepherding record tax reform through Congress resulting in the passage of TCJA.

Although his personal goal was achieved at the expense of American society, Paul Ryan clearly is a winner.  So, please join me in sending a note of thanks and congratulations to Paul Ryan.  He left us a legacy.

Paul Ryan & Tax Cuts

April 16, 2019

Dear Paul Ryan,

In 1998 – at the age of 28 – you were first elected to the House of Representatives to represent the 1st District of Wisconsin.  You were re-elected a number of times, and you served for 20 years in Congress.

After John Boehner announced his intention to resign from the House and the Speakership in 2015, you were selected by your colleagues to become Speaker of the House.

You were involved in some very positive legislative accomplishments during your 20 year tenure as a Congressman representing the 1st District of Wisconsin, and during your tenure as Speaker of the House.

Unfortunately, your legacy will forever be connected to the Tax Cuts and Jobs Act (TCJA) which was passed into law at the end of 2017.

Although the TCJA provided the Trump Administration with an accomplishment relative to their campaign platform, it is a highly flawed piece of legislation which was created on a foundation of fictitious and inaccurate assumptions.

Just 16 months following the passage of TCJA, we can clearly see the adverse impacts.

Business and corporate tax cuts have resulted in: stock buy-backs; excessive executive compensation and bonuses; acquisitions and consolidations resulting in plant closings and layoffs.  All of these have been enabled by tax cuts which have resulted in 60 major corporations paying zero federal income taxes in 2018.

Whereas in times of economic expansion, the great majority of economists advise public sector entities to reduce deficits and aim for balanced budgets, the TCJA does just the opposite.

Some of the loss of tax revenue from business and corporate entities has been replaced by increased federal tax liability on individuals (like me), the majority of the lost tax revenue has been made up through deficit spending.

The annual federal budget deficit is expected to reach $900 Billion in fiscal 2019 and to equalize in the range of $1 Trillion annually for the next decade, up from $779 Billion in 2018.

Mr. Ryan:  over the course of your service in Congress, you achieved national recognition as a conservative policy wonk and as a relentless critical observer of our federal budget. You seemed to be a relentless critic of federal deficits, winning acclaim from centrists for your detailed charts showing the dangers that fiscal shortfalls posed to America’s future.

You slipped out of Washington in January 2018 knowing that you led the American people down a dangerous and dead-end road.

In your defense, we can acknowledge that you reluctantly took on the role of Speaker knowing that it was an impossible responsibility to fulfill.  Despite this, we must hold you fully accountable for failing to disclose to your constituents – and the entire U.S. population – that the TCJA was a sham – a complete flim-flam designed to create a false reality.

Paul Ryan:  Let us hope that your family, your wife, your children – and your neighbors – are willing and able to forgive you for selling out the interests of the people of Wisconsin — as well as the people of the United States – for whatever benefits you personally gained from your treachery toward the end of your tenure in Congress when you became the champion of the fictitious Tax Cuts and Jobs Act.

Mr. Ryan:  Good luck to you, and God bless.