What are the ways that capitalism is THE BEST & MOST EQUITABLE economic system while socialism is
THE VERY WORST economic system?
Capitalism in its best form doesn't exist any more in the US. Capitalism is best served in medium sized bowls with only a pinch of taxes from the feds.
The mergers and acquisitions of this century have mutated capitalism into a hostile economic model that favors the super global conglomerate monopolies. The middle class and small to medium business has been methodically evaporated by these monopolies.
These monopolies have converted the US from a super manufacturing country to a service oriented company that gets its products by importing them. Containers of goods, and products come full into our ports, and most of them leave empty.
Can that really be touted as a benefit of American Capitalism. Yes, the US still is the major player in the design of technology products, but the products themselves haven't been made in this country since the 1960s.
As the federal government increased their taxes and control over our economy, the economic model of American Capitalism was degraded proportionately.
If the federal government wasn't such a major interference in the American Capitalism model, then we could use the economics model of Adam Smith. But, that wasn't the case, so different versions of the economics had to be developed to cope with the mutation our economic system. One of the popular ones being that of Milton Friedman.
The federal government has further complicated our economy by injecting huge amounts of socialism into the system.
The biggest asset of American Capitalism WAS the middle class. Due to the major efforts of the federal government, they have ensured the death of the middle class. They have forced most of the middle class to find new quarters in the lower class. While allowing the rich to become richer.
My opinion is that the vehicle for this transformation of American Capitalism was done through the masterful use of the federal income tax, using the mix master of the Internal Revenue Code to sift out the middle class, and make the result a rich one.
Too many people have the mistaken belief that we can increase the marginal tax rate on the rich to make them pay more. This has been unsuccessfully tried before, and the reason it doesn't succeed is the Houdini clauses of the Internal Revenue Code.
Yes, the top 10% pay 90% of the taxes, but that is only a small portion of what they have left after taxes. You don't have billionaires doubling their fortunes so easily otherwise.
This question isn't even a real question, is it, because you're not interested in discussing the merits of socialism but simply validate beliefs you already have. As theories, neither is good or bad, in practice, capitalism has only helped the rich get richer. I support democratic socialism as a way to help less fortunate people, and ensure that everyone has the right to basic human needs (medical care, etc). Institutions that should be run by the government and made as fair as possible are instead used to make money off of citizens. Capitalism has not been equitable at all.
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