Word: gilders
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Rejecting Gilder...
According to George Gilder [Feb. 9], our poverty is due to the progressive income tax, Government regulations and other sins of "liberal" economics. During the 19th century there were four financial panics of some severity: 1819, 1837, 1873 and 1893. During this time, there were no federal income tax (except for a brief period during the Civil War), no interfering regulatory bodies like OSHA, EPA, SEC. Yet, at about 20-year intervals, except wartime, our economy collapsed and severe poverty afflicted much of the population. Considering this history, Mr. Gilder's distorted view of American economics should be rejected...
...would appear that Gilder's book Wealth and Poverty is indeed the equivalent of an economic bible for the Reaganauts. Gilder's opinion that "to help the poor and middle classes, one must cut the tax rates of the rich" fits hand in glove with the attitude of another of President Reagan's favorites, Calvin Coolidge. Rather than trying to ease the burden of the poor, Coolidge too believed it was better to decrease the taxes of the higher income groups to avoid retarding economic growth. Although some of Gilder's research is entertaining, his ideas...
...generally extolled as the most efficient economic system or as the philosophy most compatible with political liberty. But even capitalism's most ardent supporters have had trouble answering charges that it is morally bankrupt because it appeals to people's greed for profit. Forcefully confronting these charges, Gilder maintains that the entrepreneur is not a selfish accumulator of wealth but the creative figure in society, who uses his talents and capital in risky ventures that have no guarantee of reward. The businessman's sacrifices and courage are the engines of economic progress...
...Explains Gilder: "The very conscience of capitalism is the awareness that one must give in order to get, supply in order to demand...