Tax cuts for rich don't create jobs

August 03, 2010

I read with glee and marvel Peter Morici's Opinion piece, "Keep all the Bush tax cuts" (Aug. 1).

It made me wonder: has Mr. Morici derived his opinion (to preserve the tax cuts for those making more than $250,000) from a charitable disposition to return jobs to America's workers with a wholesome, red, white, and blue belief in the rich's inclination to create well-paying jobs for those making less? Does he possess a sincere belief that through tax cuts for the wealthy, the poor and middle class will find employment – because the wealthy will use those tax cuts to create jobs?

America's rich have shown zero interest to invest in America unless there is a guarantee to plump up their own bank accounts with little risk. What did the banks do with the TARP money that was supposed to be lent, in turn, to the citizenry? The banks sidelined the cash. They sat on it without extending loans, without creating jobs, to eke out interest income.

I have observed one overriding tendency in the rich: to make more money. I don't begrudge their shark-like tendency to sniff for other people's blood, because that is the environment we – all the citizens of this country – have created: in which the lust for money is the dominating and newfound-primordial definer of existence. To paraphrase Jimmy Carter, we have become a nation defined by what we own, and not by what we do.

People argue to keep what they have, or they argue to get what they lack.

One-third of the wealth in America is bundled up in less than one per cent of the total population. Their financial transactions shake the ground when the weight from the cash drops in various investments. We have allowed them to amass the disproportionate share through such things as the Bush tax cuts because of our ignorance, negligence, carelessness, and perhaps, indifference. When our little 401ks make money, we're become too content gnawing on our kitchen scraps to notice the wealthy feasting on God-like banquets.

Mr. Morici seems to want us to continue to wander the yard fighting for the scraps with the illusion that our paltry monetary actions make a difference.

Brian Wolak, Towson

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