Republicans whine about “class warfare” when President Obama speaks about tax equity to spread the blessings of liberty equitably among all Americans. Thus, in his Oct. 19 letter “Obama opts for class warfare over job-creating policies,” Ralph Wilbur says that there are “valid reasons” for lower taxes on the wealthy, which “are connected to job creation.” What country has he been living in for the past 20 years?
Bill Clinton increased the top marginal rate to 39.6 percent, and the unemployment rate steadily declined. He left office with unemployment down to 3.9 percent, a $250 billion budget surplus, and a roughly 15 percent increase in median household income.
Then, George W. Bush cut the top rate to 35 percent while gutting the financial regulatory agencies. So where are all the jobs that were supposed to be created? Overseas, that’s where, outsourced by so-called job creators like Mitt Romney.
Meanwhile, here in America, unemployment began to increase steadily under the Bush tax cuts until 2008, when the deregulated financial industry crashed the economy, pushing unemployment up over 9 percent.
Then, of course, the bankers got themselves bailed out while the rest of us got foreclosed out of our homes. Now, if that wasn’t class warfare, what is?