[Dialogue] Our Sinful Economy

[Harry Wainwright]

Published on Wednesday, November 29, 2006 by The
<http://www.progressive.org>  Progressive 

Our Sinful Economy 

by Matthew Rothschild

 

George Bush likes to tout the success of the economy, citing recent job
growth, and until Monday, the climbing stock market.

But most Americans can see through that mirage.

You know you're wallet isn't any fatter, and your bank account's no
healthier.

We cannot call ourselves a moral people and let this kind of maldistribution
continue, particularly when it brings suffering to millions and millions of
people.

A story on the front page of The New York Times business section on November
28 spells out the problems.

Average real incomes fell by 3 percent between 2000 and 2004.

Most Americans actually lost more than 5 percent.

But not those who were on the top 95th to top 99th rungs of the income
ladder. Their income went up 53 percent. And check this out: Those on the
top 0.1 percent rung saw their incomes more than triple between 2000 and
2004.

That is obscene.

We have a plutocracy in this country, not just of the rich or the very rich
but of the unbelievably rich. This 0.1 percent are the ones who benefit most
from the George Bush economy.

As he once put it, "Some people call you the elite. I call you my base."

Meanwhile, the poorest 60 million Americans "reported average incomes of
less than $7 a day."

Seven bucks a day! That barely gets one meal at McDonald's.

Our economy is a sin.

We cannot call ourselves a moral people and let this kind of maldistribution
continue, particularly when it brings suffering to millions and millions of
people.

I do believe we should have higher taxes on that top 5 percent, and
especially on that top 0.1 percent.

I do believe in preserving, or even increasing, the estate tax.

But I'd settle simply for a floor of decency, so that no one has to go
hungry or survive on only that one McDonald's meal a day, no one has to go
without health care coverage, no one has to cut prescription pills in half
to make the medicine stretch, no one has to work 50 or 60 or 80 hours a week
just to take care of family.

To build this floor of decency, we need to guarantee every American health
care, every American the right to a free college education, every American
an annual income of, say, about $20,000 or $25,000.

This guaranteed annual income, an idea espoused by people stretching from
Martin Luther King Jr. to Milton Friedman, would remove the cruel coercion
of the marketplace and outlaw the immorality of letting tens of millions of
people suffer.

In some ways, our economy would still be grossly unfair, with that top 5
percent and that top 0.1 percent raking in enormously disproportionate
amounts.

But at this stage, the greater sin is not gluttony. It is poverty. It is
hunger. It is economic uncertainty. It is lack of opportunity.

So I don't care as much about there being no ceiling for Paris Hilton.

I care more about there being no floor for tens of millions of people.

We need to start building that floor of decency today.

C 2006 The Progressive

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