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"Senator, this year we're voting our pocket book."

I remember a Miami Firefighter named John Rosier telling me during a campaign of mine for the Legislature in the 70's, "Senator, this year, we're voting with our pocket book." That message stuck with me and I think could very well determine many campaigns this year. Essentially it was the same message advanced by President Bill Clinton when he upset a sitting President, George P. Bush in 1992, "It's the economy, stupid."

So traditional political logic says that the Trump Tax Cut, squeezed through at the end of last year by the smallest of margins, should be a big boon for the GOP, right? From the elections held since the enactment of the tax cut, it looks like the issue is cutting against the tax cut, with vehement protests against the ballooning deficit,now over $1 Trillion. It is almost unheard of that the Republicans, supposedly the conservatives, would be the party responsible for enacting such a staggering bill for us, with our children, and grandchildren (and so on) to pay off. A recent Wall Street Journal/NBC Poll said only 27 % of the respondents thought the Tax Cut was a good idea. Fully 36% said it was a bad idea.

But the worst part of the new Tax Law may not be on the deficits, but on the spending side. Reportedly, the major beneficiaries are Corporations. Rather than pass the new money down to the employees, the lion share is going to the stockholders in stock buybacks. I am sure it can be argued that there is a small trickle down effect with the buy backs, but with the tax deadline passing, public polls say most Americans didn't notice anything in their paychecks from the government.

Add to that is the lack of growth in the stock market. Admittedly, it has risen dramatically since Trump's election, but almost every day is a new crisis that seems to have taken the upward bounce out of the market.

But both parties better start thinking about Firefighter Rosier's advice so many years ago.


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