Readers React: Will soaking the rich close the wealth gap?

To the editor: Michael Hiltzik wrings his hands over a perceived problem without a solution besides certain tax increases. Believe me, increasing the minimum wage is not going to do it. (“U.S. income inequality is bad, but wealth inequality is a bigger problem,” Oct. 24)

We need to provide equality of opportunity to all, which we are not doing. We need to provide fully funded preschool, quality education and quality healthcare to all, none of which we are doing. This will do more than will taking away the wealth of the few.

And in case Hiltzik missed it, these wealthy few are funding medical schools, education and research at levels not previously seen.

Kevin Minihan, Los Angeles

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To the editor: If I read Hiltzik’s column correctly, the 99% are now the 99.9%, with the top 0.1% hogging more than 20% of the nation’s wealth.

Thanks to Hiltzik and economists Emmanuel Saez and Gabriel Zucman for exposing the explosion of wealth inequality that constitutes “a direct threat to the cherished American ideals of meritocracy and opportunity.” Clearly, we no longer have a true “middle class” in the United States. A chart would show the 0.1% on a peak above the clouds with the 99.9% in a broad pile at the surface.

Thomas Jefferson would indeed see this as a violation of “natural rights.” The 0.1% needs to be reminded that the bottom will eventually rise.

Jo’Ann De Quattro, Los Angeles

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To the editor: Hiltzik contends that gap in wealth between rich and poor must be reduced, in line with the position of progressive economists.

One of the core beliefs of progressivism is that when individuals make choices that are good for themselves, it hampers the overall economy and people must be compelled to act in a manner that is good for the macroeconomy. The problem with those who hold this view is that they only want to compel the wealthy to make economically correct choices.

For instance, why not compel the middle class to save at least 10% of their income for retirement?

Addressing only half the problem will only get us halfway. Or could all this be just an attempt to gain political favor with liberal voters?

Ed Broomfield, Claremont

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