MAJIA HERE: A LETTER TO THE EDITOR ON UNEMPLOYMENT (Written by Ray Holmer)
One of the inequalities prevailing today in our economy is that this "cabal of entitled elites on Wall Street and in Washington" generally does not suffer any loss in income when their economic and business decisions result in greater unemployment in our country.
In order to encourage these decision makers to give greater consideration to the general employment consequences of their actions, there should be enacted an "unemployment tax" structured to apply to these high income decision makers. The tax rate should be directly proportional to the unemployment rate by a factor of ten; i.e., an unemployment rate of 8% results in an 80% tax rate on the affected income.
The premise of this tax is that those individuals who have been making the decisions to offshore jobs and replace employment with technology have disproportionally financially benefited from those actions.
The purpose of the tax is to encourage these talented creators of business and financial opportunities to use their talents to create employment opportunities and to share in the pain the unemployment created by technology and globalization. A big hit in income should encourage creative and constructive approaches to increasing employment opportunities.