Tax the Speculators: A Fair Plan To Pay for Economic Recovery

September 19, 2008

Original publication: The Nation

Date of publication: September 19, 2008

Editor's Note: United for a Fair Economy has always pushed for tax policies that will reduce economic inequality and strengthen opportunity for all Americans.   Since 1997, UFE and the Institute for Policy Studies have proposed solutions to runaway CEO pay in our annual Executive Excess report.   We encourage policymakers and the public to seriously consider the tax proposals described in Chuck Collins’ piece.

With the specter of financial Armageddon raised in headlines everywhere, two questions keep occurring to me. Where will the government find the $85 billon to bail out AIG and other Wall Street giants? And how will we pay for the proposed Main Street recovery, including federal aid to states, relief to homeowners, and public works projects for the unemployed?

The Bush administration plans to add to the $400 billion projected deficit and our $9 trillion national debt. But it's irresponsible to shift the bill entirely to the next generation. The corporations that rigged the casino economy and the wealthy CEOs and investors that profited at everyone else's expense should bear the recovery costs, not our kids and grandchildren.

Read the full article in The Nation.