Tax cuts have hollowed out the middle class

August 16, 2011

Jack Neu, in his letter of Aug. 11. "Credit downgrade reflects realism," is only the latest supply side apologist to unwittingly make the case for higher taxes on the wealthy. More than a few letter writers complain about "the 5 percent of taxpayers who already pay 59 percent of the taxes. " Putting aside the obvious problem that wealth in our country is concentrated at levels not seen since the robber baron era and those at the top pay a lesser share of taxes than the percentage they control, the middle class would love to be able to pay more taxes. The wealthy control an obscene percentage of capitol yet are not investing it back in our country. A vibrant middle class would help to address the tax "imbalance," yet this hoard of wealth is simply being used to grow itself. We work longer and harder for less money than our parents, a fitting tribute to the "voodoo economics" that David Stockman later repudiated. The truth is that the tax cut snake oil that is still peddled by the GOP has hollowed out the middle class. Tax cuts for the wealthy have been a disaster for the middle class and job creation. It is one thing to forget thirty year old history but quite another to ignore the fact that the tax cuts pushed through under George W Bush led to the worst job creation record on record for any modern President (Wall Street Journal, Jan. 9, 2009, "Bush on Jobs: Worst Track Record on Record").

We are witnessing faith-based economics holding our country hostage to an ideology that has been an indisputable disaster. Unfortunately, it seems nearly impossible to repudiate these destructive, faith-based economic assumptions, no matter how demonstrable their failure or disastrous their consequences.

Tim Eastman, Baltimore,

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