Thursday, December 9, 2010

Socialism in America

Jim Wallis of Sojourners Magazine, a guide for Progressive Christians, just wrote a very interesting and timely commentary on the extension of tax breaks for the rich. In part he wrote:

"At the root of the [current financial] crisis was just a handful of banks -- not the banking industry, not business in general, but a handful of very rich people who took big and selfish risks. They are already getting richer because of our taxpayer bailout, and now we're giving them more tax breaks and estate tax bonanzas. There is socialism in America, but it's only for the rich. Risk has been socialized for some of the very richest people in the country, and then, the "free market" pain is distributed to all the rest.

Our national economic philosophy is now to reward the casino gamblers on Wall Street and to leave the majority of the country standing outside the casino with a tin cup, hoping that the gamblers are at least big tippers."

It's hard to know what to say, but consistently, Jim Wallis says it.