But are we like them?
One of the problems with the Occupy Wall Street protesters is not knowing what their demands are. Like the Tea Party, official lists are hard to come by as neither group is centrally controlled (though Nolan Finley thinks OWS is at least centrally financially supported). The Wall Street Journal reports at least two of demands:
- Repeal the Bush tax cuts and
- Prosecute Wall Street Criminals
A few others they plan to vote on next week include forgiving student debt, reforming campaign-finance law and enacting the Buffett tax.
The first one is relatively easy to do, but relatively useless.
In February 2009 the WSJ reported what would happen if we taxed (or confiscated) 100% of all the income of America's top 2%:
"A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion."Along those same lines, George Will put it into a different perspective:
"In 1916, the richest man in America, John D. Rockefeller, could have written a personal check and retired the national debt. Today, the richest man in America, Bill Gates, could write a personal check for all his worth and not pay two months interest on the national debt."The second item, "Prosecute Wall Street criminals," is more difficult to endorse until the protesters can be more precise on who they think the culprits are and what they think their crimes were.
I, at least, agree with the protesters that the culprits ought to be dealt with--and not gently. But I suspect we'll disagree heartily about who the culprits are.
But for the sake of argument, let's start with Freddie and Fannie. Or to save time and space, let me borrow from Thomas Sowell. Writing in a recent column about realities over rhetoric, he writes:
"The political crusade for 'affordable housing' and minority home ownership drew many blacks into homes they could not afford. The net result was an especially high rate of foreclosure and, in the end, black home ownership rates lower than they were before the affordable housing crusade began."In this case, Mr. Sowell's comments are not applicable only to blacks, but to everyone lured or enticed into purchasing homes they may have been able afford the lower down-payment for, but were unable to afford the maintenance, repair, utilities, and taxes.
Returning to Mr. Pollard's comment, "America is just not what it used to be," let's consider The Constitution hasn't changed much since its adoption in 1788, but American's constitutions have changed considerably more. We may live longer than American's in the 18th century but we're frailer. We've created industries based on blaming others for our misfortunes and exacting our retirements from them. More Americans are dependent on welfare than ever before. Our debt to other countries is greater (as a percentage of GDP) than ever before, and we're less self-sufficient than ever before (think energy policy).
On the contrary, Mr. Pollard, America is the same as it ever was. It's the citizens that have changed. Immigrants used to come for the opportunity of America, not the steady paycheck. They came for the rewards that would accrue to those clever and hard-working enough to build something new, not government entitlements.
The immigrants that came to America and built it were willing to risk everything they had so they might own a piece of the dream. They settled the wilderness and risked dangerous and months-long trips to seek their fortunes out west. Many lost their lives in pursuit of their dream.
American's today are risk-averse and want instead to be relieved of all discomfort and responsibility--even that they might stub their toe on uneven sidewalks.
No, Mr. Pollard, America is the same. It's Americans that are different.