Post-Gazette Editorial – 10/4/06

This page was last updated on October 4, 2006.

Wealth of disparity / The Forbes list reminds us of the two Americas; Editorial; Pittsburgh Post-Gazette; October 4, 2006.

Below is a detailed critique of the subject editorial.

“It was only a matter of time before the 400 richest Americans listed in Forbes magazine all counted their wealth in the billions, not millions. The burgeoning aristocracy in the United States has been widening the gargantuan gulf between the filthy rich and everybody else for years.

“But the sharp rise in fortunes of groups like the Forbes billionaires, in contrast to the rest of America struggling to get by on paltry paychecks and pensions, is striking. To many it also borders on the morally reprehensible.”

[RWC] In case you didn’t know, when an editorial says “to many …,” it’s referring to the PG.

According to the author, the “two Americas” are “Forbes billionaires” and the rest of us, and the rest of us are “struggling to get by on paltry paychecks and pensions.” Is he serious?

“While Forbes exalts in its billionaires-only club ranking the richest people in the country and noting industrious magnates on the move, other rankings reveal a different trend. They suggest that for millions of Americans prosperity and financial security is a pipe dream.

“The creed about a rising tide lifting all boats no longer seems to apply. Not only are ordinary folk not benefiting economically from the profitable rich, they’re losing ground. For years their wages and salaries haven’t kept up with the cost of living. A record 47 million Americans have no health insurance and some 37 million live below the poverty line.”

[RWC] I don’t buy this stuff, but let’s assume it’s true for the sake of argument. You’ll note the editorial doesn’t ask “why?” That’s because the PG doesn’t want to ask a question when it knows it won’t like the answer.

“While Forbes gains billionaires, the middle class loses more household income adjusted for inflation. And the household savings rate has fallen to about zero. Minimum wage remains miserly while corporate America rakes in profits buoyed by generous tax cuts. Increasingly, the country’s income and wealth are concentrated among the very few at the very top who enjoy government policy advantages.”

[RWC] If it’s “the very few at the very top who enjoy government policy advantages,” why do the bottom 50% of federal income tax filers pay less than 4% of total taxes paid while the top 1% pay over 34%?

“So it’s understandable that those grappling with economic inequities may well regard the booming billionaires phenomenon with more disdain than admiration.”

[RWC] You have to admit, liberals stick to their playbook by fomenting class warfare.