Friday, June 24, 2011
Papantonio: How Capitalism Has Failed Us: How we can get American Capitalism back
The reason why American Capitalism hasn't worked very well the last ten years, is because we as a country and especially our government. Has moved away from what works well, we stop paying for our Government Operations, we stop regulating American Corporations and Wall Street and we stopped education our students. And we cut taxes for the wealthy thinking they would spread the wealth so to speak for the rest of society.To the point that we no longer have enough well educated students in America and we now have to import Foreign Workers to fill the good jobs that are left, that 10-15 years ago would've been filled by well educated American Workers. 10-15 years ago America had the strongest economy the World not just the largest, because we did what we are currently not doing. And where our economy was growing around 4-5% a year, 4.5% Unemployment Rate, no inflation and a Federal Budget Surplus and actually talking about paying down our National Debt too soon. Because we paid for the government we had, we were well regulating American Business as well as Wall Street, we had good Public Schools across the country and High Earners were paying their fair share of taxes.
This is the system that works, why American Capitalism works. Our current Economic System is not American Capitalism, its Corporate Capitalism. American Capitalism is about Maximize Choice and Fair and Free well Regulated Competition. That puts the people in charge of how they live their lives and how much money they make, where everyone including High Earners pay Low Taxes compared with the rest of the Developed World. But we all pay our fair share of taxes based on our income. Where people can make as much money as their skills and production will allow while paying their fair share of taxes. Because we have a Public Education System and College System that produces enough High Skilled workers.
What we shouldn't be doing as a country is move from Far Right Cowboy Capitalism to Far Left Collectivist Capitalism. With Higher Taxes and a larger Welfare State, to the point where the people are dependent on government to pay their bills. Instead of having the Economic Freedom to make as much money as their skills and production will allow. We need to return to American Capitalism not move to Democratic Socialism.
Click on the link of the blog to see a video from Mike Papantonio on why Capitalism has failed