Reagan wouldn't believe what is going on today

newsroom@islandpacket.comJune 13, 2014 

I agree with the reader who cited President Reagan's actions of enlarging tax loopholes for the rich and corporations. Historians will have to judge whether this amiable president should have anticipated that his actions could lead to the tremendous inequality in capital and earnings that exist today.

Of course, to mention this inequality immediately gives rise to accusations of class warfare. If Reagan were alive today, he would probably be shocked that the top 1 percent of our population now own assets worth more than the assets held by the bottom 90 percent.

He would also be stunned to hear that last year six hedge fund managers averaged more than $2 billion in earnings, in part due to the "carried interest" dodge which Republicans managed to insert in the tax code. That is more than ten times what President Obama unsuccessfully sought for one year of pre-K education for all.

Indeed, if we are in the presence of class warfare, it seems to be by the rich against the poor and the middle class.

Felix H. Kent

Hilton Head Island

The Island Packet is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service