Tangents

 Created: 14 Jul 2011 

Copyright © 2011-2014 by owner.
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Modified: 26 Jul 2014 


Economics for the Lay Person


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Class Warfare

A Balanced View

It's a fair enough metaphor for something whose motives and effects are not dissimilar to those of war, minus the noise and gore.  This being said, we must bear in mind that in every war there are at least two sides.  In this war, the sides are "need" and "greed," and greed is clearly the aggressor.

Author's Notes

First, an observation:  The conclusion of this work might seem a bit like a rant.  It isn't.  It's just where the reasoning leads, given plausible premises about wealth and earning.

Second:  Although this article isn't particularly technical, some casual readers might nonetheless find the material "dense" and unfamiliar.  The following bookmarks are therefore offered as an outline of its conceptual organization, and as a convenience to those who might prefer to digest it in more than one sitting.

Background

Combating Excessive Stratification

Practical Meanings of Wealth and Earning

Historical Lessons

How Wealth Stratification Cripples Prosperity

The Responsibility for Stability

Background

The term "class warfare" seems to have originated with American linguist and philosopher Noam Chomsky in the latter part of the twentieth century.  However, the concept behind the term harkens back at least to the French Revolution, when the impoverished and downtrodden peasantry rose up against the wealthy and powerful aristocracy to put an end to the long tradition of abuse of the poor by the rich.  The revolutionaries substituted for that old tradition a new one: abuse of the rich by the poor, or as it turned out in practice, persecution and extermination of the relatively privileged by the self-declared representatives of the as yet unprivileged.  Once the original aristocrats had been done away with, the latest crop of revolutionaries to attain positions of authority in the new order then became the new "relatively privileged," and hence the targets of new purges.  And so things went for some time, in a self-perpetuating cycle known as "the reign of terror."

Historical class warfare in America:  Apart from the atrocities of slavery and segregation, what passes for class warfare in the United States has in most cases been relatively tame.  To be sure, there have been bloody and even deadly clashes of labor activists with company goons, police, and even the National Guard.  Confrontations in the tobacco, textile, mining, manufacturing, and transportation industries have been part of a strife-torn history, out of which a thriving and stable middle class, including a huge number of skilled workers in addition to the traditional merchants and professionals, gradually emerged.  Meanwhile, a graduated income tax and government aid to the poor helped to de-stratify personal income and blunt economic class boundaries, reducing the social friction that arises therefrom.  As organized labor became more accepted and general prosperity escalated—even for business executives and shareholders, whose long-term profits actually increased with burgeoning consumer demand fueled by more generous wages and benefits—all sides came around to the view that it was in everyone's interest to resolve issues through collective bargaining instead of coercion and violence.

Well, nearly all sides.  There are still some inclined to think of themselves, the haves (and have-wannabes), as "the deserving," and the have-nots as "the undeserving," according to circularly reasoned criteria they consider self-evident.  To the haves, any effort to tax wealth with the purpose "to promote the general welfare" is a socialist plot to deprive the deserving of what's rightfully theirs and to give it to the undeserving.  Now, though myopic, this viewpoint isn't entirely without basis.  Capitalism has demonstrated itself the most generally prosperous and self-sustaining economic system yet devised.  It accomplishes this through incentives to innovative entrepreneurs willing to accept a measure of risk in exchange for a prospect of profit.

This is, in the main, a good thing.  However, it doesn't follow that unrestrained capitalism is the answer to all problems and prayers.  Capitalism has inherent difficulties.  One is a tendency to dismiss larger problems of human well-being in favor of tunnel-vision pursuit of profit, leading to abuse of workers, consumers, and public health and safety, as well as to cutthroat competition.  Another is the exaggeration of economic fluctuations, leading to cyclical boom-and-bust alternations of prosperity and recession.  In the absence of competent regulation, such pressures and instabilities can prove catastrophic to a majority of people who have no interest in "playing the system," but must rely on that system for their daily bread and long-term security.

Practical Meanings of Wealth and Earning

To get a more rounded picture of what American economic class warfare is, let's consider some of the basics of what our economic system does and who's responsible.

