Fred Smith, the founder of FedEx, died over the weekend. A passage from his obituary and 2 charts from today’s papers illustrate the fallacy of Republican Party economics.
From Fred Smith’s obituary:
From Fred Smith’s obituary:
“The Times reported that, thanks to the corporate tax cuts Mr. Trump signed into law, which FedEx had lobbied for, the company’s tax bill plunged to zero, from $1.5 billion. Mr. Smith had said that businesses like FedEx would respond to the windfall …”
“… with major new investments, yet FedEx reduced its capital expenditures and increased its spending on stock buybacks.”
So, FedEx, a corporation that brings in nearly $88 billion in revenue per year and generates nearly $6 billion in profits, pays zero federal corporate tax thanks to Donald Trump and his Republican congressional sycophants.
And rather than using the windfall to enhance its business operations FedEx uses it instead to buyback its own stock, which reduces the number of outstanding shares, increases earnings per share, and makes shareholders richer.
The first chart shows how the national debt has mushroomed as Reagan, Bush, and Trump slashed taxes for the rich. The second chart shows how much of our tax dollars go to pay interest on the national debt rather than to pay for programs that actually do things for the country. 
As big as our military budget is, it’s less than the interest payment on our collective debt that grows exponentially as Republicans continue to advance their wealth transfer to the rich agenda.
When Republicans claim that they’re the party of fiscal responsibility and the party that’s looking out for the working class, there’s a one-word answer that’s factually accurate and totally on-point … bullshit!
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