Consequence of widening income gap

Published in New York Times

To the Editor:

So the corporate C.E.O.’s and their friends now reap what they have sown. For the last two decades, they have systematically (with tax subsidies at times) stripped middle- and working-class America of the jobs, financial security and health care that they depended on to buy those same companies’ cars, “labor saving” devices, electronic devices and all other manner of stuff.

The cost savings conveniently floated up the pyramid and were split among the executives and their board members, lawyers, accountants, investment bankers and other friends.

Now Middle America is broke and can no longer support those at the top of the pyramid. Or their big bonuses. Or their friends and hangers-on.

It’s going to stay that way until they start to undo what they have done and bring jobs back — real jobs with health care.

Elizabeth A. Letzler
Baldwin, N.Y., Nov. 8, 2009

The writer is a retired former banker and certified financial planner.