Ron Driver: Bailing out banks wrong

08/24/2014 8:00 PM

08/22/2014 4:42 PM

Regarding the Aug. 11 column “ Time for trickle-up economics”: As Paul Krugman states, income inequality is a big problem in our society and one that has the blessings of our leaders.

If the concern for this issue was serious, the taxpayers would have never been on the hook for bailing out the banks and financial world. It was unnecessary at the time and will prove to be a big mistake for our country. There is no such thing as “too big to fail” and never has been. Our economy would be years ahead by now if that same money spent had been simply handed out to the citizens and let the banks fend for themselves. The ones that failed would have been absorbed by the healthy ones and life would have moved on.

The money in the hands of the public would have been spent thus boosting the economy, increasing tax revenue and income at the same time. Instead, we have the banks sitting on the money and continuing the same practices as before while the consumer struggles with the outcome.

Yes, we have exploding income divide but it is not the tax system, it is the actions of the government at our cost.

Ron Driver

Fuquay-Varina

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