Romney Proves Capitalism Isn't Working

On October 3, 2012 Romney said “we look for discovery and innovation all those things that look for the pursuit of happiness for all our citizens…what we’re seeing right now is trickled down government that thinks it can do better than free people pursing its dreams and it’s not working – the proof of that is 23 million unemployed, 1 in 6 people in poverty, 47 million on food stamps, 50% of college students without jobs”.

On September 7 it was reported corporations were sitting on $300 billion and only 17% of them plan on hiring before end of year. On October 10 we heard Wall Street pay went up 16% in the last 2 years. According to 2 census measures the median, or midpoint, household income was $50,054, 1.5% lower than 2010 and a second straight decline; causing a greater gap between the rich and middle class. The Business Insider on June 22, 2012 reported – 1) Corporate profit margins just hit an all-time high. Companies are making more per dollar of sales than they ever have before. And some people are still saying that companies are suffering from "too much regulation" and "too many taxes." Maybe little companies are, but big ones certainly aren't, 2) Fewer Americans are working than at any time in the past three decades. One reason corporations are so profitable is that they don't employ as many Americans as they used to, 3) Wages as a percent of the economy are at an all-time low. This is both cause and effect. One reason companies are so profitable is that they're paying employees less than they ever have as a share of GDP. And that, in turn, is one reason the economy is so weak: Those "wages" are other companies' revenue. In short, our current system and philosophy is creating a country of a few million overlords and 300+ million serfs. That's not what has made America a great country. It's also not what most people think America is supposed to be about.

I hope the Business Insider is right about what Americans think. Today’s Republicans want you to forget the Great Depression of 1929 was caused by Wall Street and to get out of it FDR’s New Deal set minimum prices and wages as well as competitive conditions (regulations) in all industries and this resulted in wages going up in order to increase the purchasing power of the working class. The ‘proof’ Romney has so nicely pointed out is that it’s not Obama’s policies or trickled down government that’s not working but the capitalist society of the rich pursuing their dreams on the backs of the average Americans.