When the young man heard this, he went away sad, because he had great wealth.
Then Jesus said to his disciples, "I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God'" Gospel of St. Matthew, 19:21-24This passage has often been touted as indicating that Christ thought money to be evil in some way. However, examining the words closely, Christ did not say that. Christ used this parable to teach us about the evils of having money for the sake of having it. The young man in this case was unwilling to part with his riches, even at the cost of his soul, hence his riches were more important to him than acceptance into the Kingdom of God. We see some of the same forces at work in the US today.
President Obama has suggested that the Bush tax cuts, scheduled to expire at the end of 2010, be extended for all except individuals earning over $200,000 per year and couples earning over $250,000 per year. The result would be that taxes for this bracket would increase by about 3%, to a maximum of 39%. This is still lower than taxes were during the Reagan administration, when taxes for this bracket were 50%, or even during the Kennedy administration, when taxes for the top bracket was 91%. At the time, various tax cuts were put into place, and they seemed to have positive effects on our economy. Yet, the same trick-down economics is being proposed today, in spite of the US economy being vastly different than it was in 1962 or even 1980.
Globalization was just in its infancy during the Kennedy administration, and still was not in full force during the Reagan administration. Therefore, most goods consumed in America were made in America by American companies. That is no longer true today. American companies can and do continue to outsource everything that can possibly be outsourced, unless somehow prohibited by law. (Banking laws still limit some outsourcing by banks, although I am sure this is under attack also).
If a tax decrease for the wealthiest Americans is continued, then it should be followed with legislation designed to counteract the effects of globalization, and to encourage investment and hiring in the US, not in China, India, or anywhere else in the world. Such legislation should be in the form of a tax which would state that for every company which outsources a job to any other country, that company owes in the form of a tax the difference in the wage between what they are paying in that other country and what they would pay a comparable American worker in the US. This removes the economic incentive to offshore American jobs, simply in to save salaries and working conditions.
Unfortunately, we can look for the Republicans in Congress to block any such a progressive scheme, because the Republican party is, unfortunately, tightly tied to business concerns which would oppose any regulation of their right to make unlimited profits. In that way, they are like the young rich man, with the appropriate potential for problems of the soul.