Presently, we owe $17 trillion that we conceivably may be unable to repay. Remember Germany at the end of World War I?
What is ironic is that capitalism is the world’s greatest and best poverty-relief program, and President Obama is trying to destroy it. The pope understands this, and I believe Obama does too.
Many countries do.
Chile, in spite of its military-aided government, has brought economic growth. Argentina and Venezuela, on the other hand, have brought about economic stagnation. Their destructive economic problems lie in crony capitalism, and their liberal governments are impotent.
Draw your own conclusion as to cause. But they do prove my point: Capitalism is the world’s greatest poverty-relief program in history.
Obama wants to destroy this system through his tax program and “spreading” the wealth around – what a good Republican would call the destruction of the national wealth base.
We should open up space for rampant competition, attain efficiencies and bolster innovation. Heavy taxation has the opposite effect, as proved by socialistic and communistic countries.
We were transformed by the Industrial Revolution. We were changed by capitalism. Professions were created, jobs increased, money could be invested, banks and stock brokers were employed. Today, we face being destroyed by socialistic systems.
Without capitalism and the Industrial Revolution, America would not be the economic power it is today. Capitalism does have faults, but they are measurable, manageable and not insurmountable.
Richard E. Hogue