It is with a great sense of disappointment that I write this. Like many others, I hoped that your election would bring a salutary change of direction to the country, despite what more than a few feared was an overly aggressive social agenda. And I cannot credibly blame you for the economic mess that you inherited, even if the policy response on your watch has been profligate and largely ineffectual. (You did not, after all, invent TARP.) I understand that when surrounded by cries of "the end of the world as we know it is nigh", even the strongest of minds may have a tendency to shoot first and aim later in a well-intended effort to stave off the predicted apocalypse.
But what I can justifiably hold you accountable for is your and your minions' role in setting the tenor of the rancorous debate now roiling us that smacks of what so many have characterized as "class warfare". Whether this reflects your principled belief that the eternal divide between the haves and have-nots is at the root of all the evils that afflict our society or just a cynical, populist appeal to his base by a president struggling in the polls is of little importance. What does matter is that the divisive, polarizing tone of your rhetoric is cleaving a widening gulf, at this point as much visceral as philosophical, between the downtrodden and those best positioned to help them. It is a gulf that is at once counterproductive and freighted with dangerous historical precedents. And it is an approach to governing that owes more to desperate demagoguery than your Administration should feel comfortable with.
Just to be clear, while I have been richly rewarded by a life of hard work (and a great deal of luck), I was not to-the-manor-born. My father was a plumber who practiced his trade in the South Bronx after he and my mother emigrated from Poland. I was the first member of my family to earn a college degree. I benefited from both a good public education system (P.S. 75, Morris High School and Hunter College, all in the Bronx) and my parents' constant prodding. When I joined Goldman Sachs following graduation from Columbia University's business school, I had no money in the bank, a negative net worth, a National Defense Education Act student loan to repay, and a six-month-old child (not to mention his mother, my wife of now 47 years) to support. I had a successful, near-25-year run at Goldman, which I left 20 years ago to start a private investment firm. As a result of my good fortune, I have been able to give away to those less blessed far more than I have spent on myself and my family over a lifetime, and last year I subscribed to Warren Buffet's Giving Pledge to ensure that my money, properly stewarded, continues to do some good after I'm gone.
My story is anything but unique. I know many people who are similarly situated, by both humble family history and hard-won accomplishment, whose greatest joy in life is to use their resources to sustain their communities. Some have achieved a level of wealth where philanthropy is no longer a by-product of their work but its primary impetus. This is as it should be. We feel privileged to be in a position to give back, and we do. My parents would have expected nothing less of me. I am not, by training or disposition, a policy wonk, polemicist or pamphleteer. I confess admiration for those who, with greater clarity of expression and command of the relevant statistical details, make these same points with more eloquence and authoritativeness than I can hope to muster. For recent examples, I would point you to "Hunting the Rich" (Leaders, The Economist, September 24, 2011), "The Divider vs. the Thinker" (Peggy Noonan, The Wall Street Journal, October 29, 2011), "Wall Street Occupiers Misdirect Anger" (Christine Todd Whitman, Bloomberg, October 31, 2011), and "Beyond Occupy" (Bill Keller, The New York Times, October 31, 2011) - all, if you haven't read them, making estimable work of the subject.
But as a taxpaying businessman with a weekly payroll to meet and more than a passing familiarity with the ways of both Wall Street and Washington, I do feel justified in asking you: is the tone of the current debate really constructive?
People of differing political persuasions can (and do) reasonably argue about whether, and how high, tax rates should be hiked for upper-income earners; whether the Bush-era tax cuts should be extended or permitted to expire, and for whom; whether various deductions and exclusions under the federal tax code that benefit principally the wealthy and multinational corporations should be curtailed or eliminated; whether unemployment benefits and the payroll tax cut should be extended; whether the burdens of paying for the nation's bloated entitlement programs are being fairly spread around, and whether those programs themselves should be reconfigured in light of current and projected budgetary constraints; whether financial institutions deemed "too big to fail" should be serially bailed out or broken up first, like an earlier era's trusts, because they pose a systemic risk and their size benefits no one but their owners; whether the solution to what ails us as a nation is an amalgam of more regulation, wealth redistribution, and a greater concentration of power in a central government that has proven no more (I'm being charitable here) adept than the private sector in reining in the excesses that brought us to this pass - the list goes on and on, and the dialectic is admirably American. Even though, as a high-income taxpayer, I might be considered one of its targets, I find this reassessment of so many entrenched economic premises healthy and long overdue. Anyone who could survey today's challenging fiscal landscape, with an un- and underemployment rate of nearly 20 percent and roughly 40 percent of the country on public assistance, and not acknowledge an imperative for change is either heartless, brainless, or running for office on a very parochial agenda. And if I end up paying more taxes as a result, so be it. The alternatives are all worse.
