I never read the Los Angeles Times, for a myriad of reasons. However, I was out of town and thought it would be an interesting way to fill up some time before my wife awoke.
In no time, my blood was boiling and I felt a bit sick to my stomach. How could someone write a letter to the editor without considering what they were saying from various points of view? The letter was full of assumptions that couldn't be substantiated, causing the writer to come up with a questionable conclusion. So, Milton, I am going to help you understand what you wrote, whether you actually want to or not. You couldn't have given much thought to what you wrote because it really doesn't make sense, especially coming from an American writing to other Americans. So here goes my attempt to set the record straight.
Milton (that is Milton B. R. from Dana Point, California, a beach city in Southern Orange County) was defending another writer's defense of the shifting tax burden that is being demonized by the wealthy as a redistribution of wealth. Milton writes that "when we have a country where 1% of the population owns more than 90% of the nation's wealth, this is most definitely wrong." In as much as Milton fails to define what the nation's wealth consists of, I must take exception to his assumption. The nation's wealth includes its land, structures, currency, businesses, rare treasures, resources, intellectual properties, etc. If we have 300 million people in this country, must we really believe that 3 million people own 90% of all of the aforementioned assets? I think of the University of Washington and its ownership of land in Seattle; the oil reserves we have in Alaska that belong to the state; the ski resorts in Aspen, Snowmass and Vail in Colorado, along with the mountains that host the activity; and the Louisiana Purchase which created untold wealth.
Do I, or anyone, really believe that 90% of America's wealth is owned by so few? The vast amount of America still belongs to our governments: federal, state and local. (These governments are really we the people). Milton went on to say "when the rich have 21 times as much as the middle class, it is said there is more economic inequity here than in any other non-Third World country." Milton either didn't know, or declined to list all of the non-Third World countries that we are behind, but Russia seems to leap to the forefront when I think of inequitable societies. The bigger point is the assertion that the rich have 21 more times as much as the middle class.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.