Letters to the Editor: Wealth disparity
President Obama is scheduled to present the state of the union address, and reportedly will discuss raising taxes on the wealthy. Why target the wealthy? Aren't their taxes too high already? They constantly say they are. Apparently they weren't t...
President Obama is scheduled to present the state of the union address, and reportedly will discuss raising taxes on the wealthy.
Why target the wealthy? Aren't their taxes too high already? They constantly say they are.
Apparently they weren't too high to prevent them becoming wealthy.
Many different ways are being used to illustrate the tremendous disparities we have in wealth and privilege in the United States. The one that first stuck with me was that just 7 percent of our people own 80 percent of our entire wealth.
We're told, by the wealthy, that hard work will reward us. To an extent, that's true. If we're working at a good, living wage job, and work overtime or a second job, we'll certainly earn more.
However, we'll never become "wealthy." No one can do enough work.
The only way to become wealthy is to "profit." Profit is the extra money you obtain, over and above what your own work is worth.
The only way to generate this extra wealth is through work: the work and efforts of others. For example, if you employ 1,000 people, and underpay each of them by just $1/hour, in a year you'll have amassed an extra $2.08 million ($2,080,000).
There are a thousand, more subtle schemes, accomplishing this. Mitt Romney's history is just one example.
"Wealth" in a material sense only comes through work. One person can only do so much work. To go beyond that, you must take advantage of the work of others. Or steal.
Flag lapel pins don't create a "democracy," but wealth disparity can and will destroy one.
It's a repetition, although disguised, of the disparity, inequality and injustice of our old European feudal system of kings and peasants.
It's what George H.W. Bush meant when he proclaimed a "New World Order."