Capitalism is the greatest engine for wealth creation ever devised, but it creates that wealth without regard for who it displaces, what environmental havoc it wreaks, how many lives it destroys. At the very least--and I don't think this is a revolutionary proposition--it needs something in place to mitigate that destruction and bring a greater portion of that wealth to the people who create it. That's why Adam Smith called it The Wealth of Nations and not the wealth of individuals: it belongs to everyone who has a hand in creating it, not just the CEO who is managing it. And even free market hero Milton Friedman knew that those left by the wayside needed to be taken care of through a minimum income guarantee.
Why does the American worker have to agree to a lower standard of living? Why can't the executives making 400 times what the average worker makes agree to take home only 100, 50, 20 times what the average worker makes? Are you telling me that those people are going to go Galt if we only let them make $10 million instead of $20 million? Is the United States going to fall apart if we cut the defense budget from $700 million to $600 million?
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