Jack Kemp

Today William Sullivan wrote a piece at American Thinker called "Does the GOP Tax Bill promote Class Warfare?" http://www.americanthinker.com/articles/2017/11/does_the_gop_tax_bill_promote_class_warfare_comments.html#disqus_thread

The author Goes into details of taxes that harm people in high state tax states and other factors, writing a number cruncher's delight. I found the limited scope of his argumet in great need of a broader, political related rebuttal that prompted me to write the following comment:

Text of Comment:
I'm no economist even though I sometimes play one on the internet. And I didn't even sleep in a Holiday Inn Express last night. But if regular citizens' bank savings accounts paid 5.25 percent as they did in the 1950s I suspect there would be a lot less animosity and bitterness and less support for "soak the rich." One percent interest bank accounts are essentially a Soak the Poor and Middle Class event. And I recall NOW accounts which paid a similar interest on checking accounts in the 1970s, as best I remember. That's all gone now as well - but not forgotten. The average Joe or Jane doesn't expect to get the same deal as a Jeff Bezos of Amazon or Donald Trump but they would appreciate as good a small deal as they got decades ago. And the bailout of huge banks and investment companies in 2008 as "too big to fail" was essentially a Soak the Poor action that added to debt and lowered the buying power of average Americans' saved dollars. In fact, it greatly helped Barack Obama to get elected President. This class warfare argument cuts both ways and it is way too simplistic to classify it as mere envy of the poor against the rich.

Posted by: Timothy Birdnow at 07:37 AM | No Comments | Add Comment
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