Financial situation caused by lack of oversight

The editorial “Government hinders financial progress” (needs a state it ran) makes several statements that can not be supported by facts. Our current financial situation is directly attributable to a lack of governmental oversight of financial activity.

The statement is made that America is the most upward mobile nation in history. The Organization for Economic Cooperation and Development (OCED) ranks America ahead of Great Britain and Italy but well behind Denmark, Australia, Norway, Finland, Canada, Sweden, Germany and Spain. The OCED attributes our position to two big factors, our educational situation and inequality. Our politics has been waging war on math and science for 30 years.

The editorial says that redistributing wealth and higher taxes has detrimental effects. It sure does. For the past 30 years wealth has been redistributed to the top 1 percent while their taxes were being lowered. The higher taxes falling on the 99 percent.

The book “That used to be Us” by Friedman and Mindelbaum attributes America’s greatness to five things — education, infrastructure, immigration, research and development and appropriate regulation.

We have fallen behind in every category.

There is an old saying, “It ain’t what you don’t know that gets you in trouble, it’s what you know for sure that just ain’t so.”