Conservative vs. Progressive Views of Wealth

As far as wealth goes, both say "We're for it!" But the rising income inequality - the disproportionate share of our national fortunes which is going to a tiny fraction of our population - has become a major issue in the 2008 presidential campaign. Conservatives and progressives have different views of whether the accumulation of great wealth in the hands of so few is a problem, given that working and middle-class folks' salaries have declined in real value. "2 Candidates, 2 Fortunes, 2 Distinct Views of Wealth"contrasts John Edwards' and Mitt Romney's views:

...Mr. Edwards and Mr. Romney are basing their candidacies in large measure on the very different lessons each has taken from his own success.

“Some people come from nothing to being wildly successful and their response is, ‘I did this on my own,’” Mr. Edwards said in an interview. “I came to a different conclusion. I believe that I did work hard, and I think people should work hard, but I think my country was there for me every step of the way.”Today, he added, “the problem is all the economic growth is going to a very small group of people.”

Mr. Romney, by contrast, talks about the ways that his experiences at Bain showed him how innovative and productive the American economy can be and, particularly, how free markets can make life better for everyone....

The two men represent a clear divide between the Democratic and Republican parties over whether the government should redistribute more wealth, from the rich downward, now that economic inequality is greater than it has been since the 1920s....Every leading Democratic candidate has proposed rescinding the Bush administration’s tax cuts on households making at least $250,000, saying the money can be better used on programs to help the middle class. Every leading Republican candidate favors making the tax cuts permanent, saying that tax increases would hurt economic growth and, by extension, the middle class.

In the 90s, taxes on the wealthiest were much higher and economic growth was just fine. If the corruption in the financial markets doesn't scare all the 401K and pension money out, that capital will more than compensate for the loss of wealthy investors' capital. And BTW, where's our middle-class economic dividend, guys? Still waiting after all these years...