If "free market" capitalism works best and America is its lead exponent, why then:
-- is poverty high and rising in the world's richest country;
-- incomes stagnating;
-- higher education becoming unaffordable for the majority;
-- public education crumbling;
-- jobs at all levels disappearing to low-wage countries;
-- the nation's vital infrastructure in a deplorable state;
-- 3.5 million or more homeless and heading higher in the wake of subprime defaults;
-- the standard of living of most in the country declining; and,
-- the nation, in fact, bankrupt according to a 2006 study for the St. Louis Fed.
In America, according to census figures, the share of national income going to the top 20 percent wage-earners rose from 44 percent to 50 percent from 1973 until present.
In wealth, disparity in America is even greater, with the richest 1 percent controlling 38 percent of national wealth.
The richest 20 percent of Americans own 85 percent of stock wealth. (2003)
2007-08-25
06:35:48
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8 answers
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asked by
Richard V
6
in
Economics