Opinion: James Piereson: The Truth Ab...

Opinion: James Piereson: The Truth About the 'One Percent'

There are 1 comment on the Wall Street Journal story from Feb 18, 2014, titled Opinion: James Piereson: The Truth About the 'One Percent'. In it, Wall Street Journal reports that:

'Income inequality" has emerged as the issue du jour in national politics, threatening to displace the unpopular health-care law and the slow-growing economy this election year.

Join the discussion below, or Read more at Wall Street Journal.

CV Compton Shaw

Renton, WA

#1 Feb 18, 2014
The article commits the logical errors of ignoring the premises and confirming the consequent.
What is “monopoly capitalism”?
In “monopoly capitalism”, capital is exported out of a nation instead of the goods and services produced by a nation’s own citizens.
What is “capital”?
“Capital” is money, labor, and industry.
“Monopoly capitalism” tends to concentrate both wealth and political power amongst a few individuals and entities.
“Monopoly capitalism” tends to destroy “true capitalism” which is characterized as possessing “free enterprise” and “competition”.
“True capitalism” tends to spread and increase wealth and political power amongst the general citizenry.
“Monopoly capitalism” tends to impoverish the general citizenry.
Economic theorists assert that “monopoly capitalism” is the last stage of capitalism before some form of socialism replaces the same.
One of the characteristics of “monopoly capitalism” is to engage in aggressive wars for the purpose of furthering the unjust goals of “monopoly capitalism”.
If we are to maintain our individual freedoms and our relatively high standard of living, American citizens must appropriately and assertively address and correct the injustices inherent in “monopoly capitalism.”
One way of doing the same, in my opinion, is to change our current “winner take all”,“Gerrymandered”, and “bought” political electoral system to some form of “proportional” electoral representation.
The same would make it much more difficult for special interests to gain the unjust control of the political system that our current system facilitates.

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