What is wealth?  Wealth is money, right?  That's probably how most people see it, because they're accustomed to thinking about such concepts at the level of simple utility and surface appearance, not underlying substance.  If we dig deeper, though, we come to realize that real material and intellectual wealth (leaving spiritual wealth aside as an unquantifiable and thus separate matter) resides in the goods and services that people design, produce, sell, buy, use, and enjoy.  Money is just an easily transferable symbol of wealth.  Money represents the value of the labor and expertise of those who actually create those goods and services, and who present them for sale to others willing to exchange some monetary symbols of their own labor and expertise in order to obtain them.  So, if we want to be clear about what we mean by producing and earning wealth (as opposed to merely "making money," an ambiguous and misleading notion), we need to understand who actually creates wealth.

Productive labor:  Wealth creators are producers.  A producer is, for example, the miner who digs ore out of the earth, the smelter who refines the ore into metal, the factory worker who fashions the metal into finished products, and the engineer who designs those products.  The creator of wealth is also the technician who services and repairs appliances, vehicles, or other equipment, to restore or enhance their usefulness.  He's the field hand who plants, tends, and harvests the grain, and the baker who turns it into bread.  She's the textile worker who processes raw fibers into fabric, and the garment maker who, using patterns created by a designer, fashions the fabric into items of apparel.  He's the physician who examines the patient, diagnoses the ailment, and prescribes an appropriate treatment.  She's the teacher who strives to give a classroom full of goofy kids the knowledge and skills they'll need in order to function as workers and professionals, not to mention a new generation of teachers in an evolving world.

Non-producing labor:  Production workers aren't the whole picture.  There's the key matter of furnishing workers with materials, tools, facilities, and training, as well as arranging transportation to bring in materials and move products out to market.  And there's the matter of deciding just what goods or services are to be produced, not to mention the clerking and accounting needed to keep track of inventory and cash moving into and out of the business.  Although none of these activities is directly part of production, all are necessary to the planning, procurement, production, shipping, and marketing process, and thus are legitimate costs of doing business.  The business must charge enough for the product to cover all these costs, plus sufficient profit to attract investors.

Investors and bankers:  Although most investors don't directly contribute to production (unless they're also employees of the firm), they put up the cash to buy or lease land, buildings, and equipment—capital—with the expectation that they'll receive some monetary compensation in exchange for their willingness to risk a portion of their assets on the enterprise.  And bankers provide the indispensable service of channeling money from those who have it to those who need it—at modest rates of interest, of course.  All of these taken together add something to the cost of actually creating the product that a business offers for sale.  Still, if the business is competently run, we'd expect the cost to remain within reason.

Executives:  Nowadays we'd expect a competent and experienced business leader to be educated, shrewd, and well connected enough to develop the vision and the organization to get the job of business done.  We'd expect this superior education, shrewdness, and connectedness to come at a price somewhat higher than the wage of an ordinary worker—say, something in the range of twice to a hundred times an unskilled laborer's pay, depending on the magnitude, complexity, and success of the operation.

We'd expect planning and problem-solving to be the main focus of upper management, and that this focus would be reflected in design, materials, energy, and production as the main operating costs, and in a fair profit as a major objective.  In addition, we rely on executives to maintain a high level of integrity, so as not to be distracted in ways that could skew these priorities.  Otherwise, execs might be tempted to become schemers rather than planners, cutting corners, dodging regulations and safeguards, and focusing more on lobbying, special deals, and annual bonuses, than on honest, long-term production of quality products in a safe and humane work environment at competitive prices.  If executive integrity is lacking, everyone suffers.  Integrity is therefore certainly worth something to investors, workers, and customers alike, and ought to be fairly rewarded, so as to attract and retain high-quality individuals.

Sometimes—all too often lately—corporate top executives come to expect and demand, even for a hopelessly botched job, to be paid many hundreds or even thousands of times what they pay the people whose honest effort and expertise actually create the firm's material and intellectual wealth.  When a perhaps moderately visionary and clever, yet otherwise not very productive person routinely amasses, during a day at the office, or even in an hour on the golf course, more than a productive wealth-creating worker is paid in an entire year, we must critically question whether the actual contribution of such moderate vision and cleverness to the per-unit product value indeed justifies such a reward.  Perhaps there is the occasional odd instance in which an extraordinary payout is justified by a truly extraordinary individual's unique combination of talents, organizational genius, revolutionary vision, self-sacrificing dedication, inspirational leadership, and outstanding achievement.  But in all too many cases we'd be hard put to justify the expense in terms of value received by the firm—let alone when the leader's leadership has led, not to outstanding success, but to deterioration or even ruin.  Gross overcompensation for failing, mediocre, or even marginally above average performance is a brand of class warfare that makes organized labor and progressive taxation look like spitballs and spears pitted against machine guns and tanks.

