America Beyond Capitalism - Gar Alperovitz - Part 5

America Beyond Capitalism -
Gar Alperovitz

2017 Reading Challenge - Day 123

  May 3, 2017 

Book 35 - America Beyond Capitalism -
Reclaiming our Wealth, our Liberty and our Democracy

Gar Alperovitz (2005)
 Part 5 - pages 167-196
Reading Time - 1 hour

Well... that was interesting. Did you know that Income Tax in the US only started in 1913 and that it was directed at the top 2-4% of the population? After World War 2, the elites were taxed at 91%. In 1964, the rate was 77%. And during the Reagan era, the rate was reduced even further. But while tax rates for the super-rich are going down, the real income for the bottom 50% of US citizens has gone down from 1973-1995. Where there does seem to be a rise in income, it's because people are working longer hours (1679 hours/year in 1973 - 1878 hours/year in 2000). Wages are stagnating and the prices of essential goods  are going up. It's not a good scenario. The only real answer seems to be taxing the super-elites.

The other problem that is looming on the horizon is Social Security and Retirement. In 2001, the average retiree had $50,000 in retirement savings which won't take anyone very far. People are saving less and less. The Social Security piggy bank is getting rapidly depleted. An aging baby boomer population is going to put a huge strain on the health care system as well. And yet the super-rich continue to have their taxes reduced. And America goes ahead and elects one of the super-rich to be President. You have to wonder what the future holds for a country where whites are increasingly in the minority and the poor non-whites are moving into the majority?