Why Is Bill Clinton Cultivating Envy?

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Why Is Bill Clinton Cultivating Envy?

by Stephen Moore

Stephen Moore is director of fiscal policy studies at the Cato Institute.

Added to cato.org on July 31, 1997

This article appeared on

cato.org

on July 31, 1997.

Republicans shouldn't have wilted so easily. They should have met the class-warfare argument head-on. This is not -- nor has it ever been -- a nation principally motivated by greed and envy. Most Americans don't hate rich people as much as Dick Gephardt apparently does. Americans don't begrudge billionaires like Microsoft's Bill Gates or Federal Express's Fred Smith their fortunes. The vast majority of Americans don't want to tax the rich out of existence; they want to become rich themselves.

http://www.cato.org/pub_display.php?pub_id=6111

Stephen Moore seems to be saying that you can tax the Rich into poverty is he correct or right ?

missouri632007's picture
missouri632007
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Mar. 21, 2011 1:38 pm

Comments

Nothing proposed comes close to taking back the wealth and bringing the elite down to a human scale. The Billionaires freak out about a few percentage points when they have too much money to spend already. It is about status, not the use of money for personal pleasure or charity. The problem is psychological, not just economic.

Clinton is an evangelist for the Economy of Growth. He ran a better empire than the Bushes did. If he has any social justice bones left, they have been transformed into global charity goals from the wealthy and not from a shift in democratic social values against the plutocracy.

Smart rich people know that they need a healthy economy to continue their economic advantage. They love to collect the Golden Eggs their Goose lays on a regular basis. They are not like those who want more and more and start to look upon the Goose as a great feast. When the banksters have picked the bones of their Golden Goose Barbeque, they will not lose their appetite for gold. They will just eat everyone else's gold.

It may be possible to tax the rich into poverty, but the issue is entirely theoretical. What appears to be less possible is for the rich to have the social sense to keep their society intact to preserve their economic advantage. If they want to party in the Manor House, they have to pay for the upkeep of the Estate. Paying living wages and providing good human living conditions is not too much to ask our "fellow Americans" to provide. What I would like to do is remind them that we are their "fellow Americans." If they get that, we won't have to go upside their heads to get the message through.

DRC's picture
DRC
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Jul. 31, 2007 4:01 pm

It's impossible to tax them into poverty. The tax code is contructed to preserve wealth. Non-profit foundations are a great way to vault your holdings. Another way is to launch a think tank like cato, started by koch brothers. Cato has to write drivel to justify their existence.

douglaslee's picture
douglaslee
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Jul. 31, 2007 4:01 pm
It's impossible to tax them into poverty.
Exactly right. Give the rich a marginal tax rate of 99% and their wealth would still grow. They would still be richer that everybody else. They would retain their economic status of Top-of the-pile. High tax rates have no effect on the rich.

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Art
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Our kids are counting on us to reverse austerity.

According to UNICEF, even in the world's richest countires, children remain “the most enduring victims” of the recession. In the last six years, 2.6 million more kids have fallen below the poverty line, and more than half of them live right here in the United States.

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