7:15 AM EST, November 4, 2012
I wish to respond to Kenneth Weeden's letter to the editor ("Who bears the burden?" Oct. 31). During World War II, people understood the need for sacrifice because if they didn't, there was a good chance we would all be speaking German today. Today's economic crisis requires sacrifice, but only from politicians — they need to stop spending other people's money as if there was no downside in order to get re-elected.
Mr. Weeden's wishful thinking about taxing the "rich" shows that he has not done his research. The government could confiscate 100 percent of the income and assets of the "rich" and it would only put a onetime dent in the deficit while contributing nothing to reducing the debt. The economists advising Washington know this very well. There is only one way to solve the debt problem which is to eventually implode the value of the dollar. This is the solution that Ben Bernanke is implementing. This will bring hyperinflation. When the value of the dollar crashes, and it will, the real amount of the debt crashes too, so paying off the debt becomes possible.
As for the rich, let them keep their money because if you start to squeeze them, the first cuts they will make are to the groundskeepers, nannies, and other staff who then go on unemployment. The more important contribution of the rich is that they provide seed money to start-up companies that may become the next Apple or Microsoft, employing hundreds of thousands of employees. We shouldn't do anything to impair their ability to do that.
Steve Johnson, Monkton
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