Speculators:  Finally, there's another group, which inserts itself between producer and consumer, and which is distinguished by the fact that it's utterly unproductive in any sense.  Speculators, who buy and sell things hoping to make marginal gains on the transactions, do not add even the slightest value to the things they buy and sell.  The extent of their "service" is simply to inflate the price to the end purchaser.  (Ticket scalpers are an obvious example, but speculators in food, fuel, and other vital commodities are a far bigger problem for most people—and for the economy as a whole.)

Speculators' peculiar view of "making money" has nothing to do with creating wealth, but is rather a scheme to divert into their own pockets a portion of wealth produced and facilitated entirely by others, thus leaving the rest of us correspondingly a little worse off.  In most cases speculation is perfectly legal, for it's an expected part of any routine transaction.  And professional speculators doubtless consider themselves hard-working and respectable.  But in the overall picture, their "profession" is functionally indistinguishable from common parasitism.  Market speculation is one of the few professions whose products—stress, uncertainty, price swings, and inflationary pressure—are not only one hundred percent waste, but also incapable of being disposed of in a way that prevents harm.  The one remotely positive thing one might say about speculation one's sole way of making a living is that it keeps its practitioners more than amply fed and clothed (albeit at others' expense), so that, lacking any truly productive skills, they needn't resort to panhandling and purse-snatching instead.

How Wealth Stratification Cripples Prosperity

We can put up with such parasitism to some extent, so long as conditions remain tolerable for investors, producers, and consumers.  What we can't put up with are the economic difficulties that systemic disproportionate distribution and excessive stratification of wealth impose on our economic system.

The multiplier effect of money in circulation:  Money in active circulation has what economists call a "multiplier effect," which we can explain using a simplified illustration.  Suppose we trace a dollar paid to a construction worker in return for a certain amount of his labor.  The worker uses the dollar to buy a burger for his lunch.  The restaurant operator who sells him the burger in turn pays a dollar to his meat supplier, who pays it to a meat processor, who pays it to a cattleman, who in turn buys feed with it, and the feed seller uses the dollar to buy an air freshener for her store.  In other words, the dollar doesn't disappear when it goes into the construction worker's pocket; it continues to be used in a chain of subsequent transactions until it eventually ends up, say, in someone's retirement fund.  Each time the dollar changes hands, it benefits both the buyer and the seller in some way.  The movement of the dollar through the economy thus brings several dollars worth of benefit in its migrations from pocket to pocket, with the cash moving in one direction as goods and services move in the other.

A dollar deposited in savings, on the other hand, has little more than potential value, which isn't realized until it's ultimately withdrawn and spent on something that can be used or enjoyed.  As long as it's not in active circulation, the dollar has no dynamic multiplier effect, yielding only a relatively small percentage in interest or dividends.  Indeed, if it's just kept under a mattress or in a safe, its buying power actually erodes due to inflation.

Loss of the multiplier effect isn't a problem for a single dollar, for a middle-income family's savings, or for a bank's normal cash reserves.  But it becomes a problem when a large proportion of an economy's money is locked up in the cash hoards of a few extremely wealthy individuals and corporations, leaving relatively little money in active circulation to generate demand for goods and services.

This isn't to say that saving money is bad, but an economy needs to have a major proportion of its money in circulation if it's to prosper.  When it doesn't, demand sags, production slows, workers are laid off, income declines, demand drops further, and so on.  As sales drop, profits dwindle, and nervous investors pull out of the market, hoarding even more cash and depressing security market values.  The economy enters a recessionary spiral, in the end hurting even the hoarders as the returns on their savings diminish.

