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Fri., Oct. 15, 2010

More wealth for the wealthy

Recently, on a 10-hour flight to Beijing, China, I read “Wealth and Poverty,” written by George Gilder. This book influenced Presidents Reagan and Bush in making their “supply-side economics” tax cuts of the early 1980s & 2000s which provided the wealthiest Americans with the largest gifts.

Supply-side economics theorizes (page 27) that if the rich have excess wealth, “Under Capitalism the ventures of reason are launched into a world ruled by morality and Providence. The gifts will succeed only to the extent that they are altruistic and spring from an understanding of the needs of others. They depend on faith in an essentially fair and responsive humanity. In such a world, one can give without contract of compensation.” They are motivated to invest money only because it will be good for community and others rather than for profit, greed or power.

Currently, the wealthiest 1 percent of Americans control more than one-third of our total wealth. Estimates are that they are sitting on several trillion dollars in venture capital, looking for possible investments outside America, shipping more money and jobs overseas.

Vote Republican. Let’s make the rich richer!

Les Francis

Spokane Valley

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