President Obama's budget would give the poor new tax cuts,new college loans and a new health care system by taking nearly $1 trillion from the rich in new taxes. The tax policy would redistribute wealth from about 3 million elite families to forgotten lower and middles classes. I would support such change for a better America to take care of less fortunate Americans.
According to the Brookings research report years ago,middle class folks in USA are shrinking but the middle class is the backbone of any nation as known. From my own witness in China,the middle class in China is expandig and that is desirable for the wellbeing of the majority. Ponder such and reach your own conclusions re the economic systems in USA and in China.
Page D3: Obama undeterred on tax shift as headlines and I am delighted to witness the President's priority for the wellbeing of the majority of working Americans in the years to come. It is real economics to serve folks in the American society.
Page B6 Economic Crisis apropos of Ethics and Morality:
"Banks could learn from Islam,Vatican says: Islamic finance to restore confidence among the clients at a time of global economic crisis. The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit of service." Vatican's official newspaper,L'Osservatore Romano said. There are many folks in Ningxia,China with Islamic culture.
Pope Benedict XVI reflected on crashing financial markets in an October 7 speech, saying that money vanishes, it is nothing! The official newspaper criticized the free-market model for having grown too much and badly in the past two decades. My comment: Positive and negative externalities must be taken into consideration and there are free market failures,indeed!
I have witnessed such scenes and I believe that the Pontiff represents ethics and morality in the Western custom and tradition for faith,hope and charity to avoid greed in the same aphorism as the teaching of Confucianism in the East. I would like to repeat the synthesis of Adam Smith,Ben Franklin with Confucius and Mencius to strengthen the understanding that the East and the West should be One Human Race with the common economic needs to be resolved by caring leaders to work hard for the proper policy apropos of the Common ground of ethics and morality in the West and in the East for globalization on earth.
Francis Shieh a.k.a. Xie Shihao,a graduate student of economic philosophy with publication of comparison in re Plato,Aristotle with Confucius and Mencius at Georgetown Graduate School in 1950. Saturday,March 7, 2009 at 10.28 a.m.