Capitalism’s failures

From the beginning of the USA, the capitalist economy has been proving that it is a failed system. Since 1776 this country has experienced 47 recessions, a world depression, and recently a catastrophic financial crisis in 2008, at which time the big banks played roulette in the subprime mortgage market.

The US government bailed out the big banks to prevent another depression, but as many as 10 million people lost their homes. Now more than one-in-seven Americans - a staggering 46.5 million people - a living below the poverty level.

Since 1980 the policy of the Republican administration has been to perpetrate fraud on the American people. Reaganomics and the trickle down theory have never worked. The wealthy just get richer. Wealth inequality is devastating the population and the middle class is disappearing at an alarming rate. Since I’m part of the 99% in this country, I believe the time has come to change to a different economic system that works for everyone.

Just a few statistics to ponder about. The world’s 26 richest people have as much combined wealth as 3.7 billion of the poorest population on the planet earth. It is also estimated that the super wealthy have hidden approximately $7.6 trillion from tax authorities.

John Wodynski

Cheney