We thank our resident political wise man, Ol’ Bill, for letting us reprint these words of truth about our nation’s biggest ‘disgrace.’ This piece originally appeared in slightly different form in The Arizona Republic.
THE DEVASTATING TRUTH ABOUT ABSURD INEQUITIES
Opposing political partisans initially pinned the cause of recession on one party, then another, first on public overspending, then, properly, on lack of public investment in job and wealth producing assets. Significant popular opinion long since seemed to assume that those born poor stay poorer while the rich get richer as the natural order of things.
Billions of tax dollars are spent trying to soften the economic shock of recession. But observers have noted the disproportionate share of new wealth that was generated growing from recession has ended up in the pockets of the richest one or two percent of the population. Few editorial writers or politicos or voters have asked why.
A brilliant statistical analysis by tax lawyer Bob Lord (AZ Republic Nov. 30) identified the reason that recession has dragged on for decades, and projected the ultimate catastrophe. Titled “Absurd Inequity Is Threatening U.S.” Mr. Lord concludes what should be obvious to every voter, editorial writer and politician: “We need to reverse course and stop adopting economic and tax policies that are making the rich richer and the poor poorer.” I’d conclude it’s not the natural order of things that needs reversing; it’s just crooked politics, bought and paid for.
Nobody needs a PhD in economics or law to understand if voters don’t massively revolt, present trends will continue and, by 2044 two-thirds of the population of our gigantic consumer based society will hold only a puny 1.5 percent of the wealth and a quarter billion Americans will be flat broke if not already.
Obviously billionaires own our debt but don’t buy the huge quantities of consumer items it takes to keep most of us in middle class employment and prosperous. It’s a miracle and tribute to the vitality of our underlying economy that we haven’t suffered violent revolution years ago by millions of debt ridden unemployed.
Bob Lord’s understated conclusion should be today’s burning conviction of every voter who values our freedom and prosperity: “We need to reverse course and stop adopting economic and tax policies that are making the rich richer and the poor poorer.” Our future is endangered by the power grab of a few moguls. Why isn’t it obvious to all?
We have the peaceful ballot box power to change in everyone’s interest, including the moguls. Why don’t we?