There are only a few segments of our society where capitalism is thriving. One is politics and the other is Wall Street. For most of the rest of us still believing in the American Dream, capitalism has become an empty promise. For the middle class, capitalism has become a job at McDonald’s. Is capitalism broken?
The overall economic data suggests that capitalism is broken for most Americans. Wealth has become overwhelming concentrated to fewer and fewer people. Just a few hundred people own most of the wealth of the country. The ability of people to move upward economically is at an all time low.
In fact, our children may be the first generation of Americans to grow up in a third world economy.
What has broken capitalism in our country? The economic axis of evil: the current Supreme Court, billionaires and politicians.
Running for political office was once considered public service. Spending over 70% of your time fund-raising is not public service. That’s what most Congressmen and Senators have to do these days, which tells you that those people are more concerned with being re-elected than working on our problems. And since the Supreme Court has legally sanctioned the purchase of politicians, they can make a lot of money.
I am not against people making money, nor am I against free speech. However, the current economic system has been so stacked in favor of the rich getting richer that the vast majority of the next generation of Americans will have no chance to become wealthier. This is a matter of economic justice. Billionaires have bought the political system and purchased politicians. It is a parasitic system… a malignant system.
So what is the cure? Government can. If only money can be rooted out of the political process. That’s a big “if”.