Regarding the letter, “Will we allow capitalism to work?”: The warm and fuzzy picture painted for us of the good times during the “Roaring Twenties” due to the cutting of taxes by President Harding is not the whole story … in less than a decade this action, along with decreased regulations, culminated in the worst financial collapse the world has ever seen.
For the next 45 years, with great sacrifice, two wars, and a different approach to taxation and the financial institutions, we dug ourselves out of the grip of the Great Depression and created what we have come to call the American dream. Then came the Arab oil embargo, which if being honest, we brought about by our own policies of consumption. If you were sitting on a sand dune and one day wondered why those who needed what you had under that sand were living a far better life than you, wouldn’t you want a bigger piece of the action too? Sound familiar does it?
So along comes the reverent President Reagan and he, too, put us on that same path of less taxation/regulations and added the attacks on labor (read as the American dream) which although taking a bit longer, also culminated in a financial meltdown rivaling the debacle of 1929.
Now the question arises; how, with a tax rate for the wealthy near 80 percent over their first million and a time when labor unions were at their strongest and membership at its highest, were we able to create that American dream in the years after World War II? Our history, not propaganda and rhetoric, clearly shows what happens when our policies favor the few and the balance of resources tip the scales out of whack. How many meltdowns will it take to learn?
Again, it’s easy folks, just ask who benefits!