In “Where are all the good jobs?”, Associate Editor Gil Smart observes:
“So what fixes this? More tax cuts? Lower rates on student loans? Maybe nothing fixes it; maybe this is what it looks like to be past peak prosperity in a rapidly evolving global economy. Your mileage may vary by community, and we here in Lancaster County are lucky to have been comparably shielded from these trends — so far.”
WATCHDOG: Smart is correct that compensation, in itself, from relatively unskilled jobs from abroad and robots will be too low in the future to sustain a Middle Class life style. On the other hand, the top few percent of the population, the highly skilled or those who have inherited wealth, have much higher earnings in real terms than in the past.
The solution is to return to the concept that we are a nation that takes into consideration the interests of a society. Taxes on wealth are the lowest in a century. Under Ronald Reagan the top income bracket was taxed at around 85%….today about 33%. Also inheritance taxes should be imposed and increased with the top bracket over say 20 million of at least 50%
(The passing of vast wealth from one generation to another is not only unfair but an endangerment. The gene pool is great and who knows to what use billions will be put by those who did not earn it.)
Our total national wealth will be greater than ever, given technological advances. What is needed is for a more Scandinavian approach with wealth being taxed at a much higher rate but many services being subsidized and provided. Examples are health care, public transportation, parks, libraries, cultural facilities. All make for a better life.
Yes, there are wealthy people in those countries. But the difference between the incomes is far less than here in the USA…and even rich people pride themselves in their society’s values.
POST SCRIPT: The above was written based on Smart’s posting on www.LancasterOnLine.com and before opening the morning paper and seeing the adjoining story “America for all?” with the wonderul quote from Theadore Roosevelt: “This country will not be a permanently good place for any of us to live in unless we make it a reasonably good place for all of us to live in.” That just about says it all!
(“The passing of vast wealth from one generation to another is not only unfair but an endangerment. The gene pool is great and who knows to what use billions will be put by those who did not earn it.”)
Good point. I guess the passing of wealth is evil but the passing of great debt is commendable. Yes?