This is why it's a bad idea for ninety percent of a nation's money to end up in the hands of relatively few individuals, whether or not their claims to have earned it (presumably by personally providing ninety percent of the resources, expertise, and labor?) are credible.  History shows that hoarded cash tends to stay put.  Wishful claims of supply-side theory notwithstanding, it neither trickles down to the middle class nor circulates to spur business activity.  Furthermore, no savvy businessperson will invest in increased production and hiring when there's insufficient demand for what's already being produced.  So-called "job creators" are in business to make money; creating jobs costs money, so they don't do this unless there's more money to be made by doing so.  When the objective is to invigorate a sluggish economy, handing out more money to people who aren't motivated to spend what they already have is no more effective than pushing a rope.  (If the "haves" were truly as deserving as they assume, then they ought to be bright enough to understand this and forthright enough to speak out about it.  But apparently only a few, like Warren Buffett and Bill Gates, are.)

Combating Excessive Stratification

Ideally, business leaders would voluntarily arrange to pay themselves, their employees, and investors proportionately to each person's contribution to wealth production.  But since this doesn't seem to be in the cards in most cases, intervention of some sort appears necessary.

A graduated progressive tax code:  The primary reason for taxation is, of course, for government to collect the money it needs to operate on the people's behalf, to provide and maintain the public services and infrastructure that modern society needs and expects.  What we pay in taxes is no more "our money" than what we pay for groceries or utilities; it's money we owe in exchange for services rendered and goods delivered, whether these take the form of fuel in the car or roads to drive on, home appliances or emergency response, a watchdog or national defense.

The purpose of the progressive graduation of tax rates is to collect a larger share from those who profit disproportionately from our system of economics and governance—the rich—and who thus are most abundantly able to pay for the operation and upkeep of this wonderful system that benefits them so much.  This allows the tax burden on low- and middle-income people to be reduced, thus leaving more cash in active circulation (since people with lower incomes must spend a greater percentage of their income simply to survive).  Taxation also provides public money to be spent on essential services for the indigent, many of whom are unemployed or underemployed through no fault of their own, who don't have enough income to owe tax on it, and who thus receive no benefit from income-tax cuts.

Redistribution of wealth:  Yes, this is undeniably one of the effects of any tax system.  The direction of redistribution is determined by whether the tax is progressive (on income), which shifts the tax burden toward the rich, or regressive (on property or sales), which shifts the burden toward the poor and middle class.  Many who complain about progressive taxation call it "punishing success."  They object that it takes some of their hard-earned money and gives it to others who presumably don't deserve it.  But as we've already noted, much of executives' and speculators' income is actually earned by others: the workers whose talent, training, and steady toil create the wealth, while the less productive wheeler-dealers lunch and golf with clients, brokers, and politicians.  The income redistribution represented by the progressive tax code can be seen as a modest attempt to return a portion of that enormous hard-earned wealth, in some form, to those who've actually done the truly hard part of the earning.  It's not about soaking the rich or punishing success.  It's about making the economy work proportionately for everyone who's helped build it, from the truly visionary and innovative corporate leaders to the actual wealth producers on farms, assembly lines, construction sites, engineering staff, and in classrooms, laboratories, medical facilities and mines.

Adding insult to injury:  High-end tax brackets are only a start toward restoring proportionality of wealth distribution.  Much of the abuse comes from reduced tax rates on investment income—income that the investor doesn't actually earn by his or her own efforts, but comes from the labor of the people who work for the firm to create a marketable product.  Sales of the product generate profits, which yield dividends, which are paid to investors.  And if the value of the stock increases (as often happens when dividends increase), then the capital gain on the stock when it's sold also counts as investment income.  Thus, people whose income is mainly from investments pay a lower overall tax rate than applies to the paychecks of workers who do the actual production.

No one denies we need investors, or that they deserve compensation for their risk-taking.  But taxing income earned by active production at a higher rate than unearned income from investment is effectively a government subsidy to those whose income is actually earned, not by themselves, but by others, as well as a tax penalty against those productive earners.  The very idea is an insult to our traditional work ethic.

How did such an injustice come to be?  It's not too hard to figure out.  Wealthy investors collectively lobby government for special tax breaks for themselves, often offering campaign contributions as "persuasion."  For someone whose investments generate a million dollars a year, on which they'd owe, let's say, four hundred thousand if taxed at their standard marginal bracket rate, it's cost effective to donate a hundred thousand dollars to a political fund in order to have their tax bill reduced by two hundred thousand or more (and the tax burden thus shifted to someone else—the producers).  And the investor himself doesn't even have to make the contribution; if he and other major investors in the firm have enough corporate clout to have the firm make the contribution on behalf of all shareholders.  Though this might have the effect of slightly reducing the company's dividend, the lower tax rate more than compensates for that minor inconvenience to major investors.