But what I do find objectionable is the highly politicized idiom in which this debate is being conducted. Now, I am not naive. I understand that in today's America, this is how the business of governing typically gets done - a situation that, given the gravity of our problems, is as deplorable as it is seemingly ineluctable. But as President first and foremost and leader of your party second, you should endeavor to rise above the partisan fray and raise the level of discourse to one that is both more civil and more conciliatory, that seeks collaboration over confrontation. That is what "leading by example" means to most people.
Capitalism is not the source of our problems, as an economy or as a society, and capitalists are not the scourge that they are too often made out to be. As a group, we employ many millions of taxpaying people, pay their salaries, provide them with healthcare coverage, start new companies, found new industries, create new products, fill store shelves at Christmas, and keep the wheels of commerce and progress (and indeed of government, by generating the income whose taxation funds it) moving. To frame the debate as one of rich-and-entitled versus poor-and-dispossessed is to both miss the point and further inflame an already incendiary environment. It is also a naked, political pander to some of the basest human emotions - a strategy, as history teaches, that never ends well for anyone but totalitarians and anarchists.
With due respect, Mr. President, it's time for you to throttle-down the partisan rhetoric and appeal to people's better instincts, not their worst. Rather than assume that the wealthy are a monolithic, selfish and unfeeling lot who must be subjugated by the force of the state, set a tone that encourages people of good will to meet in the middle. When you were a community organizer in Chicago, you learned the art of waging a guerilla campaign against a far superior force. But you've graduated from that milieu and now help to set the agenda for that superior force. You might do well at this point to eschew the polarizing vernacular of political militancy and become the transcendent leader you were elected to be. You are likely to be far more effective, and history is likely to treat you far more kindly for it.
Leon G. Cooperman Chairman and Chief Executive Officer
A belief in the written constitution. The belief that we are responsible for ourselves and for our families. The belief that we are allowed to fail. The belief in a strong national defense are a few of the things that make me just a conservative girl.
"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
"I say this not to the teachers, but to their unions: If education were a war, you would be losing it. If it were a business, you would be driving it into bankruptcy. If it were a patient, it would be dying." Bob Dole
Yes, House Republicans have been in power for 5 hours and they have not passed their entire agenda. The New York Times things they should be canned and Democrats put back in charge. Don Surber
"Our lives begin to end the day we become silent about things that matter." Dr. Martin Luther King, Jr.
"So I say huzzah to the 112th congress for reading the Constitution, for acting like it matters. It does. The Constitution may not be sacred, but the sacred has no better friend than the Constitution." Pat Archibold
"53% of Democrats have a postive view of socialism. 100% of republicans think those 53% are morons." Mark Levin
"Corrupt the young. Get them away from religion. Get them interested in sex. Make them superficial; destroy their ruggedness." First plank of the communist strategy for revolution - confiscated in Dusseldorf, Germany in 1919
"If you believe this isn't going to cost the government anything, you are likely to see leprechauns riding on unicorns with pots of gold circling the capitol" Rep. Devin Nunes, CA-21 on healthcare "reform".
"Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views". William F. Buckley, Jr.
"The Republicans were laughing and waving the American flag, and I thought that was ourtrageous behavior" Maxine Waters
"The American people will never knowingly adopt Socialism. But under the name of 'liberalism' they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened." Norman Thomas
I am a Republican, a black, dyed in the wool Republican, and I never intend to belong to any other party than the party of freedom and progress. Frederick Douglas
Don't go around saying that the world owes you a living. The world owes you nothing. It was here first. Mark Twain
I freed thousands of slaves, and could have freed thousands more, if they had known they were slaves. Harriet Tubman
But I think the most important thing I have figured out was how not to lose hope even when things are bad and it feels like it won't get better. It will get better. You just have to keep working at it and moving forward. Homeless & Conservative
The way to crush the middle class is to grind them between the millstones of taxation and inflation. Vladimer Lenin
There is all the difference in the world between treating people equally and attempting to make them equal. F.A. Hayek