10/16/2012

Obamas Failed Wealth Redistribution Goals

Filed under: — menk @ 7:32 am

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A Recent Letter to the Editor of the Daytona Beach News Journal. (Oct 4th)

Wealth redistribution a failure Barack Obama is the self-proclaimed middle-class advocate and defender.

Yet on Obama’s watch, for the first time since the Franklin Delano Roosevelt presidency: 1) the middle class has shrunk, 2) the median income of the middle class has decreased and 3) the median net worth of middle-class households has gone down.

A rational response to the unintended developments would be re-examination of goals and actions, to determine which needed to be changed. But the arrogant Obama team continues to make income and wealth redistribution its primary goal.

Elimination of income and wealth inequality is Obama’s target despite overwhelming evidence that policies and actions aimed at “wealth and income redistribution” shrink the middle class, its income and its wealth.

If the impacts of Obama’s policies are not enough, then consider the consequences produced by the drive for economic equality in the Soviet Union, Cuba, Venezuela and every other country where it has been tested. To any objective student of history and of current events, it should be clear that efforts to redistribute wealth and income do not benefit anyone for they invariably produce shared poverty. In the real world, history and current events indicate, wealth and income are not malleable to redistribution while poverty is. I fervently hope that the voters choose a president who is not blinded by the ideology of a community organizer.

GEORGE R. MENKART

DeLand

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