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this post was submitted on 18 Aug 2023
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Unpopular Opinion
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Some historical perspective as it relates to greed:
During some of the United States’ most prosperous times, the marginal income tax rates were higher (topping out around 90%!) and executive compensation was no more than ~20x the average worker pay.
Now, marginal tax rates and capital gains rates are so low, the wealthy often pay the lowest effective rates (sometimes less than 10%). And executive pay is simply off the charts at 300x, 500x, even 700x median pay.
https://www.epi.org/publication/ceo-compensation-2018/
The problem is greed and its manifestation as tax and corporate policy. Basic tax reform and implementing new corporate regulations can and would fix many issues plaguing this country.
Those in poverty would be lifted out by higher wages and adequate social safety nets. The growth of a thriving middle class creates a premier labor force, allows people to innovate and start new businesses, and creates additional private support networks that reduces stress on government programs.
It even helps the elite by letting them live in a prosperous country where they don’t have to step over people dying in the streets to go to their entertainment spots. Theft and crimes of desperation decrease as stability increases. Labor is more educated and healthy. They don’t have to drive on roads with defunct bridges. On and on.
We are all in this together. It’s time to act like it. We’ve done it before and we can do it again.