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The Chicago Sun-Times’s Cure for Crony Capitalism: Raise Taxes on the Rich

September 7, 2012 By :

The Chicago Sun-Times issued an editorial today, asking “Do we owe anything to one another?”  In the newspaper editorial board’s judgment, Americans deserve an equal opportunity; in its words a “capitalism that works for all Americans.”

How does the newspaper believe that is accomplished?

By raising taxes on the richest Americans and preventing deep cuts to social programs.

Unfortunately, that doesn’t sound like capitalism. That sounds like socialism.

Read the excerpt herExcerpt:

Which brings us to that second question: Do we owe anything to each other?

In the view of the Republican Party, as celebrated at their convention last week, the road to national prosperity lies in an intensely go-it-alone individualism, necessitating across-the-board tax cuts, deep cuts in domestic spending and less regulation. It is a view that sees America as an unbounded land of opportunity, for one and all, if only government would get off people’s backs. It is a view that says nobody owes anybody anything.

In the view of the Democrats, America is indeed a land of opportunity, but much more for some than for others. Some folks are born on third base, others never get a chance at the plate. All the talk about the wonders of the free market, with the best and the brightest rising to the top, becomes intellectually dishonest when it fails to acknowledge our nation’s shamefully lopsided distribution of opportunity.

“We know that in our free market economy some will prosper more than others,” San Antonio Mayor Julian Castro said at the Democratic convention on Tuesday. “What we don’t accept is the idea that some folks won’t even get a chance.”

That is what we owe each other: an equal chance. And that is what we hope Obama will emphasize in his speech: the need to increase the opportunity for all Americans to make something of themselves, even as we wrestle with federal deficits and budget cuts.

That means, to our way of thinking, higher taxes on the wealthiest Americans, rather than deep cuts in essential programs for the poor and middle class, such as Medicaid, education funding and student loans.

The aim, Obama must make clear, is not class warfare but precisely the opposite: a capitalism that works for all Americans.

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