We have a golden opportunity to throttle back the economic engine that is devouring our planet: the proposal of some European governments to impose transaction taxes on financial activities. Such taxes would discourage speculation in favor of longer term investments, slow the upward redistribution of income, make consumption taxes more acceptable to the public by taxing what the wealthy buy and generate revenue for public projects and reduction of national debts. London is opposed, fearing such taxes would result in Wall Street eating its lunch. We could assure a level playing field by working with the EEC and imposing the same taxes.

While throttling back the economic engine may prolong the recession, we must not demand jobs at any price. We should not let businessmen convince us that a job making widgets is better than a job teaching kids or that “job killing regulations” should be eliminated if the alternative is people killing pollution. Our choice is between “slow down and live” or grow and die.

John E. Gibson
Blooming Prairie