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Subject: Tax cuts for the rich bankrupted America

Dear Senator ,

I have followed with interest your opposition to President Obamaís plan to restart the economy in this country. 
While there are parts of his plan which I question, there must also be parts that would have some beneficial effect.

For the past 30 years, since the election of Ronald Reagan, we have been fed the conservative dogma that reducing 
taxes on corporations and on the very wealthy would result in the creation of multitudes of jobs and a vibrant and 
healthy economy. The illusion of prosperity has been fleeting. Rather than creating jobs, there has been created a 
huge speculative stock market bubble, which, having recently burst, has left a few very greedy insiders obscenely 
wealthy, and most of the rest of us struggling to survive financially.

Similarly, the Reagan dogma of unfettered, de-regulated, unsupervised markets has led to the financial crisis in the 
housing and banking industry. Speculators were allowed to create esoteric financial instruments which were little 
more than legalized gambling, and gave banking executives and hedge fund managers a license to steal.  These people 
are guilty of economic terrorism. Rather than rewarding them with retention bonuses and golden parachutes, as the 
Bush/Paulson bailout package did, they should be impoverished, or jailed, or both.

Additionally, there was created a huge speculative market, trading in energy futures, which drove the price of oil 
to $150/bbl and the price of gasoline above $4/gal. This exorbitant increase in energy prices, accompanied by 
price increases across the economy had an adverse effect on working people all over the country.

Thirty years of Reaganís supply-side, trickle-down economics has proven a fraud and a sham and has resulted in 
the greatest economic collapse since the Great Depression. Millions have lost jobs; millions more have lost their 
homes. All were deceived by the lie that concentrating enough wealth in a few hands would result in prosperity 
for all. The failure of supply-side economics is that wealth has been concentrated in the hands of a few, stifling 
consumption, which constitutes 70% of the American economy.

Frankly, I donít see how President Obamaís economic stimulus package can be paid for without returning tax rates 
on the wealthy and on income made in stock market and other speculative ventures to the levels that existed in the 
decades between 1950 and 1980. Rather than saddling future generations of taxpayers with more massive amounts 
of debt, I urge you to call on those who have benefitted most from Reaganís economic policies to turn loose of the 
ever-increasing wealth they have been hoarding, and actually create those middle class jobs which were promised.
 

****************************************************************

At least they heard it from me!
 Bill in Versailles KY
 
 

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