Cappy Cap readers should be really appreciative of me. Not because of the awesome economic commentary I make. Not because of the super awesome economic foresight I have. But rather because I screen out the most inane and idiotic comments that would shorten your life expectancy with high blood pressure if you did indeed read them.
Of all of them, however, there is one no more blood boiling than this one;
"CAPITALISM is what is going to destroy the US."
"The US will fail because of capitalism."
This is, without a doubt, the most ignorant, intellectually dishonest and patently wrong comment I receive.
Now, I'd like to go into detail in my typical arrogant prose, but since this post is very important, I am instead going to be brief and succinct in the hopes of keeping most people's attention. It really is just too important not to read. The reason why is that when the US economy DOES ultimately collapse, I want it recorded here exactly what kind of economic system was in place before knee-jerk college students just regurgitate what their aging hippie professors tell them.
First, we are no longer a "capitalist" economy. We are a mixed or socialist economy (please don't make posts on technicalities and nuances in the terms - they will be ignored). We have the same public sector spending as Norway (the left's favorite nation - and probably more thanks to BO).
Second, we have the world's second highest corporate tax rates at roughly 40%. An effective rate of 32.5% (I'll give a shinny nickel to a liberal who can explain the difference between the two, instead of just relying on this fact as a talking point when talking about corporate taxes).
You throw in dividend taxes and you're roughly at a 50% overall tax rate.
Third, understand the US economy and people's standards of living were growing fastest when tax rates (as measured by government spending as a percent of GDP) were the lowest. Standards of living have gone down as the US economy has become socialist;
(*I get a lot of confusion on this chart. The rolling 20 year includes 20 years worth of data. The data point I place in the middle, which is why it seems there is 10 years of data missing on the start and end of the blue line)
Fourth, understand the majority of government spending is NOT for governance, but rather income transfers, which is the epitome and definition of socialism.
Fifth, understand that it is these income transfers and entitlements into the future that are the primary reasons for our current and future projected deficits and is the primary reason we are facing bankruptcy as a nation. These are DISTINCTLY socialist policies. NOT CAPITALIST.
Now there are more statistics, but the above is enough. I cannot make it any clearer and I don't have to because it's not a matter of opinion. It's a fact. It is SOCIALISM that is destroying the United States. NOT capitalism.
Therefore, please, I beg of you idiots who just regurgitate the above inane comment, since you have the right to vote, stop being ignorant and start getting educated on economics. This isn't a "choice." This isn't a "fun little game we're playing." And this isn't some "crusade" where you try to impress the hippie grunge chick at the coffee bar by extolling socialist tripe as you try to pass it on as "virtues." You future is at stake. Your current state of unemployment is a direct result of your own ignorance. And if you'd want any kind of future for your children, let alone yourselves, knock it off with the childish "ranting" and "protesting" and grow up. The country depends on it.