Senator John McCain continues to denounce Obama and Democrats for seeking to “redistribute the wealth.” It might help if McCain and his ignorant side-kick knew anything about the history of the United States which has been nonstop series of redistribution of wealth from the poor and middle class to the wealthy. It began in the 1790s when Alexander Hamilton paid full value on paper money that speculators had bought up at a fraction of the value from Revolutionary fighters who needed ready cash. It continued with tariff laws that protected the wealthy and allowed them to build factories, of course, the average American paid extra money since foreign goods now cost more. The Transcontinental Railroad was paid for by having the US government give railroad builders enormous grants of land they could sell in order to cover costs.
Historically, American business received free police protection in order to crush unions, they were allowed to exploit workers and children without any fear from a supportive government. Many business owners and southern families had their wealth built on the back of slave workers, and were never compelled to pay compensation. State legislatures were all too often controlled by business interests who had laws passed to protect their interests. I assume that could be termed “redistribution of the wealth.”
Our current tax laws are biased against poor people. Home owners get tax deductions but none are provided to those living in apartments. Business men use their wealth to take advantage of tax loopholes the ordinary American could never understand or use. Tax deductions for a range of things allow any intelligent business person to escape paying the full share of his income. The current estimate is that 5% of Americans control about 40% of the wealth. Is there something in that figure which suggests a “redistribution of the wealth” is needed?
We forget that during World War II, the government imposed high taxes on the wealthy in order to fight a war that had to be won. It is time to revisit World War II attitudes and require the wealthy of this nation to pay a higher percent of income in taxes. During the past month, wealthy bankers and lenders received tax money from the American people to survive, and some are paying themselves huge bonuses. Is that an example of “redistribution of wealth?”
Barack Obama is a rather centrist political leader who has never shown any indication he wants major “redistribution of the wealth.” His goal is rather modest, a slight increase in taxes paid by the wealthy–that is if he could ever pass a tax law they were unable to circumvent. No American leader is calling for any major “redistribution of wealth.” Knock i off, John. Your comments are rhetoric.
If anyone believes a Democratic Congress and President can “spend America into ruin” I suggest they examine the record of George Bush and his Republican Congress over the six years they were completely in control.