Crying wolf over ‘socialism’ doesn’t help anyone or the economy
MORRIS PEARL | 3/27/2019, 10:26 p.m.
The wealthy class have kept their boons to themselves thanks to record amounts of stock buybacks, while most Americans are receiving smaller refunds than they did last year. A reorientation of the tax burden could help negate the destabilizing wealth inequality that the tax cuts exacerbated. Taxes have long been one of the best ways to combat wealth inequality. They aren’t socialist or communist, new or radical. They are a return to our national roots.
When Fox News paints a picture of their ideal America, they often recall the glory days of post-war America. But what made those times so great is that we taxed the rich to pay for the social programs that provided for all Americans. We had stronger safety nets, more aggressive oversight, and higher marginal tax rates. Reviving that historic prosperity requires progressive policies.
Today’s Republicans slap the socialism label on any attempt to bring back the programs and policies that this country desperately needs. If the right truly wants to make America great again, then I suggest they embrace the programs that actually created it and can fix our current mess, rather than crying wolf about socialism.
Morris Pearl is a former managing director at BlackRock Inc. and chair of the Patriotic Millionaires, a coalition of high net worth Americans concerned about the destabilizing concentration of wealth and power in the U.S.