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PROSPERITY: Economic Policy | February 6, 1996


OLD & YOUNG, RICH & POOR:

WE'RE ALL IN THE SAME BOAT

An Unpublished Letter to Los Angeles Times

You state that the "inescapable" choices for dealing with the aging of our population are: "Entitlements must be reduced and, almost certainly, taxes to pay for them must be raised." That is, less money should go to the care of the old and the sick (more and more of us) and more money should come from the paychecks of the workers (fewer and fewer of us).

Once (in recent years), the Times stated that some 80% of the wealth of our country is in the hands of some 20% of the people. Unless this imbalance is corrected -- as by making the tax system more progressive, not "flatter" -- standards of living will continue to fall not only for the remaining 80% of us, with 20% of the money (and falling), but eventually for all of us who depend upon the general public to buy our goods and services (Remember [last] Christmas?).

We Americans are all in the same "economic boat": We will rise or fall together.

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