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PROSPERITY: Economic Policy | September 26, 1994



An Unpublished Letter to Los Angeles Times

I applaud your insight and courage in identifying the excess concentration of power and wealth as a fundamental problem in our nation.

That was particularly insightful because, as I'm sure you are aware, some two-thirds of the Gross Domestic Product is consumer spending, most of which must be accomplished by the middle class and poor, those of us who spend -- rather than can save -- the bulk of our incomes. The bigger our buying power, the greater our nation's economic activity.

Your insight was undoubtedly courageous, too, because I'm sure that the top management of the Times would fall into the upper-income group, which would be the subject of any progressive increase in the income tax to de-concentrate the wealth of our nation.

Whether we are poor, middle class, or rich, it seems good citizenship requires some sort of sacrifice. Thank you for your good example, which should benefit us all.

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