News From Terre Haute, Indiana


September 1, 2012

READERS' FORUM: Sept. 1, 2012


Productive give too much to wealthy

The Aug. 27, 2012 front page had an Associated Press story from Washington, “Poll: Raise tax to save Social Security” with the subtitle, “Increasing retirement age also gains support.”

This is an interesting use of the same trick used in the 1980s. Ignore productivity gains and transfer wealth to the trillionaires.

Counterfeiting and monopolies protected by government agencies execute this dirty work. A rough estimate on the amount stolen can be accomplished by looking at the financial markets. Although banks and insurance companies should be a relic of the past for a wealthy country, the financial markets now make up 40 percent of U.S. business. This is a good estimate of the wealth currently taken from the productive.

Sure, some financial markets are necessary or perhaps wanted, but this small amount is much surpassed by today’s monopolies. Big Pharma, Big Oil, Big Banks, and the Sick Care Industry are protected by the FDA and others.

Polls should ask how much work should the productive give to the very wealthy. My current estimate is two days per week. At 60 percent, financial business your children will give three days per week, and at 80 percent it will become four.

Let the real discussion begin.

— Ed Gluck

Terre Haute

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