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“American capitalism is at risk.
Dramatic income inequality has driven voters to support influential leaders in both political parties who advocate changes to our economic system that would ultimately destroy capitalism. Some on the right argue for an increasingly deregulated market, while the far left calls for massive government growth and even socialism.
Neither approach recognizes the realities of our situation. Capitalism is the only economic system that can support a strong middle class, a growing economy, and innovative entrepreneurs leading global technological advancements. Yet for too many Americans, capitalism simply isn’t working. Even with recent employment gains, the real average wage will only buy you about as much as it did in the mid-1970s. Meanwhile, the cost of living has continued to rise, leading more Americans to take on credit card debt. Forty percent of Americans in 2017 didn’t have enough savings to cover a $400 medical emergency or car repair, according to the Federal Reserve.
To save capitalism, the government has to adjust it, as it has countless times in this nation’s history—from Teddy Roosevelt and the muckrakers to Franklin Roosevelt and the New Deal.”
JJ Editor's Daily Picks
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