Let’s look at tax law. Remember Romney’s tax returns. His average tax was approximately 15%. That’s the rate for capital gains. But for anything else earned above roughly $400,000 the rate is 35%. I’d love to reach that rate, to earn enough to pay 35% on some little fraction of my income. Alas, I don’t. Read the rest of this entry »
Let’s talk about some basics – the sources of American economic power.
- We were always an immigrant society, peopled with those who had the drive and courage to leave where they were, cross the ocean and begin again with nothing.
- Initially we were agricultural. One innovation was small, “republican,” landownership by independent farmers. Their efficiency made everything else possible.
- We were among the leaders in the banking revolution which simplified and facilitated commerce.
- The transportation revolution began in England but it had an enormous impact on the American economy because of the sheer size of the country.
- Our system of democratic schooling – education for all, rich and poor, boys and girls, immigrants and natives – was revolutionary and made us an international leader.
- England pioneered the scientific revolution. But America took advantage of the land grant colleges, and with the appreciation for learning that came with both the Christian and Jewish communities that relocated here, America became a major source of invention.
- Americans led the revolution in manufacturing – inventing and perfecting the assembly line.
Now what? Everything we achieved is out there. Read the rest of this entry »