Of course, we need to have certain things done for the benefit of society as a whole. We need farmers, builders, manufacturers, transporters, teachers, cops, firefighters, soldiers, mechanics, sanitation workers, doctors, managers, and visionaries. Their work is vital. I'll even go out on a limb and say that we need politicians, attorneys, bankers, investors, and entertainers. In order to keep them productive, we must provide reasonable incentives. We need to compensate each by a fair measure for their actual contributions to society. We need to provide a reasonable scale of income opportunity for every independent adult, every provider, and share responsibility for those who have a legitimate need for aid.
In order to achieve and sustain this, we must also address the cost of living and the distribution of wealth. Here, we have failed miserably. The majority have already lost their home equity, their financial security, and their relative buying power. The middle class have actually lost much of their ability to make ends meet, re-pay loans, pay taxes, and support their own economy. The lower class have gone nearly bankrupt. In all, its a multi-trillion dollar loss taken over about 35 years.
Millions are under the impression that we need to create more jobs simply to provide more opportunity. as if that would solve the problem. It won't. Not by a long shot. Jobs don't necessarily create wealth. In fact, they almost never do. For the most part, they only transfer wealth from one party to another. A gain here. A loss there. Appreciation in one community. Depreciation in another.
In order to create net wealth, you must harvest a new resource or make more efficient use of one. Either way you must have a reliable and ethical system in place to distribute that newly created wealth in order to benefit society as a whole and prevent a lagging downside. The 'free market' just doesn't cut it. Its a farce. Many of the jobs created are nothing but filler. The promises empty. Sure, unemployment reached an all-time low under Bush. GDP reached an all-time high. But those are both shallow and misleading indicators.
As of '08′ the average American was working more hours than the previous generation with far less equity to show for it. Consumer debt, foreclosure, and bankruptcy were also at all-time highs. As of '08′, every major American city was riddled with depressed communities, neglected neighborhoods, failing infrastructures, lost revenue, and gang activity. All of this has coincided with massive economic growth and job creation. Meanwhile, the rich have been getting richer and richer and richer even after taxes. Our nation's wealth has been concentrated. Again, this represents a multi-trillion dollar loss taken by the majority. Its an absolute deal breaker.
Bottom line: With or without economic growth or job creation, you must have a system in place to prevent too much wealth from being concentrated at the top. Unfortunately, we don't. Our economy has become nothing but a giant game of Monopoly. The richest one percent of Americans already own over 40% of all US wealth. More than double their share before Reagan took office. The lower 90 percent of Americans combined own less than 25% percent of all US wealth. Still, the rich want more. They absolutely will not stop. Now, our economy and our society as a whole are in serious jeopardy.
The Greater Depression will come by 2020. This will be true regardless of which political party is on power. However, the Greater Depression will come sooner and more severe if we end up with more conservative economic policies.
Greed kills. It will be our downfall.
