Then why is the middle class disappearing Joe?
Historically, free market capitalism has lifted more people out of poverty than all other economic systems combined. It’s lifted over 1 billion people out of poverty in just the past 20 yrs. No system is perfect, crony capitalism sucks, but free markets & free trade are the best.https://twitter.com/RBReich/status/1198308222811222016 …
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Because the US economy is no longer "capitalist". It's now largely a state sponsored oligopoly. Ironically, the "socialist" countries in Northern Europe largely have freer markets than we do in North America.
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I’m tired of this false dilemma of capitalism and socialism. The two systems are no mutually exclusive. We can have both more capitalism and more socialism at the same time. Put the money back into the middle class where it’s spent the most and new markets will emerge.
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I’ll take the word of Reich, thanks.
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SINGLE-PAYER HEALTHCARE IS NOT INCOMPATIBLE WITH MARKET CAPITALISM c.f.: many successful market countries
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Free but reasonably regulated.
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yes, this...smart regulations spur innovation
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US CEOs earned staggering $14.5 million in 2018, on average, compared to average $39,888 that rank-and-file workers made. And CEOs got a $500,000 bump compared to the previous year, while the average US worker barely got more than $1,000 from GOP tax cut. That's what rankles.
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No doubt capitalism is best economic system for wealth creation. It requires trained, healthy workers, infrastructure, laws, courts, police, defence and customers. Capitalism doesn’t create these things - govts do, and taxes pay for them. Corporations/wealthy must pay tax.
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