More class war yammering on from the commies who publish The Nation.
...the holders of great wealth — especially if they are organized into a political lobby of similar holders of great wealth — can buy not only more goods, more capital, and more people. They can also buy (through the vehicle of campaign contributions) more important people: politicians and other public officials and therefore public policies.
Some of these bought policies may be for the purpose of making the rich even richer, most obviously the current regressive tax policies of the Bush administration. The wealth of the very rich is never the product of free enterprise and the free market alone but comes by operating within and exploiting a network of government supports, such as licenses, regulations, subsidies, and contracts. It is the product of a sort of giveaway. Consequently, to reduce the taxes on wealth (estate taxes) or on the income from wealth (capital-gains taxes), when that wealth has been acquired with one or another kind of government support, is in effect to give the wealth holder an additional give-away...
Having even more wealth than they had before, the very rich can thus buy even more government supports and giveaways and acquire even more wealth, enabling them to buy even more government supports and giveaways. And so on. The result of great wealth buying public policies is a positive feedback loop, or perhaps a vicious cycle, which transfers ever greater wealth and power to the very rich and away from everyone else.
Then again, what would you expect from... wait... that article appeared in The American Conservative. Sorry.
2 comments:
Yeah, you got to take into account the perspective. The American Conservative was like - this is how it is and that's cool. The commie papers talk about it like its a bad thing.
That was so 2006.
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