I guess some of this will be a matter of semantics but I don't think "capitalism" is the problem. But it depends on what you are defining capitalism as. I've always thought of capitalism as requiring free markets and I think those that promote capitalism do it in those terms. Without free markets, you can at best have some bastardized version. In America, there are massive industries in which the market doesn't even resemble a free market. Medical care for one. Banking for another. There are others. A country in which you have government colluding with businesses isn't capitalism, it is corporatism. It hinders competition and the free market, keeps prices artificially high and depresses the economy, and has numerous other bad effects. I don't know if America is the most capitalist country in the world or not but if it is then it is a sad reflection on the state of capitalism. I say we need more, much more, capitalism. But when I say that I mean less, much less, corporate/government collusion. This collusion amounts to corruption. The bigger the government, the more corruption you are going to have no matter what system of government you have. The more power government has, the more the average person will get screwed over. This is one of the reasons why libertarians favor distributed, limited (or in some cases no) government.
Also, measuring the economics success of a country or its people by wealth disparity isn't really useful. The question isn't whether the rich are getting richer. They always are, in any system and in a growing economy they will get richer faster than anyone else. The question is whether the bottom 99% are also getting richer. It seems to me they are though my own personal observation only extends so many years. Real wage growth has been positive since 1979 for every income bracket though it has been notably greater at the 90th percentile than at lower income levels. So even objectively speaking, the poor are getting richer albeit far more slowly than the rich.
American have had it hard during the pandemic first and foremost because government forced businesses to close when that was not a reasonable solution to the problem. There's nothing capitalist or free market about that. The other problem is that Americans (on average) have little savings. There are a few reasons for that but they aren't really anything related directly to capitalism. It has more to do with Federal Reserve monetary policy and a certain lack of discipline (consumerism). The government encourages spending and debt (including the subsidization of a great many loans) and discourages savings. Inflation, after all, is nothing more than a tax on savings. Debt becomes cheaper over time but savings becomes worth less.
And Biden came into power saying he was going to increase taxes.
The government encourages spending and debt (including the subsidization of a great many loans) and discourages savings. Inflation, after all, is nothing more than a tax on savings.
This sentence, dear @darth-cryptic, is in my humble opinion evidence of an essential disconnect in your thought-process, the same I see with most of libertarian capitalists I encounter. When you say "the government encourages spending", I can't help but wonder if you think all those advertisements that encourage folks to spend money they don't have on products they don't need, products that break down right after the warranty-period has expired, are made by governments. They're not; these advertisements are made by the for-profit industries. It's the capitalist system itself that encourages the consumerism you mention. You believe that "government colluding with businesses isn't capitalism", when it's in fact the epitome of capitalism. The corporatism you speak of is the logical conclusion of any so called free market and for-profit economy in which the means of production are in private hands. The invisible hand does not exist my friend; left on its own, competition will in the end leave us with a few winners, and those winners will buy up the government, they'll even commodify the means of exchange, the money, to serve their interests. Yes, government as we know it is our enemy, but government in itself is necessary, especially under capitalism; again something that even Adam Smith already knew very well.
Oh, and Biden came into power under a promise of a "return to normalcy", which means a continuation of the decades long run of tax-cuts for the rich and corporations; just wait and see what'll happen with Elizabeth Warren's wealth-tax proposal...
Absolutely!
I like Your posts, You always point at an issue,
that is a bit beyond the thinking of "everyday people",
And I "Love Thinkers"!
Have a Great Week Ahead!
👍🏼☺️👍🏼
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I guess some of this will be a matter of semantics but I don't think "capitalism" is the problem. But it depends on what you are defining capitalism as. I've always thought of capitalism as requiring free markets and I think those that promote capitalism do it in those terms. Without free markets, you can at best have some bastardized version. In America, there are massive industries in which the market doesn't even resemble a free market. Medical care for one. Banking for another. There are others. A country in which you have government colluding with businesses isn't capitalism, it is corporatism. It hinders competition and the free market, keeps prices artificially high and depresses the economy, and has numerous other bad effects. I don't know if America is the most capitalist country in the world or not but if it is then it is a sad reflection on the state of capitalism. I say we need more, much more, capitalism. But when I say that I mean less, much less, corporate/government collusion. This collusion amounts to corruption. The bigger the government, the more corruption you are going to have no matter what system of government you have. The more power government has, the more the average person will get screwed over. This is one of the reasons why libertarians favor distributed, limited (or in some cases no) government.
Also, measuring the economics success of a country or its people by wealth disparity isn't really useful. The question isn't whether the rich are getting richer. They always are, in any system and in a growing economy they will get richer faster than anyone else. The question is whether the bottom 99% are also getting richer. It seems to me they are though my own personal observation only extends so many years. Real wage growth has been positive since 1979 for every income bracket though it has been notably greater at the 90th percentile than at lower income levels. So even objectively speaking, the poor are getting richer albeit far more slowly than the rich.
American have had it hard during the pandemic first and foremost because government forced businesses to close when that was not a reasonable solution to the problem. There's nothing capitalist or free market about that. The other problem is that Americans (on average) have little savings. There are a few reasons for that but they aren't really anything related directly to capitalism. It has more to do with Federal Reserve monetary policy and a certain lack of discipline (consumerism). The government encourages spending and debt (including the subsidization of a great many loans) and discourages savings. Inflation, after all, is nothing more than a tax on savings. Debt becomes cheaper over time but savings becomes worth less.
And Biden came into power saying he was going to increase taxes.
This sentence, dear @darth-cryptic, is in my humble opinion evidence of an essential disconnect in your thought-process, the same I see with most of libertarian capitalists I encounter. When you say "the government encourages spending", I can't help but wonder if you think all those advertisements that encourage folks to spend money they don't have on products they don't need, products that break down right after the warranty-period has expired, are made by governments. They're not; these advertisements are made by the for-profit industries. It's the capitalist system itself that encourages the consumerism you mention. You believe that "government colluding with businesses isn't capitalism", when it's in fact the epitome of capitalism. The corporatism you speak of is the logical conclusion of any so called free market and for-profit economy in which the means of production are in private hands. The invisible hand does not exist my friend; left on its own, competition will in the end leave us with a few winners, and those winners will buy up the government, they'll even commodify the means of exchange, the money, to serve their interests. Yes, government as we know it is our enemy, but government in itself is necessary, especially under capitalism; again something that even Adam Smith already knew very well.
Oh, and Biden came into power under a promise of a "return to normalcy", which means a continuation of the decades long run of tax-cuts for the rich and corporations; just wait and see what'll happen with Elizabeth Warren's wealth-tax proposal...
Yep a Slave Camp...
Like I said when I lived in Germany....
Easy to get rich, and very hard to live....
Glad You noticed,
Cause most here don't...
Have a Great Week!
You have a great week as well my friend! And thanks for stopping by :-)
Absolutely!
I like Your posts, You always point at an issue,
that is a bit beyond the thinking of "everyday people",
And I "Love Thinkers"!
Have a Great Week Ahead!
👍🏼☺️👍🏼
Congratulations @zyx066! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
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STOPTo support your work, I also upvoted your post!