Now, there are three objections that might be made to the removal of tax breaks on investment income.  First, there's the rationale that such breaks are beneficial because they encourage investment.  But this is a fatuous claim; dividends on investment—typically many times the interest earned on an equivalent bank savings account—is itself adequate incentive to invest, even considering the marginally higher risk.  Second, many retired people also rely on investment income, so taking away the tax break for wealthy investors would deprive these people of it as well.  However, it turns out that the tax break doesn't offer much of a reward, if any, to low-income retirees, since the few thousands that their investments typically generate often don't add up to enough to be taxable anyway.  Third, it's argued that raising tax rates on both long- and short-term gains to the same level would eliminate the disincentive for market speculation.  But if such disincentive is needed (as we agree it is), then it could just as easily, and indeed more effectively, take the form of a tax surcharge, above the taxpayer's marginal rate on such gains—perhaps prompting some non-productive speculators to acquire some productive skills.  The removal of such tax breaks would constitute a win for most people, by increasing general revenues enough to make it possible either to augment government services or to reduce tax rates generally, or both.

Reality check:  Creating loopholes and doing away with higher tax brackets for those with disproportionately high incomes has been aptly derided as "welfare for the wealthy" (or simply "wealth-fare").  When it occurs, at least one of three other things must also happen as a result of the diminished revenue:

  • taxes must be raised on the middle class to compensate; and / or...

  • government services—usually to the poor and the middle class—must be cut; or else...

  • if neither of these happens, then government debt increases, thus raising interest rates, thus inhibiting production and aggravating inflation.

In any case, there's no free lunch.  The burden does not magically vanish.  In one form or another, it's shifted to middle- and low-income families.  The effect is to redistribute wealth upward, from the productive wealth creators, to the already well off denizens of executive suites and investment banks.  The irony is that high-income "haves" then claim to have "earned" the wealth that others have applied their expertise and energy to create for them.  Then they're surprised if those others express skepticism of such a claim; they're dismayed if government takes a larger chunk of what they've "earned" to pay for the operation of a system of economics and governance that rewards them disproportionately; and they're outraged that one function of this system is to provide services and relief to those they deem undeserving.

The new class warfare:  We can call it that if we like; it's a fair enough metaphor for something whose motives and effects are not dissimilar to those of war, minus the noise and gore (at least until the street riots erupt).  This being said, we must bear in mind that in every war there are at least two sides.  In this war, the sides are "need" and "greed," and greed is clearly the aggressor—as it was during the pre-Roosevelt gilded age of "robber barons," and has been again in the post-Reagan era.  If greed wins and need is ignored, then everyone loses as money tightens; it just takes the greedy a while longer to notice the pinch that everyone else has felt all along, as a once robust economy's vitality bleeds away into stagnant cash hoards.  Or if need wins and greed is outlawed, then everyone loses when capitalism's primary incentive for investment and innovation evaporates.

But if a prudent balance is struck, if personal distribution of wealth is made proportionate to personal contribution to its production, then the conflict can be resolved.  Need concedes the necessity of moderated greed as a legitimate economic driving force, while greed concedes that concerns such as justice, safety, health, social harmony, and long-term general prosperity are of greater real value than short-term personal profit.  And everyone—poor, middle, or rich—ultimately benefits from an equitable, stable, and thriving economy in the long term.  As a bonus, crime rates and social unrest subside when people are able to afford the basic necessities of food, shelter, clothing, and medical care, plus enough education to make and keep them competitively productive in an evolving world.

The many who actually contribute the effort and expertise to create material and intellectual wealth are rightly entitled to a fair share of its returns.  The relative few who, by their own choice, contribute relatively little or nothing to the creation of wealth shouldn't be helping themselves to most of it.

But as long as they continue to do so, the haves have no grounds for complaint if government exercises its proper role, acting on behalf of the people and in accord with the spirit of the Constitution—to establish justice, insure domestic tranquility, and promote the general welfare—to take reasonable steps to counteract abuse of the powerless many by the influential few.

