Description
The United States is the wealthiest nation on earth; however, its wealth is disproportionately held by an elite ownership class and, to a lesser degree, the middle class. Meanwhile, real wages for the working class have not kept up with inflation or the cost of living, particularly housing. As our government grapples with taxation and the cost of social programs, it is helpful to understand the patterns in our history that have brought us to this point. American culture developed over several centuries, starting with European exploration and colonization pursuing of wealth five centuries ago. The Industrial Revolution transformed our economy to channel wealth to an elite few while disempowering a much larger class of workers. Our government stepped in to protect consumers and workers, but economic interests have corrupted our political institutions. With a century of government-sanctioned discrimination in employment and housing following several centuries of slavery, creating deep and persistent poverty, there is no equality of opportunity. The only thing color-blind about our culture today is that a growing number of white Americans have lost sight of how skin color has been used to discriminate, so they are ambivalent about the equity issues Black Americans face today. Much has been conceded to those who already hold wealth, and it is not the time to concede more. Since the 1980s, the wealthiest have focused on generating and preserving their wealth at the expense of others. Income taxes were enacted initially to shift the cost of government from average Americans to the wealthy, who benefit most from the economy. However, tax policy has been manipulated for decades to limit the burden on higher incomes while those incomes are exploding, and labor policy no longer protects workers disadvantaged by unconstrained economic forces. We have work to do to create an economy in which no one is consigned to poverty and all people have genuine opportunities for advancement. It is possible to do so and still reward innovation and risk-taking, but the cost of the system that enables wealth creation at such high levels should be borne by those who benefit most.
ISBN 9798999282507
