For Some, the Good Times Never End

[jacdon at earthlink.net]

The following article appears in the Aug. 1, 2002, issue of the
Mid-Hudson Activist Newsletter, which is published in New Paltz, NY, by
the Mid-Hudson National People's Campaign/IAC. (Subscribe at
jacdon at earthlink.net)
---------------------------------------------------------------

FOR SOME, THE GOOD TIMES NEVER END

Editor's Note:  We've recently been criticized for being one-sided in
our articles about the American economy, concentrating as we do on
poverty, hunger, inadequate medical care and the powerlessness of the
people.  In the interests of balance, we have decided to publish the
following submission by one of our critics, who wishes only to be
identified as a corporate executive who is "proud to fly two flags on my
Mercedes SUV."

Why are so many Americans wringing their hands about the current U.S.
economic situation?   Don't they know that the good times have been
booming for quite a few of us in recent years? 

Obviously, the economy remains a trifle sluggish since the brief
recession ended. That's certainly to be expected.   Undoubtedly as well,
the stock market prefers a leisurely recovery for reasons of its own,
guided as it is by mysterious impulses.  True also,  poverty is supposed
to be increasing, but it is mostly confined to people who work with
their hands, or who don't work as hard as people who are better-off. 
Some do not wear the right clothes for a job interview -- or speak
English properly, for that matter. What do they expect, handouts?  And
even if the government seems to be going broke because of temporary
economic readjustments, last year's middle-class tax cuts, and the needs
of our besieged, wartime society -- we are, after all, under attack! --
all that's required is for Congress to raise the $595 trillion national
debt ceiling and the problem vanishes overnight.

Anyway,  these complaints only represent the negative side of a
fabulously positive fiscal picture, a fact too many people prefer to
ignore these days because they want to blame President Bush for
everything.   It's almost as though these professional contrarians never
read the New York Times Sunday Styles section or the real estate ads in
the Times Magazine (3 bedroom "magnificent condo" in the East  60s, $3.7
million; "waterfront estate," Southport, Conn., $20 million).  

For instance, in the midst of all the whining about the economy, the Dow
Jones News Service reported June 17 that "despite the volatile markets
and economic downturn, the net worth of millionaires in the United
States increased in 2001."  That's right, increased.  Doesn't sound like
much of a downturn for the deserving  folks who keep the wheels of
commerce and industry (and thus America itself) well-oiled and
rolling.   According to Merrill Lynch & Co. and Cap Gemini Ernst & Young
LLP, "the combined wealth of high net-worth individuals -- classified as
people with financial assets of at least $1 million, excluding real
estate -- rose 3% to $26.2 trillion."  The financial companies also
forecast that this group's net worth will increase 8% a year to hit
$38.5 trillion by 2006.  Not bad for a "hobbled" economy, eh?   And,
darn it, what other country could increase its defense budget by $48
billion, the way President Bush did a few months ago to protect all
Americans from terrorism, without batting an eye?

So what's all this pessimism about?  Here are more examples of just how
good the times are today, according to a recent column by Newsday's
Marie Cocco:  "In the economic shock wave that struck after the
terrorists did, sales of $400 to $800 barbecue grills --trade-up types
popular with the middle-class -- dropped."  But sales of $10,000  fancy
grills "equipped with built-in smoker boxes, cocktail carts, plate
warmer, and digital temperature probes... never slumped."  Cocco also
mentioned "the $11,750 case of wine" recently auctioned at Sotheby's,
noting further that the  $700 Yves St. Laurent shoulder bag with a
deer-horn handle is simply "prancing off the shelves at Bergdorf
Goodman."

And how about these other harbingers that good times are here for
keeps:  The U.S. economy is so strong that just 60 fellow citizens
possess total assets of $331 billion.  If only a few dozen people can
earn this many billions, just imagine how much the rest of us could have
if we put our minds to it.  Recession, indeed! Executive pay at top U.S.
corporations climbed 571% during the 1990s -- and it's continuing to
jump even as the nay-sayers try to sink us into gloom.  And far more
riches are coming down the pike.  Over 50% of the tax cuts will spread
far and wide next year to the most industrious 1% of the nation's
people.  The economy is so good, in fact, that the government didn't
need Enron to pay any taxes at all for five years. Other companies, such
as General Motors, didn't have to pay for three of those five years. 
This alone stamps our economy A-OK, despite occasional blips on the
screen.

And it's not by a long shot just our overworked corporate leaders and
workaholic stock market brokers who are benefiting from a vigorous
economic system.  The wealth is all over the place.  Our selfless
judges, public servants, and politicians for example -- totally
contradicting the dire predictions of liberal groaners and socialist
moaners -- are doing quite well in this economy, thank you.  According
to recently released tax disclosure forms for last year, five of the
nine members of the U.S. Supreme Court are enjoying the millionaire life
-- and most of the other four are heading that way.  As for politicians
(and these tireless fighters against terrorism are just as much heroes
as the cops and firefighters), our President worked so diligently that
he is a multimillionaire today, as are virtually all members of his
Cabinet. And talk about democracy -- most of those Cabinet people have a
lot more money than their boss, the President of the United States! 
Only in America, we'd say.  Even our 24/7 Congresspeople, the very ones
to whom we owe the USA Patriot Act and the 10-year reduction in the
Estate Tax,  have found the time away from the front lines to accumulate
some sweat-equity savings.  Indeed, the 50 wealthiest members of
Congress will be rewarded with a combined gain of more than $1 billion
as a result of their well-deserved tax cut.  

So we think it is time for the Bush-hating nattering nabobs of economic
negativism and exponents of class war to be sent back to Afghanistan,
where they belong.   This isn't a punishment because they will be able
to barter with our good friends in Kabul, President Hamid Karzai and the
freedom-fighting warlords of the Northern Alliance, for seats in the
next loia jirga.  But we shouldn't allow them back until they stop
letting the terrorists win by running down our economy and egregiously
portraying the U.S. as split between haves and have-nots.  It's just
absurd to talk about our free enterprise system being in trouble or
causing deserving people hardship.   For the best of us -- and being
best still counts in the Land of the Free where our well-being depends
on a God-given system of competition for individual primacy instead of
the godless dole for slackers -- the good times never stopped rolling. 
(end)