Letter: Economic propaganda
To the Editor:
Republican legislators from Speaker Paul Ryan to state Sen. Toni Boucher adhere to an ideology having little to do with how today’s economy works. They believe that tax cuts on the rich and on big corporations will stimulate economic growth and create jobs. They will not. Corporate executives expect government to fund investment through subsidies. They use profits to buy back shares of stock to concentrate control. They expect taxpayers to fund infrastructure suitable to them. They enhance profits by cutting wage costs. They do not encourage productivity by rewards to their workforce. They do pay huge perks to their higher executives, and golden parachute security against failure.
Their ideology posits that competition in free markets is sufficient to curb corporate abuse. Government regulation is unnecessary. But just in case, let’s make sure corporations control government by costly lobbying and campaign financing. Every businessman seeks to undermine market forces by monopoly power. Corporations buy competing enterprises or acquire all links in a chain of production from raw materials through production through transport to marketing itself. Corporate power brings easy access to credit, blocking entry into markets by potential competition.
In defending cuts in estate taxes, Sen. Grassley stereotypes those who “spend every darn penny they have on booze, women, or movies.” He says nothing about maintaining a class of super-rich inheritors of unearned wealth. Another stereotype is the “nanny” society, implying that social programs foster a class of self-indulgent persons living off “entitlements.” Most of these people are children, the elderly, and the infirm.
If there are waste and graft in social spending, then let’s root them out. Remember that those guilty of fraud are likely to be well-off providers of services, not hard-pressed recipients.
Let’s just drop the propaganda and face reality.