Letter: What about bad capitalism? | PostIndependent.com

Letter: What about bad capitalism?

I am responding to Glenn Beaton’s column in last Friday’s Post Independent (01/18/19) titled: “Are we all Chavistas now?” I am not sure what brought on Beaton’s anti-socialist, pro-capitalism comments. Beaton went full bore on how great capitalism is in America and how terrible socialism is in our country. Beaton uses the Hugo Chavez-style of socialism in Venezuela to strike fear in Americans about any further attempts at socialist policies. I did not see socialism in Venezuela so much as I saw a pure dictatorship.

As for Beaton bragging up capitalism in America, what has it done for us lately? Let’s see, America has had over 40 million Americans on food stamps for almost a decade, give or take a few million. Thanks to America’s brand of capitalism, it has the highest level of inequality among industrialized nations in the world. America’s wealthy top 10 percent owns 84 percent of the Wall Street stocks.

America’s poverty level is much higher than the government’s estimates. The government’s unemployment statistics are not close to being accurate. The federal minimum wage has been stuck at $7.25 an hour for years. America has at least 30 million people or possibly more without health insurance.

Many of America’s largest corporations avoid paying large sums in taxes by hoarding billions of dollars in their offshore accounts. The Federal Reserve has been sitting on $4 trillion in profit from the 2008 recession for several years. Due to capitalistic economic globalization, America’s middle class has been disappearing.

There is no trickle-down economics in America’s economy. There is very little re-investment in America’s infrastructure or its people. America’s capitalism is like a bad dictator hoarding all his money in his bank account. This is bad capitalism. A little good socialism in America would be a good thing. At least, give us Medicare-for-all.

Randy Fricke

New Castle

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