The wealth gap
Here’s the scheme: cut taxes for the rich, who will (someday) create jobs; meanwhile, work hard and pay your taxes to subsidize the wealthy; reduce spending for the needy, for education and for research in order to slow the growth in our national debt, which is “threatening our economy.” Oh, and pay close attention to sports, merchandise, bling, vidgames, Fox News and other diversions that distract us from how our government has been subverted by wealth. Don’t rock the boat, in other words. The people who matter are doing just fine.
This “supply side” scheme has never worked, not under Hoover, not under Reagan, when it was called “voodoo economics,” not under the Bushes, and not by applying Tea Party rules. We have gotten to the point in this country where we don’t have the sense to apply what worked in the past and to avoid what led to disaster. We have once again, as in 1929, 1982 and 2004, embarked on an unsustainable redistribution of wealth upward toward people who don’t need it, can’t spend it, and don’t care what it could and should be doing for our society as a whole.
Our “service” on the debt (“interest” or what the homies call “vig”) amounted to $223 billion in 2013, a major expenditure of the government. It is more than we spend for education and research combined. Do you know anyone who owns T-Bills?
[Anthony Splendora is from Milford, PA.]