Friday, Oct. 30, 2009 | 2:04 a.m.
In response to Richard McCord’s Thursday letter to the editor, headlined “Incurring deficits no way to spur growth”:
I agree with McCord’s statement that “when the federal deficit under George W. Bush topped $400 billion, Democrats shouted in horror. Caused by ‘tax cuts for the rich’ and a ‘war of choice,’ his deficits were rooted in bad intentions.”
It would be nice if deficits were not needed to expand the economy now, as McCord suggests, but that is not the reality as proven by the Great Depression and government intervention to stem the collapse of the economy.
The philosophy of “trickle-down economics” seems to have trickled down to next to nothing for the middle class when decent-paying jobs are outsourced to low-wage countries for the benefit of investors of companies that practice laissez-faire capitalism, plus the reckless machinations of Wall Street.
There is something basically wrong when there is a disproportionate concentration of wealth in the United States, and yet Republicans want tax cuts for the wealthy to “spur growth.”
How about trying “trickle up” economics for the middle class? How about trying social capitalism to spread wealth more evenly instead of unregulated capitalism?
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