Historical Lessons

It isn't just theory.  There're inescapable reasons that inflexible ideologies fail in a world whose reality is utterly indifferent to human notions of what ought to be true.  We and our parents and grandparents have seen it happen repeatedly:

  • in the 1920s, Coolidge & Hoover's laissez faire policy produced a postwar boom marked by deregulation and rampant speculation, eventually followed by economic collapse and the Great Depression;

  • in the late 1950s, Eisenhower's tax breaks for business did nothing at all to spur it, and his attempt to balance the federal budget simply drove the economy deeper into recession;

  • during the 1980s, Reagan & Bush I's deregulation and supply-side economics were followed by bank failures, double-digit unemployment, successive waves of recession, and massive increases in the national debt;

  • and again in the 2000s, Bush II's elimination of upper-income tax brackets (and retaining those cuts in time of war, no less!) rapidly turned a projected surplus inherited from the Clinton administration into skyrocketing debt, eroded middle-class purchasing power, and culminated in the large-scale bank failures and financial gridlock that launched the "Great Recession" of 2007-2009.

Each time, the "trickle down" ideology of capitalist absolutism declared that deregulation and tax breaks for the wealthy would somehow stimulate production and hiring even when business couldn't find buyers for what it already produced, and made the same alluring promise: to invigorate business, to increase profits and payroll, and thus to increase tax revenues sufficiently to make up the shortfall from the rate cuts.  Each time, the gullible voting public fell for it.  And each time, the ideology's promise failed to come true, and in at least two instances ultimately contributed to global economic calamity.

Let's think about this:  If trickle-down theory actually worked as advertised, then the economy should have been in a state of continuous boom and declining debt through 1929 into the 1930s, and through 2007 into the 2010s, under policies of wholesale deregulation and slashed tax rates for corporations and the wealthy during the preceding several years.  The fact that the economy collapsed, banks and businesses went bankrupt, and debt mounted instead is a clear indicator that the theory is based on hopeful fantasy, not on solid economic reality.  And the fact that every time it's been tried, the same general pattern of boom and bust recurs, should lay any lingering doubts to rest.  But it's a lesson still waiting to be learned.  During the ninety years from 1920 through 2010, roughly a third of of this time was spent trying and failing, and another third clawing our way out of those failures, leaving just the remaining third to uncompromised prosperity.  Anyone who's been paying attention would have to conclude that the permanent retirement of supply-side ideology is long overdue.

To be fair, we've also seen the results of the opposing ideology as well, when communism, the misdirected savior of the downtrodden, turned out to be unworkable in practice.  The promised benign proletarian dictatorship never materializes, being displaced by heavy-handed oligarchy or (under Stalin) totalitarian autocracy.  Instead of anticipation of personal gain as incentive, communism relies on penalizing failure to maintain arbitrary quotas.  And it ultimately collapses under a combination of the harsh reality of its own economic impotence, internal pressure from reformers, and external competition.

Both communism and laissez-faire capitalism operate under the delusion that some authority—the state in the case of the former, and business in the case of the latter—can arbitrarily redefine reality, truth, value, and merit to suit its own agenda.  Such misguided and obsolete ways of thinking should long since have disappeared, along with other outmoded artifacts of their era: ice boxes, carpet beaters, car engine hand cranks, prohibition, and pre-anesthetic dental surgery.

The Responsibility for Stability

But some, whether on the right or on the left, never learn.  Ignoring historical fact, they're determined to repeat the errors of cherished ideologies consistently demonstrated false.  Printing IN GOD WE TRUST on our symbols of wealth cannot excuse, let alone fix, what the people whom we elect break, whether through ignorance, malice, or misplaced conviction.

If we desire, for ourselves and our descendants, never again to fall victim to the ill effects of long discredited policies, then it's up to us, as citizens of the 21st century, to consider soberly which ideas have worked and which have not, and to sweep the latter into the dust bin of history and close the lid.  It's up to us, as reasoning observers, to help our fellow citizens see through the fog of smokescreen issues (e.g., government-imposed "family" values, states' rights, gun rights, creationism, isolationism, simplistic fiscal policy, and corporate propaganda), on the basis of which charlatans and their dupes continue to get themselves elected.  It's up to us, as informed and determined voters, to ensure that throwback ne'er-do-wells no longer get into positions of power, or if they do, that they're removed at the earliest opportunity after the error becomes evident.  At stake is the well-being of rich and poor alike in a humanely prosperous society, and the solution is our responsibility.  If we shirk the latter, then we'll surely forfeit the former, and deservedly so.

=SAJ=

 


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