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Unpublished Letter to Los Angeles Times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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