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.
Never miss a local story.
Felix H. Kent
Hilton Head Island