Wednesday, July 07, 2004

Edwards on the Economy

"This [the conservative economic approach] is the most radical and dangerous economic theory to hit our shores since socialism a century ago. Like socialism, it corrupts the very nature of our democracy and our free enterprise tradition. It is not a plan to grow the American economy. It is a plan to corrupt the American economy.

Our economy, our people, and our nation have been undermined by the crony capitalists who believe that success is all about working the angles, working the phones, and rigging the game, instead of hard work, innovation and frugality.

And these manipulators find comfort in an Administration which, through its own example, seems to embrace that ethic.

Look at the choices they make: They have driven up the share of the tax burden for most working people, and driven down the burden on the richest few. They got rid of even the smallest tax on even the largest inheritances on earth. This past month, in a $350 billion bonanza of tax cuts on wealth, they couldn’t find $3.5 billion to give the child tax credit to poor people who work. Listen to this: They refused to cut taxes for the children of 250,000 American soldiers who are risking their lives for us in Iraq, so they could cut dividend and capital gains taxes for millionaires who were selling stocks short until the war was over.

It is wrong to reward those who don’t have to work at the expense of those who do. If we want America to be a growing, thriving democracy, with the greatest work ethic and the strongest middle class on earth, we must choose a different path."


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