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Democrats or Republicans: Who’s Better for Your Wallet?

Who’s better for your wallet, Democrats or Republicans? This is a question that everyone has been trying to answer since the founding of this nation. And every presidential candidate has tried to answer this question by discussing jobs, the economy and taxes. Republicans prefer to have lower taxes because by paying less in taxes, you are literally keeping more money in your wallet. Even though certain services would be more expensive, you would be able to afford it because you have more money. Democrats prefer higher taxes because even though you are paying more, you will inevitably benefit more by paying less or not at all for social services. Join David Grasso as he dives deeper with Nate Lerner, executive director of Build the Wave, and Christian Watson, the host of the Pensive Politics Podcast.

Does raising taxes benefit you in the long term?

Republicans traditionally claim that cutting taxes and regulations is more beneficial. But Lerner says this is very short-sighted thinking and does not pay off in the long run. Without regulating the economy, reckless decisions are made, and this can hurt the nation as in 2008. He states that, in reality, these tax cuts are for corporations and the wealthy instead of the average person. And he also discusses the environmental impact. If the fight to combat global warming isn’t funded by taxes, then the environment that we rely on will ultimately hurt us. It doesn’t help to have money in our pockets if we are all dead. However, putting aside the fact that we need to live, weather conditions play a huge part in the U.S. economy. U.S. agriculture is a huge exported good, and agriculture relies on a healthy environment.

How will these services pay for themselves?

Watson says that Democrats claim that they’ll only tax the rich. But these big programs are impossible to sustain with just wealthy people’s taxes. In reality, everyone would have to pay more, including the average person. Republicans embrace entrepreneurship. By having low taxes, you incentivize progress and entrepreneurship. Americans can use their money to create value. However, by heaping more regulations and taxes onto businesses, you strip away opportunities businesses would have if they didn’t have higher taxes. In addition, wealthy individuals are the job creators in society. By limiting their money, you limit the possible jobs that they offer.

Let us know what you think in the comments!

 

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