"Crumbs." That’s what Democrats call the pay hikes, 401(k) increases, and bonuses being given out to millions of working Americans, thanks to the Tax Cuts and Jobs Act. To date, nearly 300 U.S. employers have publicly announced such investments in their workers.
And yet the Democratic establishment remains unamused. Weeks ago, House Minority Leader Nancy Pelosi, D-Calif., infamously referred to $1,000 in extra salary as “crumbs,” only to double down on the term in recent days. She even described Americans’ tax savings as a “little piece of cheese” in a “little mouse trap” (set, presumably, by Republicans).
Former Democratic National Committee Chairwoman Debbie Wasserman Schultz recently echoed Pelosi’s sentiment: “I’m not sure that $1,000 goes very far for almost anyone."
Really? Not only do their comments illustrate a complete disconnect between elitist Democrats and the middle class, but they also fly in the face of economic reality. For many Americans, an extra $1,000 translates to a monthly rent payment, 20 or more refills of the family car's gas tank, or a long-overdue vacation. It may even mean more cash on hand to handle an emergency, or to support an elderly relative or a sick child.
Don’t take my word for it. Working Americans will tell you themselves. As Rick Jensen, an American Airlines employee, recently put it: "One thousand dollars is a massive amount for us. It’s allowing us to take a break from our work and vacation as a family. Student loans, car payments, and day-to-day bills add up. There’s not a lot of extra money every month. My wife and I work as hard as we can to provide, and $1,000 makes an immense difference in how we get to live our lives.”
Luis Kranz, an FBC mortgage employee, put it even more bluntly: “To say that the $1,000 bonuses from companies such as Disney won’t go very far is ridiculous. To the average American, that’s around a three percent bonus or an entire paycheck.
They’re right, and they’re hardly alone. As the president and CEO of Joseph’s Lite Cookies in Florida, I run a family-owned, sugar-free cookie business. We bake more than 12 million sugar-free cookies a day, in addition to supplying other diabetic-friendly products.
I employ numerous workers who stand to directly benefit from the Republican tax overhaul. Why? Because lower rates and increased deductions leave me with more resources to expand business operations and reward hardworking staffers.
Because of the tax bill, I’m purchasing new computer systems and creating new product packaging for international expansion. More importantly, I’m giving raises to four key employees — half of our workforce — which range from just over $3,000 to nearly $4,200. My top employees have earned greater financial security, and the Republican tax package made it a reality for them.
Will Democrats scoff at my workers too?
Because of President Trump’s commitment to lowering rates and increasing deductions, we are now experiencing the largest tax-induced investment revolution ever. Never before have we seen such a frenzy of pay hikes, 401(k) increases, and bonuses due to a single piece of legislation. Democrats scoff at their own peril.
Joseph Semprevivo is the president and CEO of Joseph’s Lite Cookies in Florida. He is an adjunct professor of finance, real estate and insurance at Indian River State College and the author of Madness, Miracles, Millions.
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