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Profitability has replaced responsibility

October 3, 2012
David R. Correll , Westfield Republican / Mayville Sentinel News

Letter to the Editor of the Westfield Republican

One political party says that our national debt is too great, that taxes are too high, that government regulations are restricting businesses and causing unemployment. This party of the right is so sure of its rightness that it blocks legislation to make the party of the left fail so that the right will win the next presidency. So what is our economic problem? The party of the right believes that the market is self-regulating, so the problem must be the result of government meddling. But after banks were relieved of much regulation in 1999, our economy failed in 2007. Subsequently, the danger to our economy has now been discovered hiding under the successes of greed. In spite of this, the myth that the rewards of financial success can be limitless in a healthy economy is still popular. So the major cause of economic failure is that business profitability has replaced the responsibility of private business to maintain the health of our economy. And our Congress is complicit for failing to regulate in a manner that promotes the general welfare of the American people. Now, the wealth of the lower 80 percent of our citizens is diminishing while the wealthy 20 percent is getting much wealthier. At the same time, goods are being produced which do more things better at lower lifetime cost to improve our quality of life, if we have a high enough standard of living to purchase them. But most of our middle class doesn't. A majority of our population is surviving by living frugally and struggling to minimize debt. Middle income is in decline while the cost of living has increased. This failure to prioritize the general welfare over private interests has allowed our manufacturing sector to move their plants overseas, it has invited our financial sector to suck the lifeblood out of our economy, and it has robbed the middle class of jobs. Leaders of our federal government must educate themselves to the fact that when all of us are not gaining significantly from the economic success of the wealthy, something has gone very wrong in our economy and must be corrected. It is time for our leaders to look beyond the next election, to stand up to the leaders of their party and do what is right for the American people.

David R. Correll

Westfield

 
 
 

 

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