Deficit? Let Those Who Caused It Pay for It

Jun 22, 2009

California politicians say they must close a 24-billion-dollar budget deficit. And they say the only way to do it is to cut public services. In other words, they want working people and poor – those who can least afford it – to pay for the deficit.

Well, here is another idea. Ask a few hundred of the richest Californians to donate a small part of their personal wealth instead.

According to Forbes magazine, the 80 richest Californians, all billionaires, had a total net worth of about 290 billion dollars last September. About eight per cent of that wealth alone could pay for the entire budget deficit!

And that would make much more sense. Because, in fact, much of that outrageous wealth, in the hands of only 80 people, has come from the tax breaks the state has been giving to big corporations – and, therefore, is a major cause of the state’s deficit in the first place.