reply to post by darkbake
I'm not sure what that percentage is but I expect that it will continue to grow unless we figure out how to rebuild and retain our manufacturing
base. Or at the very least, redirect our efforts towards more labor intensive endeavors like infrastructure maintenance & repair. In some cases,
(like our nation's electrical grid) a total rebuild may even be necessary.
We're going to need to re-structure our tax system as well. Here's what I'm talking about;
A while back, I was watching an episode of "Real Time with Bill Maher" when one of his guest brought up an interesting little fact that we as a
nation are going to have to address and the recent IPO valuation of the "Candy Crush" game is a perfect example of what she was talking about.
In case you hadn't heard, the maker of the Candy Crush game is placing an Initial Public Offering valuation of his game at 7.6 billion dollars, which
is probably a little high but that's not the point.
This is the point; In the "old" days, the only companies that had valuations anywhere near this level were huge companies like General Motors,
Ford, General Electric, etc... all of which employed huge numbers of people who in turn paid taxes on their individual incomes.
Today, we have just the opposite. We now have more and more companies, (namely internet overnight sensations like "Candy Crush") with huge
valuations and almost non-existent payrolls, at least by comparison. And we wonder how 85 people got more wealth than half the worlds population!
Couple that with our current top marginal tax rate of around 38%, (which nobody pays) and you have a recipe for disaster. Hell, in times past our top
tax rate was as high as 90% and even when Carter was POTUS, it was around 70%. I just don't see how we can continue on this path of lowering tax
rates while eliminating jobs.
Regardless of what Fox News would have us believe, what we have today are "Wealth Creators," they are NOT
"Job Creators" and we need to
figure out a way to deal with that fact.
Just some food for thought.