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Posts Tagged ‘debt’

Sunday Funnies: Incompetent Congress

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Wealth Redistribution Does Not a “Capitalist” Make

Here is a letter to the Sun-Sentinel:

Brian E. Little needs to brush up on his economics and American history with respect to taxation and the policies of Alexander Hamilton (Redistribution of wealth is good for social stability, August 1).  Although Mr. Little asserts wealth redistribution “protects capitalism, wealth and workers,” there is no greater threat to a vibrant free market economy than a progressive income tax.

Invoking Alexander Hamilton, Mr. Little seeks to make a champion out of possibly the greatest stain on American economics.  Hamilton is the original top-down central planner in America, whose First Bank served as a template for the Federal Reserve – two organizations antithetical to the principles of free markets.  His policies of accumulating and consolidating debt to establish American credit set a dangerous precedent that currently finds us in a $14.3 trillion hole.

Furthermore, progressive income taxes restrict economic liberty and stifle growth – contrary to Mr. Little’s claims.  Taxation based on consumption proved the best mechanism for enhancing wealth and providing certainty to markets so all could prosper, as inflation was essentially zero from 1783 until 1913.  Is it any coincidence that the value of the dollar is on a steady decline since 1913 – the year the income tax became a permanent fixture in the tax code and the passage of the Federal Reserve Act?

If Mr. Little is so certain that Hamiltonian central planning, redistribution of wealth and progressive income taxes are good for business, social stability and national security, then why is the nation teetering on all fronts?

Sincerely,

Craig D. Schlesinger

Big Government is a Bipartisan Problem

Here is a letter to the Sun-Sentinel:

Noelle Nikpour is absolutely right to point out to European nations and American liberals that big government is the root cause of crises brought on by unsustainable levels of debt. However, to maintain that conservatives are steadfast, stalwart enemies of big government and that Republicans adopt the policy prescriptions of cutting spending and privatization is pure partisan propaganda (Debt crisis: Big government remains big problem, July 24).

Was Ms. Nikpour paying attention to American politics during the eight years George W. Bush spent in the White House? During Bush’s presidency, when Republicans controlled both houses of Congress for the majority of the time, the size and scope of government grew to unprecedented levels. Under Republican controlled Washington we saw federal spending on education soar to its highest levels ever, a new prescription drug benefit program, stimulus packages, federal bailouts of private businesses, two wars, and the massive expansion of the national security state. Government spending and accumulation of debt was the modus operandi, and you call that limited government?

Big government policies as a bipartisan affair led to the debt problems we now face. Both parties are equally guilty and complicit, and to suggest otherwise is disingenuous.

Sincerely,
Brad R. Schlesinger

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