To bring competition, wealth inflow and jobs back to America, does the State dismantle Roosevelt’s New Deal and let wages, and public discomfort, equalize with the rest of the world? Or does it maintain the status quo?
To begin with, look at the players: society, politicians, and wealth. About 50% of people pay no taxes and some 25 percent of people pay about 10% of taxes. While the remaining 25% of people pay taxes it is only 5% which hold wealth and the sinews of power. Broadly speaking, wealth includes the production component of society.
For the last half of the 20th century global demand and lack of competition produced America’s wealth, jobs and social programs. Wealth co-opted the State and through its paid politicians, to mitigate raising expectations, shared some wealth with the masses. Social programs were financed by production which served the global demand. Today, this dynamic is no longer in place as wealth goes global seeking cheap labor and materials to secure profits but domestic social payments stay in place with a diminished tax base as the main source of tax revenue. To keep its standards of living, society requires social entitlements and payments and to assure its profits wealth requires globalization and wars. To pay for all this, the national debt was globalized and now depends on foreign investors for 40% of every dollar spent by the State. Slowly, the gap between wealth and society has been increasing.
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